10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

(Mark one)
[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended March 31, 2018
or
[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from____________________ to____________________

Commission File Number:1-11917

(Exact name of registrant as specified in its charter)
Iowa	42-1411715
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
5400 University Avenue, West Des Moines, Iowa	50266-5997
(Address of principal executive offices)	(Zip Code)
(515) 225-5400
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [ ] No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [X] Yes [ ] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one)

Large accelerated filer [ ] Accelerated filer [X] Non-accelerated filer [ ] Smaller reporting company [ ] Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [ ] Yes [X] No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Title of each class	Outstanding at May 1, 2018
Class A Common Stock, without par value	24,797,899
Class B Common Stock, without par value	11,413

(This page has been intentionally left blank.)

FBL FINANCIAL GROUP, INC.

FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2018

TABLE OF CONTENTS

PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Consolidated Balance Sheets	2
	Consolidated Statements of Operations	4
	Consolidated Statements of Comprehensive Income	5
	Consolidated Statements of Changes in Stockholders’ Equity	5
	Consolidated Statements of Cash Flows	6
	Notes to Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	52
Item 4.	Controls and Procedures	52
PART II.	OTHER INFORMATION	53
Item 1A.	Risk Factors	53
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	53
Item 6.	Exhibits	54
SIGNATURES		55

1

ITEM 1. FINANCIAL STATEMENTS

FBL FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollars in thousands)

	March 31, 2018		December 31, 2017
Assets
Investments:
Fixed maturities - available for sale, at fair value (amortized cost: 2018 - $6,891,191; 2017 - $6,757,250)	$	7,246,912	$	7,291,967
Equity securities at fair value (cost: 2018 - $98,307; 2017 - $96,715)	103,920		104,145
Mortgage loans	968,664		971,812
Real estate	1,543		1,543
Policy loans	193,413		191,398
Short-term investments	30,075		17,007
Other investments	44,973		42,371
Total investments	8,589,500		8,620,243
Cash and cash equivalents	13,653		52,696
Securities and indebtedness of related parties	130,451		130,240
Accrued investment income	82,403		76,468
Amounts receivable from affiliates	5,117		3,561
Reinsurance recoverable	105,551		108,948
Deferred acquisition costs	357,861		302,611
Value of insurance in force acquired	7,169		4,560
Current income taxes recoverable	44		3,269
Other assets	108,293		112,054
Assets held in separate accounts	638,751		651,963
Total assets	$	10,038,793	$	10,066,613

2

FBL FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS (Continued)

(Dollars in thousands)

	March 31, 2018		December 31, 2017
Liabilities and stockholders’ equity
Liabilities:
Future policy benefits:
Interest sensitive products	$	5,446,094	$	5,299,961
Traditional life insurance and accident and health products	1,762,416		1,750,504
Other policy claims and benefits	47,250		44,475
Supplementary contracts without life contingencies	317,541		322,630
Advance premiums and other deposits	269,378		267,023
Amounts payable to affiliates	1,272		1,164
Long-term debt payable to non-affiliates	97,000		97,000
Deferred income taxes	104,372		131,912
Other liabilities	90,532		111,131
Liabilities related to separate accounts	638,751		651,963
Total liabilities	8,774,606		8,677,763
Stockholders’ equity:
FBL Financial Group, Inc. stockholders’ equity:
Preferred stock, without par value, at liquidation value - authorized 10,000,000 shares, issued and outstanding 5,000,000 Series B shares	3,000		3,000
Class A common stock, without par value - authorized 88,500,000 shares, issued and outstanding 24,826,563 shares in 2018 and 24,919,113 shares in 2017	153,195		153,589
Class B common stock, without par value - authorized 1,500,000 shares, issued and outstanding 11,413 shares in 2018 and 2017	72		72
Accumulated other comprehensive income	186,222		284,983
Retained earnings	921,663		947,148
Total FBL Financial Group, Inc. stockholders’ equity	1,264,152		1,388,792
Noncontrolling interest	35		58
Total stockholders’ equity	1,264,187		1,388,850
Total liabilities and stockholders’ equity	$	10,038,793	$	10,066,613

See accompanying notes.

3

FBL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Dollars in thousands, except per share data)

	Three months ended March 31,
	2018			2017
Revenues:
Interest sensitive product charges	$	30,098		$	29,201
Traditional life insurance premiums	49,497			48,434
Net investment income	101,022			100,994
Net realized capital losses	(1,747		)	(403		)
Net other-than-temporary impairment losses recognized in earnings	(1,295		)	(66		)
Other income	4,600			3,760
Total revenues	182,175			181,920
Benefits and expenses:
Interest sensitive product benefits	61,345			62,760
Traditional life insurance benefits	45,456			42,954
Policyholder dividends	2,551			2,553
Underwriting, acquisition and insurance expenses	39,577			34,353
Interest expense	1,213			1,212
Other expenses	5,593			4,151
Total benefits and expenses	155,735			147,983
	26,440			33,937
Income taxes	(4,687		)	(10,733		)
Equity income, net of related income taxes	1,855			3,231
Net income	23,608			26,435
Net loss (income) attributable to noncontrolling interest	23			(2		)
Net income attributable to FBL Financial Group, Inc.	$	23,631		$	26,433
Earnings per common share	$	0.94		$	1.05
Earnings per common share - assuming dilution	$	0.94		$	1.05
Cash dividend per common share	$	0.46		$	0.44
Special cash dividend per common share	$	1.50		$	1.50

See accompanying notes.

4

FBL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(Dollars in thousands)

	Three months ended March 31,
	2018			2017
Net income	$	23,608		$	26,435
Other comprehensive income (loss) (1)
Change in net unrealized investment gains/losses	(93,154		)	15,861
Change in underfunded status of postretirement benefit plans	262			182
Total other comprehensive income (loss), net of tax	(92,892		)	16,043
Total comprehensive income (loss), net of tax	(69,284		)	42,478
Comprehensive (income) loss attributable to noncontrolling interest	23			(2		)
Total comprehensive income (loss) applicable to FBL Financial Group, Inc.	$	(69,261	)	$	42,476

(1) Other comprehensive income (loss) is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities.

FBL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited)

(Dollars in thousands)

	FBL Financial Group, Inc. Stockholders’ Equity
	Series B Preferred Stock		Class A and Class B Common Stock			Accumulated Other Comprehensive Income			Retained Earnings			Non- controlling Interest			Total Stockholders’ Equity
Balance at January 1, 2017	$	3,000	$	152,975		$	149,555		$	882,672		$	56		$	1,188,258
Net income - three months ended March 31, 2017	—		—			—			26,433			2			26,435
Other comprehensive income	—		—			16,043			—			—			16,043
Issuance of common stock under compensation plans	—		339			—			—			—			339
Dividends on preferred stock	—		—			—			(38		)	—			(38		)
Dividends on common stock	—		—			—			(48,341		)	—			(48,341		)
Balance at March 31, 2017	$	3,000	$	153,314		$	165,598		$	860,726		$	58		$	1,182,696
Balance at January 1, 2018	$	3,000	$	153,661		$	284,983		$	947,148		$	58		$	1,388,850
Cumulative effect of change in accounting principle related to net unrealized gains on equity securities	—		—			(5,869		)	5,869			—			—
Net income - three months ended March 31, 2018	—		—			—			23,631			(23		)	23,608
Other comprehensive loss	—		—			(92,892		)	—			—			(92,892		)
Issuance of common stock under compensation plans	—		218			—			—			—			218
Purchase of common stock	—		(612		)	—			(6,194		)	—			(6,806		)
Dividends on preferred stock	—		—			—			(38		)	—			(38		)
Dividends on common stock	—		—			—			(48,753		)	—			(48,753		)
Balance at March 31, 2018	$	3,000	$	153,267		$	186,222		$	921,663		$	35		$	1,264,187

See accompanying notes.

5

FBL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Dollars in thousands)

	Three months ended March 31,
	2018			2017
Operating activities
Net income	$	23,608		$	26,435
Adjustments to reconcile net income to net cash provided by operating activities:
Interest credited to account balances	40,650			40,256
Charges for mortality, surrenders and administration	(29,827		)	(28,887		)
Net realized losses on investments	3,042			469
Change in fair value of derivatives	(534		)	(2,753		)
Increase in liabilities for life insurance and other future policy benefits	18,264			17,993
Deferral of acquisition costs	(11,293		)	(10,604		)
Amortization of deferred acquisition costs and value of insurance in force	10,314			7,598
Change in reinsurance recoverable	2,454			(841		)
Provision for deferred income taxes	(2,847		)	542
Other	(2,211		)	4,590
Net cash provided by operating activities	51,620			54,798
Investing activities
Sales, maturities or repayments:
Fixed maturities - available for sale	138,254			106,257
Equity securities - available for sale	—			744
Mortgage loans	10,383			11,024
Derivative instruments	4,131			3,052
Policy loans	9,133			10,266
Securities and indebtedness of related parties	1,596			2,391
Other long-term investments	938			7
Acquisitions:
Fixed maturities - available for sale	(288,677		)	(118,948		)
Equity securities - available for sale	(1,389		)	(1,102		)
Mortgage loans	(7,186		)	(50,000		)
Derivative instruments	(3,219		)	(1,988		)
Policy loans	(11,148		)	(9,993		)
Securities and indebtedness of related parties	(4,652		)	(3,712		)
Other long-term investments	(5,531		)	—
Short-term investments, net change	(13,068		)	2,084
Purchases and disposals of property and equipment, net	(1,859		)	(2,270		)
Net cash used in investing activities	(172,294		)	(52,188		)

6

FBL FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Dollars in thousands)

	Three months ended March 31,
	2018			2017
Financing activities
Contract holder account deposits	$	261,240		$	116,760
Contract holder account withdrawals	(124,978		)	(87,929		)
Dividends paid	(48,791		)	(48,379		)
Issuance or repurchase of common stock, net	(5,840		)	128
Net cash provided by (used in) financing activities	81,631			(19,420		)
Decrease in cash and cash equivalents	(39,043		)	(16,810		)
Cash and cash equivalents at beginning of period	52,696			33,583
Cash and cash equivalents at end of period	$	13,653		$	16,773
Supplemental disclosures of cash flow information
Cash (paid) received during the period for:
Interest	$	(1,213	)	$	(1,213	)
Income taxes	(5		)	2

See accompanying notes.

7

FBL FINANCIAL GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

March 31, 2018

1. Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements of FBL Financial Group, Inc. (we or the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Our financial statements include all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of our financial position and results of operations.

Operating results for the quarter ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. We encourage you to refer to the notes to our consolidated financial statements included in Item 8 of our Form 10-K for the year ended December 31, 2017 for a complete description of our material accounting policies. Also included in the Form 10-K is a description of areas of judgments and estimates and other information necessary to understand our financial position and results of operations.

New Accounting Pronouncements

Description	Date of adoption	Effect on our consolidated financial statements or other significant matters
Standards adopted:
Stockholders' Equity In February 2018, the Financial Accounting Standards Board (FASB) issued guidance allowing a reclassification from accumulated other comprehensive income (AOCI) to retained earnings for stranded tax effects resulting from changes in the federal income tax rate due to enactment of the Tax Cuts and Jobs Act of 2017 on December 22, 2017 (Tax Act). Accounting guidance requires that deferred tax assets and liabilities, including those associated with components of AOCI, be remeasured during the period new tax laws are enacted, with any changes reflected as a component of income tax expense (benefit). Under the previous guidance, retained earnings would reflect the full amount of the change and AOCI would not be adjusted for the portion of the change related to its components, leaving the unadjusted change “stranded” in AOCI. The new guidance allows AOCI to be adjusted to reclassify these stranded tax effects to retained earnings.	October 1, 2017	The new guidance was effective for 2018, with early adoption permitted. We adopted the new guidance in 2017 by reporting the reclassification in our Consolidated Statement of Stockholders’ Equity. We consider the remeasurement of deferred tax assets and liabilities a provisional estimate, so any adjustments to this estimate during 2018 would result in additional reclassification.
Financial instruments - recognition and measurement In January 2016, the FASB issued guidance that amended certain aspects of the recognition and measurement of financial instruments. The new guidance primarily affected the accounting for equity securities, which are now carried at fair value with valuation changes recognized in the statement of operations rather than as other comprehensive income. The presentation and disclosure requirements for financial instruments and the methodology for assessing the need for a valuation allowance on deferred tax assets resulting from unrealized losses on available-for-sale fixed maturity securities were also revised under the new guidance. The new standard required the use of a modified retrospective method at adoption.	January 1, 2018	Upon adoption, we reclassified $5.9 million of net unrealized investment gains, net of tax, on our equity securities from accumulated other comprehensive income to retained earnings as a cumulative effect adjustment. Adoption resulted in a decrease to net income of $1.3 million ($0.05 per basic and diluted earnings per share) during the first quarter of 2018.

8

Revenue recognition In May 2014, the FASB issued guidance that outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Insurance contract and investment related revenue, which make up the majority of our earnings, were specifically excluded from the scope of this guidance. The new guidance was based on the principle that an entity should recognize revenue to reflect the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also required disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. We had the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard.	January 1, 2018	Our revenues that fall under the scope of the new guidance primarily consist of the net commissions on insurance and investment products we broker for others. We have evaluated those contracts and concluded that there was no change in timing or measurement of revenues, as the historical accounting is consistent with the new guidance. Accordingly, there was no impact from adoption.
Standards not yet adopted:
Leases In February 2016, the FASB issued a new lease accounting standard, which, for most lessees, will result in a gross-up of the balance sheet. Under the new standard, lessees will recognize the leased assets on the balance sheet and will recognize a corresponding liability for the present value of lease payments over the lease term. The new standard requires the application of judgment and estimates. Also, there are accounting policy elections that may be taken both at transition and for the accounting post-transition, including whether to adopt a short-term lease recognition exemption.	January 1, 2019	We are currently evaluating the impact of this guidance on our consolidated financial statements. Our most significant lease is for our home office building. See Note 10 of Item 8 of our 2017 Form 10-K for a further description of this lease, including future commitments. Our other leases are primarily shorter term in nature, relating to equipment. Upon adoption we will be required to recognize and measure leases at the beginning of the earliest period presented using the modified retrospective approach.
Financial Instruments - credit impairment In June 2016, the FASB issued guidance amending the accounting for the credit impairment of financial instruments. Under the new guidance, impairment losses are required to be estimated using an expected loss model under which a valuation allowance is established and adjusted over time. The valuation allowance will be based on the probability of loss over the life of the instrument, considering historical, current and forecasted information. The new guidance differs significantly from the incurred loss model used today, and will result in the earlier recognition of impairment losses. The new guidance may also increase the volatility of earnings to the extent actual results differ from the assumptions used in the establishment of the valuation allowance. The financial instruments for which we will be required to use the new model include but are not limited to, mortgage loans, lease receivables and reinsurance recoverables. Our available-for-sale fixed maturities will continue to apply the incurred loss model. However, rather than impairment losses resulting in a permanent reduction of carrying value as they do today, such losses will be in the form of a valuation allowance, which can be increased in the case of future credit losses or decreased should conditions improve.	January 1, 2020	We are currently evaluating the impact of this new guidance on our consolidated financial statements. We believe the most significant impact upon adoption will be the establishment of an additional valuation allowance for our mortgage loan investments. This guidance will be applied using a modified retrospective approach by recording a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption.

Reclassifications

We have reclassified our holdings of Federal Home Loan Bank of Des Moines (FHLB) common stock, which we are required to hold as a member of the FHLB system, from equity securities to other investments as the stock is restricted in nature. The 2017 consolidated financial statements have been reclassified to conform to the current financial statement presentation.

9

2. Investment Operations

Fixed Maturity and Equity Securities

Available-For-Sale Fixed Maturity Securities by Investment Category
	March 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Non-credit losses on other-than-temporary impairments (1)
	(Dollars in thousands)
Fixed maturities:
Corporate (2)	$	3,353,388	$	224,254	$	(31,961	)	$	3,545,681	$	290
Residential mortgage-backed	527,971		31,012		(5,439		)	553,544		594
Commercial mortgage-backed	784,999		22,428		(14,151		)	793,276		—
Other asset-backed	796,977		20,347		(3,032		)	814,292		3,350
United States Government and agencies	22,009		1,333		(130		)	23,212		—
States and political subdivisions	1,405,847		113,842		(2,782		)	1,516,907		—
Total fixed maturities	$	6,891,191	$	413,216	$	(57,495	)	$	7,246,912	$	4,234

Available-For-Sale Fixed Maturity and Equity Securities by Investment Category
	December 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Non-credit losses on other-than-temporary impairments (1)
	(Dollars in thousands)
Fixed maturities:
Corporate (2)	$	3,374,927	$	329,299	$	(15,955	)	$	3,688,271	$	(504	)
Residential mortgage-backed	483,671		35,890		(3,280		)	516,281		339
Commercial mortgage-backed	674,076		34,464		(3,233		)	705,307		—
Other asset-backed	818,071		18,645		(3,214		)	833,502		845
United States Government and agencies	23,378		1,606		(79		)	24,905		—
States and political subdivisions	1,383,127		141,813		(1,239		)	1,523,701		—
Total fixed maturities	$	6,757,250	$	561,717	$	(27,000	)	$	7,291,967	$	680
Equity securities:
Non-redeemable preferred stocks	$	92,951	$	7,146	$	(265	)	$	99,832
Common stocks	3,764		549		—			4,313
Total equity securities	$	96,715	$	7,695	$	(265	)	$	104,145

(1) Non-credit losses subsequent to the initial impairment measurement date on other-than-temporary impairment (OTTI) losses are included in the gross unrealized gains and gross unrealized losses columns above. The non-credit loss component of OTTI losses for corporate, residential mortgage-backed, and other asset-backed securities at March 31, 2018 and residential mortgage-backed and other asset-backed securities at December 31, 2017 were in an unrealized gain position due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities.

(2) Corporate securities include hybrid preferred securities with a fair value of $16.8 million at March 31, 2018 and $17.5 million at December 31, 2017. Corporate securities also include redeemable preferred stock with a fair value of $22.0 million at March 31, 2018 and $21.7 million at December 31, 2017.

10

Available-For-Sale Fixed Maturities by Maturity Date
	March 31, 2018
	Amortized Cost		Fair Value
	(Dollars in thousands)
Due in one year or less	$	165,210	$	167,953
Due after one year through five years	588,250		614,089
Due after five years through ten years	730,313		754,274
Due after ten years	3,297,471		3,549,484
	4,781,244		5,085,800
Mortgage-backed and other asset-backed	2,109,947		2,161,112
Total fixed maturities	$	6,891,191	$	7,246,912

Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed maturities not due at a single maturity date have been included in the above table in the year of final contractual maturity.

Net Unrealized Gains on Investments in Accumulated Other Comprehensive Income
	March 31, 2018			December 31, 2017
	(Dollars in thousands)
Net unrealized appreciation on:
Fixed maturities - available for sale	$	355,721		$	534,718
Equity securities - available for sale	—			7,430
	355,721			542,148
Adjustments for assumed changes in amortization pattern of:
Deferred acquisition costs	(93,953		)	(147,173		)
Value of insurance in force acquired	(11,716		)	(14,870		)
Unearned revenue reserve	8,318			12,705
Adjustments for assumed changes in policyholder liabilities	(9,407		)	(18,499		)
Provision for deferred income taxes	(52,280		)	(78,605		)
Net unrealized investment gains	$	196,683		$	295,706

Net unrealized investment gains and losses are recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities. Subsequent changes in the fair value of securities for which a previous non-credit OTTI loss was recognized in accumulated other comprehensive income, are reported along with changes in fair value for which no OTTI losses were previously recognized.

Fixed Maturity Securities with Unrealized Losses by Length of Time
	March 31, 2018
	Less than one year					One year or more					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Percent of Total
	(Dollars in thousands)
Fixed maturities:
Corporate	$	516,564	$	(13,180	)	$	162,871	$	(18,781	)	$	679,435	$	(31,961	)	55.6	%
Residential mortgage-backed	170,226		(4,091		)	31,038		(1,348		)	201,264		(5,439		)	9.5
Commercial mortgage-backed	346,486		(12,199		)	18,419		(1,952		)	364,905		(14,151		)	24.6
Other asset-backed	251,682		(1,633		)	64,222		(1,399		)	315,904		(3,032		)	5.3
United States Government and agencies	5,106		(83		)	2,324		(47		)	7,430		(130		)	0.2
States and political subdivisions	78,770		(1,276		)	17,463		(1,506		)	96,233		(2,782		)	4.8
Total fixed maturities	$	1,368,834	$	(32,462	)	$	296,337	$	(25,033	)	$	1,665,171	$	(57,495	)	100.0	%

11

Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time
	December 31, 2017
	Less than one year					One year or more					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Percent of Total
	(Dollars in thousands)
Fixed maturities:
Corporate	$	85,019	$	(1,261	)	$	183,820	$	(14,694	)	$	268,839	$	(15,955	)	59.1	%
Residential mortgage-backed	76,393		(1,757		)	31,779		(1,523		)	108,172		(3,280		)	12.1
Commercial mortgage-backed	151,158		(2,078		)	16,398		(1,155		)	167,556		(3,233		)	12.0
Other asset-backed	159,111		(2,006		)	71,064		(1,208		)	230,175		(3,214		)	11.9
United States Government and agencies	5,698		(47		)	1,864		(32		)	7,562		(79		)	0.3
States and political subdivisions	5,904		(96		)	20,505		(1,143		)	26,409		(1,239		)	4.6
Total fixed maturities	$	483,283	$	(7,245	)	$	325,430	$	(19,755	)	$	808,713	$	(27,000	)	100.0	%
Equity securities:
Non-redeemable preferred stocks	$	2,819	$	(71	)	$	4,807	$	(194	)	$	7,626	$	(265	)
Total equity securities	$	2,819	$	(71	)	$	4,807	$	(194	)	$	7,626	$	(265	)

Fixed maturities in the above tables include 475securities from 301 issuers at March 31, 2018 and 247 securities from 154 issuers at December 31, 2017.

Unrealized losses increased during the three months ended March 31, 2018 due to higher Treasury rates and wider credit spreads. We do not consider securities to be OTTI when the market decline is attributable to factors such as interest rate movements, market volatility, liquidity, spread widening and credit quality when recovery of all amounts due under the contractual terms of the security is anticipated. Based on our intent not to sell or our belief that we will not be required to sell these securities before recovery of their amortized cost basis, we do not consider these investments to be OTTI at March 31, 2018. We will continue to monitor the investment portfolio for future changes in issuer facts and circumstances that could result in future impairments beyond those currently identified.

Our largest unrealized loss was from a retailer and totaled $2.9 million at March 31, 2018.

As described more fully in Note 1 to our consolidated financial statements included in Item 8 of our Form 10-K for the year ended December 31, 2017, we perform a regular evaluation of all investment classes for impairment, including fixed maturity securities and equity securities, in order to evaluate whether such investments are OTTI.

Credit Loss Component of Other-Than-Temporary Impairments on Fixed Maturities
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Balance at beginning of period	$	(12,392	)	$	(14,500	)
Reductions due to investments sold or paid down	271			349
Reduction for credit loss that no longer has a portion of the OTTI loss recognized in other comprehensive income	2,529			587
Balance at end of period	$	(9,592	)	$	(13,564	)

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The table above sets forth the amount of credit loss impairments on fixed maturities held by the Company as of the dates indicated for which the non-credit portion of the OTTI was recognized in other comprehensive income and corresponding changes in such amounts. Credit loss impairments with no portion of the loss recognized in other comprehensive income, such as securities for which OTTI was measured at fair value, are excluded from the table.

Realized Gains (Losses) - Recorded in Income
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Realized gains (losses) on sales of investments
Fixed maturities:
Gross gains	$	83		$	124
Gross losses	—			(527		)
Other long-term investments	(13		)	—
	70			(403		)
Net unrealized losses recognized during the period on equity securities held at the end of the period (1)	(1,817		)	—
Net realized losses	(1,747		)	(403		)
Impairment losses recognized in earnings:
Other credit-related (2)	(1,295		)	(66		)
Net realized losses on investments recorded in income	$	(3,042	)	$	(469	)

(1) See Note 1 to our consolidated financial statements for discussion of change in accounting policy for equity securities during the quarter.

(2) Amount represents credit-related losses for fixed maturities written down to fair value through income and impairment losses related to investments accounted for under the equity method of accounting, which are included in securities and indebtedness of related parties within our consolidated balance sheets.

Proceeds from sales of fixed maturities totaled $5.2 million during the three months ended March 31, 2018 and $9.4 million during the three months ended March 31, 2017.

Realized gains and losses on sales of investments are determined on the basis of specific identification.

Mortgage Loans

Our mortgage loan portfolio consists of commercial mortgage loans that we have originated. Our lending policies require that the loans be collateralized by the value of the related property, establish limits on the amount that can be loaned to one borrower and require diversification by geographic location and collateral type. We originate loans with an initial loan-to-value ratio that provides sufficient collateral to absorb losses should we be required to foreclose and take possession of the collateral. In order to identify impairment losses, management maintains and regularly reviews a watch list of mortgage loans that have heightened risk. These loans may include those with borrowers delinquent on contractual payments, borrowers experiencing financial difficulty, increases in rental real estate vacancies and significant declines in collateral value. We evaluate each of our mortgage loans individually and establish an estimated loss, if needed, for each impaired loan identified. An estimated loss is needed for loans for which we do not believe we will collect all amounts due according to the contractual terms of the respective loan agreements.

Any loan delinquent on contractual payments is considered non-performing. Mortgage loans are placed on non-accrual status if we have concerns regarding the collectability of future payments. Interest income on non-performing loans is generally recognized on a cash basis. Once mortgage loans are classified as non-accrual loans, the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan has been restructured such that the collection of interest is considered likely. At March 31, 2018 and December 31, 2017, there were no non-performing loans over 90 days past due on contractual payments. At March 31, 2018, we had committed to provide additional funding for mortgage loans totaling $21.3 million. These commitments arose in the normal course of business at terms that are comparable to similar investments.

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Mortgage Loans by Collateral Type
	March 31, 2018				December 31, 2017
Collateral Type	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
Office	$	413,120	42.6	%	$	410,090	42.2	%
Retail	288,683		29.8		292,257		30.1
Industrial	205,107		21.2		207,180		21.3
Other	61,754		6.4		62,285		6.4
Total	$	968,664	100.0	%	$	971,812	100.0	%

Mortgage Loans by Geographic Location within the United States
	March 31, 2018				December 31, 2017
Region of the United States	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
South Atlantic	$	295,318	30.5	%	$	296,947	30.5	%
Pacific	144,935		14.9		146,320		15.0
West North Central	125,609		13.0		127,096		13.1
Mountain	104,298		10.8		105,627		10.9
East North Central	90,764		9.4		91,971		9.5
West South Central	90,511		9.3		85,566		8.8
East South Central	66,661		6.9		67,228		6.9
New England	34,665		3.6		35,005		3.6
Middle Atlantic	15,903		1.6		16,052		1.7
Total	$	968,664	100.0	%	$	971,812	100.0	%

Mortgage Loans by Loan-to-Value Ratio
	March 31, 2018				December 31, 2017
Loan-to-Value Ratio	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
0% - 50%	$	360,416	37.2	%	$	334,037	34.4	%
51% - 60%	236,382		24.5		258,359		26.6
61% - 70%	301,469		31.1		297,404		30.6
71% - 80%	51,621		5.3		63,116		6.5
81% - 90%	18,776		1.9		18,896		1.9
Total	$	968,664	100.0	%	$	971,812	100.0	%

The loan-to-value ratio is determined using the most recent appraised value. Appraisals are updated periodically when there is indication of a possible significant collateral decline or there are loan modifications or refinance requests.

Mortgage Loans by Year of Origination
	March 31, 2018				December 31, 2017
Year of Origination	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
2018	$	5,800	0.5	%	$	—	—	%
2017	212,785		22.0		214,365		22.1
2016	153,147		15.8		154,359		15.9
2015	143,457		14.8		144,890		14.9
2014	77,119		8.0		77,866		8.0
2013 and prior	376,356		38.9		380,332		39.1
Total	$	968,664	100.0	%	$	971,812	100.0	%

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Impaired Mortgage Loans
	March 31, 2018			December 31, 2017
	(Dollars in thousands)
Unpaid principal balance	$	18,927		$	19,027
Less:
Related allowance	(447		)	(497		)
Carrying value of impaired mortgage loans	$	18,480		$	18,530

Allowance on Mortgage Loans
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Balance at beginning of period	$	497		$	713
Recoveries	(50		)	(50		)
Balance at end of period	$	447		$	663

Mortgage Loan Modifications

Our commercial mortgage loan portfolio can include loans that have been modified. We assess loan modifications on a loan-by-loan basis to evaluate whether a troubled debt restructuring has occurred. Generally, the types of concessions include: reduction of the contractual interest rate to a below-market rate, extension of the maturity date and/or a reduction of accrued interest. The amount, timing and extent of the concession granted is considered in determining if an impairment loss is needed for the restructuring. There were no loan modifications during the three months ended March 31, 2018 or March 31, 2017.

Low Income Housing Tax Credit Investments (LIHTC)

We invest in non-guaranteed federal LIHTC that are included in securities and indebtedness of related parties in the consolidated balance sheets. These investments take the form of limited partnerships, which in turn invest in a number of low income housing projects. We use the equity method of accounting for these investments. The limited partnerships generate pre-tax operating losses primarily from the deprecation of the underlying properties, but after-tax gains as the related tax credits are realized and the operating losses are deducted. The timing of the realization of tax credits is subject to fluctuation from period to period due to the timing of housing project completions and the approval of tax credits. Impairment losses may occur when the carrying value of the limited partnership exceeds the future tax benefits. We recognized $0.3 million of impairment losses on these investments during the first three months of 2018, which is reported as other-than-temporary impairment losses in the consolidated statement of operations. The Tax Act did not impact the tax credits we expect to receive from these investments. Equity income, however, was impacted by the Tax Act as the underlying limited partnerships reported aggregate fourth quarter 2017 losses of $1.4 million related to our ownership interest due to lower anticipated tax benefits from future operating loss deductions. These equity losses are reflected in our first quarter 2018 earnings as we record the results of operations from these limited partnerships a quarter in arrears. The carrying value of these investments totaled $79.2 million at March 31, 2018 and $82.4 million at December 31, 2017. Equity income from these investments as reported in our consolidated statement of operations is as follows:

LIHTC Equity Income (Loss), Net of Related Income Taxes
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Equity losses from LIHTC	$	(3,005	)	$	(1,805	)
Income tax benefits:
Tax benefits from equity losses	631			632
Investment tax credits	3,569			3,529
Equity income from LIHTC, net of related income tax benefits	$	1,195		$	2,356

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At March 31, 2018, we had committed to provide additional funds for limited partnerships and limited liability companies in which we invest. The amounts of these unfunded commitments totaled $47.5 million, including $1.7 million for LIHTC commitments, which are summarized by year in the following table.

LIHTC Commitments by Year
	March 31, 2018
	(Dollars in thousands)
2018	$	810
2019	46
2020-2025	811
Total	$	1,667

Variable Interest Entities

We evaluate our variable interest entity (VIE) investees to determine whether the level of our direct ownership interest, our rights to manage operations, or our obligation to provide ongoing financial support are such that we are the primary beneficiary of the entity, and would therefore be required to consolidate it for financial reporting purposes. After determining that VIE status exists, we review our involvement in the VIE to determine whether we have both the power to direct activities that most significantly impact the economic performance of the VIE, and the obligation to absorb losses or the rights to receive benefits that could be potentially significant to the VIE. This analysis includes a review of the purpose and design of the VIE as well as the role that we played in the formation of the entity and how that role could impact our ability to control the VIE. We also review the activities and decisions considered significant to the economic performance of the VIE and assess what power we have in directing those activities and decisions. Finally, we review the agreements in place to determine if there are any guarantees that would affect our maximum exposure to loss.

We have reviewed the circumstances surrounding our investments in VIEs, which are classified as securities and indebtedness of related parties and consist of LIHTC, limited partnerships or limited liability companies accounted for under the equity method. In addition, we have reviewed the ownership interests in our VIEs and determined that we do not hold direct majority ownership or have other contractual rights (such as kick out rights) that give us effective control over these entities resulting in us having both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. The maximum loss exposure relative to our VIEs is limited to the carrying value and any unfunded commitments that exist for each particular VIE. We also have not provided additional support or other guarantees that was not previously contractually required (financial or otherwise) to any of the VIEs as of March 31, 2018 or December 31, 2017. Based on this analysis, none of our VIEs were required to be consolidated for any reporting periods presented in this Form 10-Q.

VIE Investments by Category
	March 31, 2018				December 31, 2017
	Carrying Value		Maximum Exposure to Loss		Carrying Value		Maximum Exposure to Loss
	(Dollars in thousands)
LIHTC	$	79,176	$	80,843	$	82,417	$	84,103
Investment companies	28,418		63,054		25,335		62,372
Real estate limited partnerships	9,151		20,129		8,589		20,590
Other	728		955		1,182		1,488
Total	$	117,473	$	164,981	$	117,523	$	168,553

In addition, we make passive investments in the normal course of business in structured securities issued by VIEs for which we are not the investment manager. These structured securities include all of the residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities included in our fixed maturities. Our maximum exposure to loss on these securities is limited to our carrying value of the investment. We have determined that we are not the primary beneficiary of these structured securities because we do not have the power to direct the activities that most significantly impact the entities’ economic performance.

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Derivative Instruments

Our primary derivative exposure relates to purchased call options, which provide an economic hedge against the embedded derivatives in our indexed annuity and universal life insurance products. We also have embedded derivatives within our modified coinsurance agreements as well as an interest-only fixed maturity investment. We do not apply hedge accounting to any of our derivative positions, and they are held at fair value.

Derivatives Instruments by Type
	March 31, 2018		December 31, 2017
	(Dollars in thousands)
Assets
Freestanding derivatives:
Call options (reported in other investments)	$	12,760	$	14,824
Embedded derivatives:
Modified coinsurance (reported in reinsurance recoverable)	1,069		2,125
Interest-only security (reported in fixed maturities)	1,852		2,096
Total assets	$	15,681	$	19,045
Liabilities
Embedded derivatives:
Indexed annuity and universal life products (reported in liability for future policy benefits)	$	28,720	$	27,774
Modified coinsurance agreements (reported in other liabilities)	154		268
Total liabilities	$	28,874	$	28,042

Derivative Income (Loss)
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Change in fair value of free standing derivatives:
Call options	$	(1,152	)	$	2,365
Change in fair value of embedded derivatives:
Modified coinsurance agreements	(943		)	(1,410		)
Interest-only security	(35		)	(21		)
Indexed annuity and universal life products	2,664			409
Total income from derivatives	$	534		$	1,343

Derivative income is reported in net investment income except for the change in fair value of the embedded derivatives on our indexed annuity and universal life products, which is reported in interest sensitive product benefits.

We are exposed to credit losses in the event of nonperformance of the derivative counterparties. This credit risk is minimized by purchasing such agreements from financial institutions with high credit ratings (currently rated A or better by nationally recognized statistical rating organizations). We have also entered into credit support agreements with the counterparties requiring them to post collateral when net exposures exceed pre-determined thresholds that vary by counterparty. The net amount of such exposure is essentially the market value less collateral held for such agreements with each counterparty. The call options are supported by securities collateral received of $7.5 million at March 31, 2018, which is held in a separate custodial account. Subject to certain constraints, we are permitted to sell or re-pledge this collateral, but do not have legal rights to the collateral; accordingly, it has not been recorded on our balance sheet. At March 31, 2018, none of the collateral had been sold or re-pledged. As of March 31, 2018, our net derivative exposure was $5.3 million.

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3. Fair Values

The carrying and estimated fair values of our financial instruments are as follows:

Fair Values and Carrying Values
	March 31, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Dollars in thousands)
Assets
Fixed maturities - available for sale	$	7,246,912	$	7,246,912	$	7,291,967	$	7,291,967
Equity securities	103,920		103,920		104,145		104,145
Mortgage loans	968,664		972,107		971,812		989,503
Policy loans	193,413		232,674		191,398		236,223
Other investments	44,950		46,040		42,318		43,443
Cash, cash equivalents and short-term investments	43,728		43,728		69,703		69,703
Reinsurance recoverable	1,069		1,069		2,125		2,125
Assets held in separate accounts	638,751		638,751		651,963		651,963

Liabilities
Future policy benefits	$	4,332,983	$	4,142,254	$	4,192,367	$	4,147,654
Supplementary contracts without life contingencies	317,541		315,625		322,630		327,151
Advance premiums and other deposits	260,967		260,967		259,099		259,099
Long-term debt	97,000		76,388		97,000		78,628
Other liabilities	154		154		268		268
Liabilities related to separate accounts	638,751		636,666		651,963		649,610

Fair value is based on an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As not all financial instruments are actively traded, various valuation methods may be used to estimate fair value. These methods rely on observable market data, or, if observable market data is not available, the best information available. Significant judgment may be required to interpret the data and select the assumptions used in the valuation estimates, particularly when observable market data is not available.

In the discussion that follows, we have ranked our financial instruments by the level of judgment used in the determination of the fair values presented above. The levels are defined as follows:

• Level 1 - Fair values are based on unadjusted quoted prices in active markets for identical assets or liabilities.

• Level 2 - Fair values are based on inputs, other than quoted prices from active markets, that are observable for the asset or liability, either directly or indirectly.

• Level 3 - Fair values are based on significant unobservable inputs for the asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. From time to time there may be movements between levels as inputs become more or less observable, which may depend on several factors including the activity of the market for the specific security, the activity of the market for similar securities, the level of risk spreads and the source from which we obtain the information. Transfers into or out of any level are measured as of the beginning of the period.

The following methods and assumptions were used in estimating the fair value of our financial instruments:

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Fixed maturities:

Level 1 fixed maturities consist of U.S. Treasury issues that are actively traded, allowing us to use current market prices as an estimate of their fair value.

Level 2 fixed maturities consist of corporate, mortgage- and asset-backed, United States Government agencies, state and political subdivisions and private placement corporate securities with observable market data, and in some circumstances recent trade activity. When quoted prices of identical assets in active markets are not available, our first priority is to obtain prices from third party pricing vendors. We have regular interaction with these vendors to ensure we understand their pricing methodologies and to confirm they are utilizing observable market information. Their methodologies vary by asset class and include inputs such as estimated cash flows, benchmark yields, reported trades, credit quality, industry events and economic events. Fixed maturities with validated prices from pricing services, which includes the majority of our public fixed maturities in all asset classes, are generally reflected in Level 2.

Also included in Level 2 are private placement corporate bonds with no quoted market prices available, for which an internal model using substantially all observable inputs or a matrix pricing valuation approach is used. In the matrix approach, securities are grouped into pricing categories that vary by sector, rating and average life. Each pricing category is assigned a risk spread based on studies of observable public market data. The expected cash flows of the security are then discounted back at the current Treasury curve plus the appropriate risk spread.

Level 3 fixed maturities include corporate, mortgage- and asset-backed and private placement corporate securities for which there is little or no current market data available. We use external pricing sources, or if prices are not available we will estimate fair value internally. Fair values of private corporate investments in Level 3 are determined by reference to the public market, private transactions or valuations for comparable companies or assets in the relevant asset class when such amounts are available. For other securities for which an exit price based on relevant observable inputs is not obtained, the fair value is determined using a matrix calculation. Fair values estimated through the use of matrix pricing methods rely on an estimate of credit spreads to a risk-free U.S. Treasury yield. Selecting the credit spread requires judgment based on an understanding of the security and may include a market liquidity premium. Our selection of comparable companies as well as the level of spread requires significant judgment. Increases in spreads used in our matrix models, or those used to value comparable companies, will result in a decrease in discounted cash flows used, and accordingly in the estimated fair value of the security.

We obtain fixed maturity fair values from a variety of external independent pricing services, including brokers, with access to observable data including recent trade information, if available. In certain circumstances in which an external price is not available for a Level 3 security, we will internally estimate its fair value. Our process for evaluation and selection of the fair values includes:

• We follow a “pricing waterfall” policy, which establishes the pricing source preference for a particular security or security type. The order of preference is based on our evaluation of the valuation methods used, the source’s knowledge of the instrument and the reliability of the prices we have received from the source in the past. Our valuation policy dictates that fair values are initially sought from third party pricing services. If our review of the prices received from our preferred source indicates an inaccurate price, we will use an alternative source within the waterfall and document the decision. In the event that fair values are not available from one of our external pricing services or upon review of the fair values provided it is determined that they may not be reflective of market conditions, those securities are submitted to brokers familiar with the security to obtain non-binding price quotes. Broker quotes tend to be used in limited circumstances such as for newly issued, private placement corporate bonds and other instruments that are not widely traded. For those securities for which an externally provided fair value is not available, we use cash flow modeling techniques to estimate fair value.

• We evaluate third party pricing source estimation methodologies to assess whether they will provide a fair value that approximates a market exit price.

• We perform an overall analysis of portfolio fair value movement against general movements in interest rates and spreads.

• We compare period-to-period price trends to detect unexpected price fluctuation based on our knowledge of the market and the particular instrument. As fluctuations are noted, we will perform further research that may include discussions with the original pricing source or other external sources to ensure we are in agreement with the valuation.

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• We compare prices between different pricing sources for unusual disparity.

• We meet at least quarterly with our Investment Committee, the group that oversees our valuation process, to discuss valuation practices and observations during the pricing process.

Equity securities:

Level 1 equity securities consist of mutual funds that are actively traded, allowing us to use current market prices as an estimate of their fair value.

Level 2 equity securities consist of non-redeemable preferred stock. Estimated fair value for the non-redeemable preferred stock is obtained from external pricing sources using a matrix pricing approach.

Level 3 equity securities consist of non-redeemable preferred stock for which fair value estimates are based on the value of comparable securities that are actively traded. Increases in spreads used to value comparable companies, will result in a decrease in discounted cash flows used, and accordingly in the estimated fair value of the security.

In the case that external pricing services are used for certain Level 1 and Level 2 equity securities, our review process is consistent with the process used to determine the fair value of fixed maturities discussed above.

Mortgage loans:

Mortgage loans are not measured at fair value on a recurring basis. Mortgage loans are a Level 3 measurement as there is no current market for the loans. The fair value of our mortgage loans is estimated internally using a matrix pricing approach. Along with specific loan terms, two key management assumptions are required including the risk rating of the loan (our current rating system is A-highest quality, B-moderate quality, C-low quality, W-watch or F-foreclosure) and estimated spreads for new loans over the U.S. Treasury yield curve. Spreads are updated quarterly and loans are reviewed and rated annually with quarterly adjustments should significant changes occur. Our determination of each loan’s risk rating as well as selection of the credit spread requires significant judgment. A higher risk rating, as well as an increase in spreads, would result in a decrease in discounted cash flows used, and accordingly the fair value of the loan.

Policy loans:

Policy loans are not measured at fair value on a recurring basis. Policy loans are a Level 3 measurement as there is no current market since they are specifically tied to the underlying insurance policy. The loans are relatively risk free as they cannot exceed the cash surrender value of the insurance policy. Fair values are estimated by discounting expected cash flows using a risk-free interest rate based on the U.S. Treasury curve. An increase in the risk-free interest rate would result in a decrease in discounted cash flows used, and accordingly the fair value of the loan.

Other investments:

Level 2 other investments measured at fair value on a recurring basis include call options with fair values based on counterparty market prices adjusted for a credit component of the counterparty, net of collateral received. Level 3 other investments, which are not measured at fair value on a recurring basis, include common stock issued by the FHLB, with estimated fair value based on the current redemption value of the stock, and a promissory note that is priced internally using a discounted cash flow based on our assessment of the credit risk of the borrower.

Cash, cash equivalents and short-term investments:

Level 1 cash, cash equivalents and short-term investments are highly liquid instruments for which historical cost approximates fair value.

Reinsurance recoverable:

Level 2 reinsurance recoverable includes embedded derivatives in our modified coinsurance contracts under which we cede or assume business. Fair values of these embedded derivatives are based on the difference between the fair value and the cost basis of the underlying fixed maturities, which are valued consistent with the discussion of fixed maturities above.

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Assets held in separate accounts:

Level 1 assets held in separate accounts consist of mutual funds that are actively traded, allowing us to use current market prices as an estimate of their fair value.

Future policy benefits, supplementary contracts without life contingencies and advance premiums and other deposits:

Level 3 policy-related financial instruments of investment-type contracts are those not involving significant mortality or morbidity risks. No active market exists for these contracts and they are not measured at fair value on a recurring basis. Fair values for our insurance contracts, other than investment-type contracts, are not required to be disclosed. Fair values for our investment-type contracts with expected maturities, including deferred annuities, funding agreements and supplementary contracts, are determined using discounted cash flow valuation techniques based on current interest rates adjusted to reflect our credit risk and an additional provision for adverse deviation. For certain deposit liabilities with no defined maturities and no surrender charges, including pension-related deposit administration funds, advance premiums and other deposits, fair value is the account value or amount payable on demand. Significant judgment is required in selecting the assumptions used to estimate the fair values of these financial instruments. For contracts with known maturities, increases in current rates will result in a decrease in discounted cash flows and a decrease in the estimated fair value of the policy obligation.

Certain annuity contracts include embedded derivatives that are measured at fair value on a recurring basis. These embedded derivatives are a Level 3 measurement. The fair value of the embedded derivatives is based on the discounted excess of projected account values (including a risk margin) over projected guaranteed account values. The key unobservable inputs required in the projection of future values that require management judgment include the risk margin as well as the credit risk of our company. Should the risk margin increase or the credit risk decrease, the discounted cash flows and the estimated fair value of the obligation will increase.

Long-term debt:

Long-term debt is not measured at fair value on a recurring basis. Long-term debt is a Level 3 measurement. The fair value of our outstanding debt is estimated using a discounted cash flow method based on the market’s assessment or our current incremental borrowing rate for similar types of borrowing arrangements adjusted, as needed, to reflect our credit risk. Our selection of the credit spread requires significant judgment. A decrease in the spread will increase the estimated fair value of the outstanding debt.

Other liabilities:

Level 2 other liabilities include the embedded derivatives in our modified coinsurance contracts under which we cede business. Fair values for the embedded derivatives are based on the difference between the fair value and the cost basis of the underlying fixed maturities.

Liabilities related to separate accounts:

Separate account liabilities are not measured at fair value on a recurring basis. Level 3 separate account liabilities’ fair value is based on the cash surrender value of the underlying contract, which is the cost we would incur to extinguish the liability.

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Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels
	March 31, 2018
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Fixed maturities:
Corporate securities	$	—	$	3,515,151	$	30,530	$	3,545,681
Residential mortgage-backed securities	—		553,544		—		553,544
Commercial mortgage-backed securities	—		701,263		92,013		793,276
Other asset-backed securities	—		801,654		12,638		814,292
United States Government and agencies	8,961		14,251		—		23,212
States and political subdivisions	—		1,516,907		—		1,516,907
Total fixed maturities	8,961		7,102,770		135,181		7,246,912
Non-redeemable preferred stocks	—		90,877		7,325		98,202
Common stocks (1)	5,218		—		—		5,218
Other investments	—		12,760		—		12,760
Cash, cash equivalents and short-term investments	43,728		—		—		43,728
Reinsurance recoverable	—		1,069		—		1,069
Assets held in separate accounts	638,751		—		—		638,751
Total assets	$	696,658	$	7,207,476	$	142,506	$	8,046,640
Liabilities
Future policy benefits - indexed product embedded derivatives	$	—	$	—	$	28,720	$	28,720
Other liabilities	—		154		—		154
Total liabilities	$	—	$	154	$	28,720	$	28,874

(1) During 2018, we invested in a private equity fund totaling $0.5 million measured at fair value using net asset value (NAV) per share as a practical expedient, which have not been classified in the fair value hierarchy above per fair value reporting guidance. This fund invests in senior secured middle market loans and has unfunded commitments totaling $9.5 million at March 31, 2018. The investment is not currently eligible for redemption.

22

Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels
	December 31, 2017
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Fixed maturities:
Corporate securities	$	—	$	3,654,671	$	33,600	$	3,688,271
Residential mortgage-backed securities	—		507,157		9,124		516,281
Commercial mortgage-backed securities	—		619,606		85,701		705,307
Other asset-backed securities	—		780,022		53,480		833,502
United States Government and agencies	9,078		15,827		—		24,905
States and political subdivisions	—		1,523,701		—		1,523,701
Total fixed maturities	9,078		7,100,984		181,905		7,291,967
Non-redeemable preferred stocks	—		92,425		7,407		99,832
Common stocks	4,313		—		—		4,313
Other investments	—		14,824		—		14,824
Cash, cash equivalents and short-term investments	69,703		—		—		69,703
Reinsurance recoverable	—		2,125		—		2,125
Assets held in separate accounts	651,963		—		—		651,963
Total assets	$	735,057	$	7,210,358	$	189,312	$	8,134,727
Liabilities
Future policy benefits - indexed product embedded derivatives	$	—	$	—	$	27,774	$	27,774
Other liabilities	—		268		—		268
Total liabilities	$	—	$	268	$	27,774	$	28,042

Level 3 Assets by Valuation Source - Recurring Basis
	March 31, 2018
	Third-party vendors			Priced internally			Total
	(Dollars in thousands)
Corporate securities	$	2,407		$	28,123		$	30,530
Commercial mortgage-backed securities	92,013			—			92,013
Other asset-backed securities	8,263			4,375			12,638
Non-redeemable preferred stocks	—			7,325			7,325
Total assets	$	102,683		$	39,823		$	142,506
Percent of total	72.1		%	27.9		%	100.0		%

	December 31, 2017
	Third-party vendors			Priced internally			Total
	(Dollars in thousands)
Corporate securities	$	4,555		$	29,045		$	33,600
Residential mortgage-backed securities	9,124			—			9,124
Commercial mortgage-backed securities	85,701			—			85,701
Other asset-backed securities	47,080			6,400			53,480
Non-redeemable preferred stocks	—			7,407			7,407
Total assets	$	146,460		$	42,852		$	189,312
Percent of total	77.4		%	22.6		%	100.0		%

23

Quantitative Information about Level 3 Fair Value Measurements - Recurring Basis
	March 31, 2018
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(Dollars in thousands)
Assets
Corporate securities	$	26,744	Discounted cash flow	Credit spread	1.04% - 5.75% (3.75%)
Commercial mortgage-backed	70,138		Discounted cash flow	Credit spread	1.40% - 4.10% (2.57%)
Other asset-backed securities	5,013		Discounted cash flow	Credit spread	1.55% - 1.95% (1.77%)
Non-redeemable preferred stocks	7,325		Discounted cash flow	Credit spread	3.47% (3.47%)
Total assets	$	109,220
Liabilities
Future policy benefits - indexed product embedded derivatives	$	28,720	Discounted cash flow	Credit risk Risk margin	0.65% - 1.70% (1.10%) 0.15% - 0.40% (0.25%)

	December 31, 2017
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(Dollars in thousands)
Assets
Corporate securities	$	27,682	Discounted cash flow	Credit spread	0.91% - 6.20% (4.17%)
Commercial mortgage-backed	72,224		Discounted cash flow	Credit spread	1.40% - 4.10% (2.50%)
Non-redeemable preferred stocks	7,407		Discounted cash flow	Credit spread	2.94% (2.94%)
Total assets	$	107,313
Liabilities
Future policy benefits - indexed product embedded derivatives	$	27,774	Discounted cash flow	Credit risk Risk margin	0.40% - 1.60% (0.90%) 0.15% - 0.40% (0.25%)

The tables above exclude certain securities with the fair value based on non-binding broker quotes for which we could not reasonably obtain the quantitative unobservable inputs.

24

Level 3 Financial Instruments Changes in Fair Value - Recurring Basis
	March 31, 2018
								Realized and unrealized gains (losses), net
	Balance, December 31, 2017		Purchases		Disposals				Included in net income			Included in other compre-hensive income			Transfers into Level 3 (1)		Transfers out of Level 3 (1)			Amort-ization included in net income			Balance, March 31, 2018
	(Dollars in thousands)
Assets
Corporate securities	$	33,600	$	—	$	(1,091	)		$	—		$	30		$	—	$	(2,000	)	$	(8	)	$	30,531
Residential mortgage-backed securities	9,124		—		—				—			—			—		(9,124		)	—			—
Commercial mortgage-backed securities	85,701		21,875		(227		)		—			(1,838		)	—		(13,477		)	(22		)	92,012
Other asset-backed securities	53,480		8,250		(2,025		)		—			13			—		(47,080		)	—			12,638
Non-redeemable preferred stocks	7,407		—		—				—			(82		)	—		—			—			7,325
Total assets	$	189,312	$	30,125	$	(3,343	)		$	—		$	(1,877	)	$	—	$	(71,681	)	$	(30	)	$	142,506
Liabilities
Future policy benefits - indexed product embedded derivatives	$	27,774	$	2,254	$	(942	)		$	(366	)	$	—		$	—	$	—		$	—		$	28,720

	March 31, 2017
								Realized and unrealized gains (losses), net
	Balance, December 31, 2016		Purchases		Disposals				Included in net income		Included in other compre-hensive income			Transfers into Level 3 (1)		Transfers out of Level 3 (1)			Amort-ization included in net income			Balance, March 31, 2017
	(Dollars in thousands)
Assets
Corporate securities	$	59,119	$	—	$	(1,298	)		$	—	$	(705	)	$	4,408	$	(18,561	)	$	(10	)	$	42,953
Residential mortgage-backed securities	—		15,307		—				—		(1		)	—		—			1			15,307
Commercial mortgage-backed securities	81,434		—		(211		)		—		919			—		(14,544		)	(22		)	67,576
Other asset-backed securities	54,368		12,944		(3,022		)		—		193			7,964		(13,184		)	(10		)	59,253
Non-redeemable preferred stocks	7,411		—		—				—		230			—		—			—			7,641
Total assets	$	202,332	$	28,251	$	(4,531	)		$	—	$	636		$	12,372	$	(46,289	)	$	(41	)	$	192,730
Liabilities
Future policy benefits - indexed product embedded derivatives	$	15,778	$	911	$	(318	)		$	2,216	$	—		$	—	$	—		$	—		$	18,587

(1) Transfers into Level 3 represent assets previously priced using an external pricing service with access to observable inputs no longer available and therefore, were priced using non-binding broker quotes. Transfers out of Level 3 include those assets that we are now able to obtain pricing from a third party pricing vendor that uses observable inputs. The fair values of newly issued securities often require additional estimation until a market is created, which is generally within a few months after issuance. Once a market is created, as was the case for the majority of the security transfers out of the Level 3 category above, Level 2 valuation sources become available. There were no transfers between Level 1 and Level 2 during the periods presented above.

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Valuation of our Financial Instruments Not Reported at Fair Value by Hierarchy Levels
	March 31, 2018
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Mortgage loans	$	—	$	—	$	972,107	$	972,107
Policy loans	—		—		232,674		232,674
Other investments	—		—		33,280		33,280
Total assets	$	—	$	—	$	1,238,061	$	1,238,061
Liabilities
Future policy benefits	$	—	$	—	$	4,113,534	$	4,113,534
Supplementary contracts without life contingencies	—		—		315,625		315,625
Advance premiums and other deposits	—		—		260,967		260,967
Long-term debt	—		—		76,388		76,388
Liabilities related to separate accounts	—		—		636,666		636,666
Total liabilities	$	—	$	—	$	5,403,180	$	5,403,180

	December 31, 2017
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Mortgage loans	$	—	$	—	$	989,503	$	989,503
Policy loans	—		—		236,223		236,223
Other investments					28,619		28,619
Total assets	$	—	$	—	$	1,254,345	$	1,254,345
Liabilities
Future policy benefits	$	—	$	—	$	4,119,880	$	4,119,880
Supplementary contracts without life contingencies	—		—		327,151		327,151
Advance premiums and other deposits	—		—		259,099		259,099
Long-term debt	—		—		78,628		78,628
Liabilities related to separate accounts	—		—		649,610		649,610
Total liabilities	$	—	$	—	$	5,434,368	$	5,434,368

Level 3 Financial Instruments Measured at Fair Value on a Nonrecurring Basis

Certain assets are measured at fair value on a nonrecurring basis, generally mortgage loans or real estate that have been deemed to be impaired during the reporting period. There were no mortgage loans or real estate impaired to fair value during the three months ended March 31, 2017 or March 31, 2018.

4. Defined Benefit Plan

We participate with affiliates and an unaffiliated organization in defined benefit pension plans, including a multiemployer plan. Our share of net periodic pension cost for the plans is recorded as expense in our consolidated statements of operations.

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Components of Net Periodic Pension Cost for FBL and Affiliates Combined - Multiemployer Plan
		Three months ended March 31,
		2018			2017
	(Dollars in thousands)
Service cost		$	1,493		$	1,388
Interest cost		3,411			3,531
Expected return on assets		(5,562		)	(4,796		)
Amortization of prior service cost		11			33
Amortization of actuarial loss		3,127			2,530
Net periodic pension cost		$	2,480		$	2,686
FBL Financial Group, Inc. share of net periodic pension costs		$	760		$	851

Components of Net Periodic Pension Cost for FBL and Affiliates Combined - Other Plans
		Three months ended March 31,
		2018		2017
	(Dollars in thousands)
Service cost		$	135	$	109
Interest cost		240		251
Amortization of actuarial loss		338		293
Net periodic pension cost		$	713	$	653
FBL Financial Group, Inc. share of net periodic pension costs		$	418	$	388

5. Income Taxes

The Tax Act made broad changes to the U.S. tax code impacting our companies, including reducing the federal corporate tax rate from 35% to 21% and numerous base-broadening provisions. We recorded a provisional estimate of the impact of the Tax Act on our deferred tax assets and liabilities as of December 31, 2017. As of March 31, 2018, little guidance regarding the Tax Act has been issued and a number of the Tax Act’s provisions still contain some level of uncertainty.

During the quarter ended March 31, 2018, our income tax provisions and deferred income taxes reflect the lower corporate tax rate and the other provisions of the Tax Act, based on our current understanding of the legislation. Certain provisional estimates used in the determination of deferred tax assets and liabilities at December 31, 2017 have been updated, including the determination of the 8-year transition liability related to tax reserves. However, the adjustments to these estimates only affected the classification of items on the balance sheet and did not impact net income for the first quarter of 2018 or total equity as of March 31, 2018. As additional guidance and information is provided, these estimates will continue to be updated as needed.

6. Commitments and Contingencies

Legal Proceedings

In the normal course of business, we may be involved in litigation in which damages are alleged that are substantially in excess of contractual policy benefits or certain other agreements. In recent years, companies in the life insurance and annuity business have faced litigation, including class action lawsuits, alleging improper product design, improper sales practices and similar claims. We are not aware of any claims threatened or pending against FBL Financial Group, Inc. or any of its subsidiaries for which a material loss is reasonably possible.

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7. Stockholders’ Equity

Share Repurchases

We periodically repurchase our Class A common stock under programs approved by our Board of Directors. These repurchase programs authorize us to make repurchases in the open market or through privately negotiated transactions, with the timing and terms of the purchases to be determined by management based on market conditions. Under these programs, we repurchased 99,312 shares for $6.8 million during the three months ended March 31, 2018. No repurchases were made during the three months ended March 31, 2017. Completion of the current program is dependent on market conditions and other factors. There is no guarantee as to the exact timing of any repurchases or the number of shares that we will repurchase. The share repurchase program may be modified or terminated at any time without prior notice. At March 31, 2018, $50.0 million remains available for repurchase under the active repurchase program.

Special Dividends

In March 2018, the Board of Directors approved a special $1.50 per share cash dividend payable to Class A and Class B common shareholders totaling $37.3 million. In March 2017, the Board of Directors approved a special $1.50 per share cash dividend payable to Class A and Class B common shareholders totaling $37.4 million.

Reconciliation of Outstanding Common Stock
	Class A					Class B			Total
	Shares		Dollars			Shares	Dollars		Shares		Dollars
	(Dollars in thousands)
Outstanding at January 1, 2017	24,882,542		$	152,903		11,413	$	72	24,893,955		$	152,975
Issuance of common stock under compensation plans	24,005		339			—	—		24,005		339
Outstanding at March 31, 2017	24,906,547		$	153,242		11,413	$	72	24,917,960		$	153,314
Outstanding at January 1, 2018	24,919,113		$	153,589		11,413	$	72	24,930,526		$	153,661
Issuance of common stock under compensation plans	6,762		218			—	—		6,762		218
Purchase of common stock	(99,312	)	(612		)	—	—		(99,312	)	(612		)
Outstanding at March 31, 2018	24,826,563		$	153,195		11,413	$	72	24,837,976		$	153,267

Accumulated Other Comprehensive Income, Net of Tax and Other Offsets
	Unrealized Net Investment Gains (Losses) on Available For Sale Securities (1)			Accumulated Non-Credit Impairment Losses (1)		Underfunded Status of Postretirement Benefit Plans			Total
	(Dollars in thousands)
Balance at January 1, 2017	$	156,963		$	311	$	(7,719	)	$	149,555
Other comprehensive income before reclassifications	14,834			660		—			15,494
Reclassification adjustments	368			—		181			549
Balance at March 31, 2017	$	172,165		$	971	$	(7,538	)	$	165,598
Balance at January 1, 2018	$	295,169		$	537	$	(10,723	)	$	284,983
Net unrealized gains on equity securities (2)	(5,869		)	—		—			(5,869		)
Other comprehensive loss before reclassifications	(95,937		)	2,808		—			(93,129		)
Reclassification adjustments	(25		)	—		262			237
Balance at March 31, 2018	$	193,338		$	3,345	$	(10,461	)	$	186,222

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(1) Includes the impact of taxes, deferred acquisition costs, value of insurance in force acquired, unearned revenue reserves and policyholder liabilities. See Note 2 to our consolidated financial statements for further information.

(2) See Note 1 to our consolidated financial statements for further discussion on this one-time adjustment related to an accounting change.

Accumulated Other Comprehensive Income Reclassification Adjustments
	Three months ended March 31, 2018
	Unrealized Net Investment Gains (Losses) on Available For Sale Securities (1)			Accumulated Non-Credit Impairment Losses (1)		Underfunded Status of Postretirement Benefit Plans			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(83	)	$	—	$	—		$	(83	)
Adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	51			—		—			51
Other expenses - change in unrecognized postretirement items:
Net actuarial loss	—			—		331			331
Reclassifications before income taxes	(32		)	—		331			299
Income taxes	7			—		(69		)	(62		)
Reclassification adjustments	$	(25	)	$	—	$	262		$	237

	Three months ended March 31, 2017
	Unrealized Net Investment Gains (Losses) on Available For Sale Securities (1)			Accumulated Non-Credit Impairment Losses (1)		Underfunded Status of Postretirement Benefit Plans			Total
	(Dollars in thousands)
Realized capital losses on sales of investments	$	403		$	—	$	—		$	403
Adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	163			—		—			163
Other expenses - change in unrecognized postretirement items:
Net actuarial loss	—			—		279			279
Reclassifications before income taxes	566			—		279			845
Income taxes	(198		)	—		(98		)	(296		)
Reclassification adjustments	$	368		$	—	$	181		$	549

(1) See Note 2 to our consolidated financial statements for further information.

29

8. Earnings per Share

Computation of Earnings per Common Share

	Three months ended March 31,
	2018		2017
	(Dollars in thousands, except per share data)
Numerator:
Net income attributable to FBL Financial Group, Inc.	$	23,631	$	26,433
Less: Dividends on Series B preferred stock	38		38
Income available to common stockholders	$	23,593	$	26,395
Denominator:
Weighted average shares - basic	25,003,691		25,030,462
Effect of dilutive securities - stock-based compensation	15,818		21,914
Weighted average shares - diluted	25,019,509		25,052,376
Earnings per common share	$	0.94	$	1.05
Earnings per common share - assuming dilution:	$	0.94	$	1.05

There were no antidilutive stock options outstanding in either period presented.

9. Segment Information

We analyze operations by reviewing financial information regarding our primary products that are aggregated into the Annuity and Life Insurance product segments. In addition, our Corporate and Other segment includes various support operations, corporate capital and other product lines that are not currently underwritten by the Company.

We use non-GAAP operating income (a measure of earnings not recognized under GAAP), in addition to net income, to measure our performance. Non-GAAP operating income, for the periods presented, consists of net income adjusted to exclude the initial impact of changes in federal statutory income tax rates and tax laws, realized gains and losses on investments, and the change in net unrealized gains and losses on derivatives and equity securities, which can fluctuate greatly from period to period. These fluctuations make it difficult to analyze core operating trends. In addition, for derivatives not designated as hedges, there is a mismatch between the valuation of the asset and liability when deriving net income (loss). Specifically, call options relating to our indexed business are one-year assets while the embedded derivatives in the indexed contracts represent the rights of the contract holder to receive index credits over the entire period the indexed products are expected to be in force.

Non-GAAP operating income is not a measure used in financial statements prepared in accordance with GAAP, but is a common life insurance industry measure of performance. We use non-GAAP operating income for goal setting, determining short-term incentive compensation and evaluating performance on a basis comparable to that used by many in the investment community.

We analyze our segment results based on pre-tax non-GAAP operating income. Accordingly, income taxes are not allocated to the segments. In addition, non-GAAP operating results are reported net of transactions between the segments. Adjustments to net income are net of amortization of unearned revenue reserves, deferred acquisition costs and value of insurance in force acquired, as well as changes in interest sensitive product reserves and income taxes attributable to these items. While not applicable for the periods reported herein, our non-GAAP operating income policy also calls for adjustments to net income relating to the following:

• settlements or judgments arising from lawsuits, net of any recoveries from third parties,

• the cumulative effect of changes in accounting principles and

• discontinued operations.

30

Reconciliation Between Net Income and Non-GAAP Operating Income
	Three months ended March 31,
	2018		2017
	(Dollars in thousands)
Net income attributable to FBL Financial Group, Inc.	$	23,631	$	26,433
Net income adjustments:
Impact of the Tax Act (1)	1,069		—
Net realized gains/losses on investments (2) (3)	2,424		554
Change in net unrealized gains/losses on derivatives (2)	509		1
Non-GAAP operating income	$	27,633	$	26,988

(1) Amount represents LIHTC equity losses related to changes in tax rates under the Tax Act. See Note 2 to our consolidated financial statements for further information.

(2) Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred acquisition costs, value of insurance in force acquired, interest sensitive policy reserves and income taxes attributable to these items.

(3) Beginning in 2018, amounts include the change in net unrealized gains/losses on equity securities due to a change in accounting guidance. See Note 1 to our consolidated financial statements for additional information.

Financial Information Concerning our Operating Segments
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Pre-tax non-GAAP operating income:
Annuity	$	16,582		$	16,421
Life Insurance	10,897			13,749
Corporate and Other	1,881			4,162
Total pre-tax non-GAAP operating income	29,360			34,332
Income taxes on non-GAAP operating income	(1,727		)	(7,344		)
Non-GAAP operating income	$	27,633		$	26,988
Non-GAAP operating revenues:
Annuity	$	57,435		$	55,051
Life Insurance	107,727			104,143
Corporate and Other	24,111			23,666
	189,273			182,860
Net realized gains/losses on investments (1) (2)	(3,226		)	(481		)
Change in net unrealized gains/losses on derivatives (1)	(3,872		)	(459		)
Consolidated revenues	$	182,175		$	181,920

(1) Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred acquisition costs, value of insurance in force acquired, interest sensitive policy reserves and income taxes attributable to these items.

(2) Beginning in 2018, amounts include the change in net unrealized gains/losses on equity securities due to a change in accounting guidance. See Note 1 to our consolidated financial statements for additional information.

Interest expense is attributable to the Corporate and Other segment. Expenditures for long-lived assets were not significant during the periods presented above. Goodwill at March 31, 2018 and December 31, 2017 was allocated among the segments as follows: Annuity ($3.9 million) and Life Insurance ($6.1 million).

Securities and indebtedness of related parties is attributable to the Life Insurance and Corporate and Other segments. The following chart provides the related equity income (loss) by segment.

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Equity Income (Loss) by Operating Segment
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Pre-tax equity income (loss):
Life Insurance	$	695		$	1,166
Corporate and Other	(1,511		)	(1,624		)
	(816		)	(458		)
Income taxes	3,740			3,689
Equity income, net of related taxes, included in non-GAAP operating income	2,924			3,231
LIHTC equity losses related to the enactment of the Tax Act (1)	(1,069		)	—
Equity income, net of related income taxes	$	1,855		$	3,231

(1) Amount represents LIHTC equity losses related to changes in tax rates under the Tax Act. Such investments are accounted for under the equity method of accounting with income/loss recorded in arrears. See Note 2 to our consolidated financial statements for further information.

Premiums collected, which is not a measure used in financial statements prepared according to GAAP, includes premiums received on life insurance policies and deposits on annuities and universal life-type products. Premiums collected is a common life insurance industry measure of agent productivity. Net premiums collected totaled $169.7 million for the quarter ended March 31, 2018 and $169.9 million for the same period in 2017.

Under GAAP, premiums on whole life and term life policies are recognized as revenues over the premium-paying period and reported in the Life Insurance segment. The following chart provides a reconciliation of life insurance premiums collected to those reported in the GAAP financial statements.

Reconciliation of Traditional Life Insurance Premiums, Net of Reinsurance
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Traditional and universal life insurance premiums collected	$	76,263		$	73,573
Premiums collected on interest sensitive products	(26,582		)	(24,715		)
Traditional life insurance premiums collected	49,681			48,858
Change in due premiums and other	(184		)	(424		)
Traditional life insurance premiums as included in the Consolidated Statements of Operations	$	49,497		$	48,434

There is no comparable GAAP financial measure for premiums collected on annuities and universal life-type products. GAAP revenues for those interest sensitive and variable products consist of various policy charges and fees assessed on those contracts, as summarized in the chart below.

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Interest Sensitive Product Charges by Segment
	Three months ended March 31,
	2018		2017
	(Dollars in thousands)
Annuity
Surrender charges and other	$	1,202	$	1,135
Life Insurance
Administration charges	$	4,046	$	3,864
Cost of insurance charges	12,537		12,035
Surrender charges	681		525
Amortization of policy initiation fees	614		664
Total	$	17,878	$	17,088
Corporate and Other
Administration charges	$	1,316	$	1,425
Cost of insurance charges	7,140		7,325
Surrender charges	23		52
Separate account charges	2,145		2,003
Amortization of policy initiation fees	394		173
Total	$	11,018	$	10,978
Interest sensitive product charges as included in the Consolidated Statements of Operations	$	30,098	$	29,201

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This section includes a summary of FBL Financial Group, Inc.’s consolidated results of operations, financial condition and where appropriate, factors that management believes may affect future performance. Unless noted otherwise, all references to FBL Financial Group, Inc. (we or the Company) include all of its direct and indirect subsidiaries, including insurance subsidiaries Farm Bureau Life Insurance Company (Farm Bureau Life) and Greenfields Life Insurance Company (Greenfields Life). Please read this discussion in conjunction with the accompanying consolidated financial statements and related notes. In addition, we encourage you to refer to our Form 10-K for the fiscal year ended December 31, 2017 for a complete description of our significant accounting policies and estimates. Familiarity with this information is important in understanding our financial position and results of operations.

This Form 10-Q includes statements relating to anticipated financial performance, business prospects, new products and similar matters. These statements and others, which include words such as “expect,” “anticipate,” “believe,” “intend” and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. A variety of factors could cause our actual results and experiences to differ materially from the anticipated results or other expectations expressed in our forward-looking statements. See Part 1A, Risk Factors, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 for additional information on the risks and uncertainties that may affect the operations, performance, development and results of our business.

Overview

We operate predominantly in the life insurance industry through our principal subsidiary, Farm Bureau Life. Farm Bureau Life markets individual life insurance policies and annuity contracts to Farm Bureau members and other individuals and businesses in the Midwestern and Western sections of the United States through an exclusive agency force. Several subsidiaries support various functional areas of Farm Bureau Life and other affiliates by providing investment advisory, marketing and distribution, and leasing services. In addition, we manage two Farm Bureau-affiliated property-casualty companies.

We analyze operations by reviewing financial information regarding our primary products that are aggregated in Annuity and Life Insurance product segments. In addition, our Corporate and Other segment includes various support operations, corporate capital and other product lines that are not currently underwritten by the Company. We analyze our segment results based on pre-tax non-GAAP operating income, which excludes the impact of certain items that are included in net income. See Note 9 to our consolidated financial statements for further information regarding how we define our segments and non-GAAP operating income.

We also include within our analysis “premiums collected,” which is not a measure used in financial statements prepared in accordance with GAAP, but is a common life insurance industry measure of agent productivity. See Note 9 to our consolidated financial statements for further information regarding this measure and its relationship to GAAP revenues.

Impact of Recent Business Environment

Our business generally benefits from moderate to strong economic expansion. Conversely, a lackluster economy characterized by higher unemployment, lower family income, lower consumer spending, muted corporate earnings growth and lower business investment could adversely impact the demand for our products in the future. We also may experience a higher incidence of claims, lapses or surrenders of policies during such times. We cannot predict whether or when such actions may occur, or what impact, if any, such actions could have on our business, results of operations, cash flows or financial condition.

Economic and other environmental factors that may impact our business include, but are not limited to, the following:

• Gross Domestic Product increased at an annual rate of 2.3% during the first quarter of 2018 based on recent estimates.

• U.S. unemployment was estimated to be 4.1% at the end of the first quarter of 2018.

• U.S. net farm income is forecast to decrease 6.7% and farm real estate value is estimated to have increased 2.1% during the first quarter of 2018 according to recent U.S. Department of Agriculture estimates.

• The U.S. 10-year Treasury yield increased during the first quarter of 2018 to 2.74% at March 31, 2018 from 2.40% at December 31, 2017.

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• The impact of the enactment of the Tax Act during December 2017 on the general U.S. economy, business initiatives and consumer demand for our insurance products is uncertain.

The low market interest rate environment continues to impact our investment yields as well as the interest we credit on our interest sensitive products. The benchmark 10-year U.S. Treasury yield trended higher in January and February before retreating slightly in March to end the quarter higher by 34 basis points. Credit spreads widened during the quarter. Low crediting rates still pose challenges to maintaining attractive annuity and universal life products, although our rates are comparable to other insurance companies, allowing us to maintain our competitive position within the market. We experienced a decrease in the fair value of our fixed maturity security portfolio during the first quarter of 2018 primarily due to an increase in market yields. See the segment discussion and “Financial Condition” section that follows for additional information regarding the impact of low market interest rates on our business.

Results of Operations for the Periods Ended March 31, 2018 and 2017

	Three months ended March 31,
	2018			2017			Change
	(Dollars in thousands, except per share data)
Net income attributable to FBL Financial Group, Inc.	$	23,631		$	26,433		(11	)%
Adjustments to net income:
Impact of the Tax Act	1,069			—			N/A
Realized gains/losses on investments (1)(2)	2,424			554			338	%
Change in net unrealized gains/losses on derivatives (1)	509			1			N/A
Non-GAAP operating income (3)	$	27,633		$	26,988		2	%
Pre-tax non-GAAP operating income:
Annuity segment	$	16,582		$	16,421		1	%
Life Insurance segment	10,897			13,749			(21	)%
Corporate and Other segment	1,881			4,162			(55	)%
Total pre-tax non-GAAP operating income	29,360			34,332			(14	)%
Income taxes on non-GAAP operating income	(1,727		)	(7,344		)	(76	)%
Non-GAAP operating income (3)	$	27,633		$	26,988		2	%
Earnings per common share - assuming dilution	$	0.94		$	1.05		(10	)%
Non-GAAP operating income per common share - assuming dilution (3)	1.10			1.08			2	%
Effective tax rate on non-GAAP operating income	6		%	21		%
Average invested assets, at amortized cost (4)	$	8,271,919		$	7,983,600		4	%
Annualized yield on average invested assets (4)	5.19		%	5.30		%

(1) Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred acquisition costs and value of insurance in force acquired, as well as changes in interest sensitive product reserves and income taxes attributable to these items.

(2) Beginning in 2018, amount includes changes in net unrealized gains/losses on equity securities.

(3) See Note 9 to our consolidated financial statements for further information on non-GAAP operating income.

(4) Average invested assets and annualized yield, including investments held as securities and indebtedness of related parties.

Net income and non-GAAP operating income were positively impacted in 2018, compared to 2017, by reduced tax rates related to changes under the Tax Act and increased earnings from higher other investment-related income and an increase in the volume of business in force. These increases to income were partially offset by increases in death benefits, other underwriting expenses and amortization of deferred acquisition costs. See the discussion that follows for details regarding non-GAAP operating income by segment. Net income was also impacted by net realized losses from investments and lower equity income due to the enactment of the Tax Act.

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Annuity Segment
	Three months ended March 31,
	2018		2017		Change
	(Dollars in thousands)
Non-GAAP operating revenues:
Interest sensitive product charges	$	1,202	$	1,135	6	%
Net investment income	56,233		53,916		4	%
Total non-GAAP operating revenues	57,435		55,051		4	%
Non-GAAP operating benefits and expenses:
Interest sensitive product benefits	31,286		29,878		5	%
Underwriting, acquisition and insurance expenses:
Commissions net of deferrals	504		531		(5	)%
Amortization of deferred acquisition costs	3,065		2,528		21	%
Amortization of value of insurance in force	172		170		1	%
Other underwriting expenses	5,826		5,523		5	%
Total underwriting, acquisition and insurance expenses	9,567		8,752		9	%
Total non-GAAP operating benefits and expenses	40,853		38,630		6	%
Pre-tax non-GAAP operating income (1)	$	16,582	$	16,421	1	%

Other data
Annuity premiums collected, direct (2)	$	78,810		$	81,463		(3	)%
Policy liabilities and accruals, end of period	4,462,979			4,232,025			5	%
Average invested assets, at amortized cost	4,505,251			4,323,348			4	%
Other investment-related income included in net investment income (3)	2,657			600			343	%
Average individual annuity account value	3,106,259			2,991,811			4	%
Earned spread on individual annuity products:
Weighted average yield on cash and invested assets	5.03		%	5.10		%
Weighted average crediting rate	2.46		%	2.60		%
Spread	2.57		%	2.50		%
Individual annuity withdrawal rate	5.4		%	3.7		%

(1) See Note 9 to our consolidated financial statements for further information on non-GAAP operating income.

(2) Premiums collected is a non-GAAP measure of sales production, see Note 9 to our consolidated financial statements.

(3) Includes prepayment fee income and adjustments to the amortization of premium or discounts from changes in our payment speed assumptions.

Pre-tax non-GAAP operating income for the Annuity segment increased in the first quarter of 2018, compared to the prior year period, primarily due to higher other investment-related income, partially offset by higher amortization of deferred acquisition costs and increases in interest sensitive product benefits.

The average aggregate account value for individual annuity contracts in force increased in the first quarter of 2018, compared to the prior year period, due to continued sales, advances on our funding agreements with FHLB and the crediting of interest. Continued growth in our business in force contributes to increases in revenues, benefits and expenses. Premiums collected were lower in the first quarter of 2018, compared to the prior year period, due to decreased sales of fixed rate deferred annuity products, partially offset by increased sales of indexed annuity products. Individual fixed rate deferred annuity collected premiums were $38.4 million in the first quarter of 2018, compared to $56.8 million in the first quarter of 2017. Indexed annuity collected premiums were $37.7 million in the first quarter of 2018, compared to $23.4 million in the first quarter of 2017. Outstanding funding agreements with FHLB totaled $530.3 million at March 31, 2018 and $428.8 million at March 31, 2017. During the first quarter of 2018, receipts from funding agreements totaled $140.8 million and redemptions totaled $25.6 million.

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Amortization of deferred acquisition costs changed during the first quarter of 2018, compared to the prior year period, due to changes in actual and expected profits on the underlying business.

The weighted average yield on cash and invested assets for individual annuities decreased in the first quarter of 2018, compared to the prior year period, primarily due to lower yields on new investment acquisitions from premium receipts and reinvestment of the proceeds from maturing investments, compared with the average existing portfolio yield, partially offset by higher other investment-related income. See the “Financial Condition” section for additional information regarding the yields obtained on investment acquisitions. Weighted average crediting rates on our individual annuity products decreased due to crediting rate actions taken in 2017 and 2018 in response to the declining portfolio yield and a change in the underlying product mix.

Life Insurance Segment
	Three months ended March 31,
	2018		2017		Change
	(Dollars in thousands)
Non-GAAP operating revenues:
Interest sensitive product charges and other income	$	17,980	$	16,940	6	%
Traditional life insurance premiums	49,497		48,434		2	%
Net investment income	40,250		38,769		4	%
Total non-GAAP operating revenues	107,727		104,143		3	%
Non-GAAP operating benefits and expenses:
Interest sensitive product benefits:
Interest and index credits	8,393		8,385		—	%
Death benefits and other	15,241		14,074		8	%
Total interest sensitive product benefits	23,634		22,459		5	%
Traditional life insurance benefits:
Death benefits	23,735		21,667		10	%
Surrender and other benefits	10,144		10,429		(3	)%
Increase in traditional life future policy benefits	11,578		10,859		7	%
Total traditional life insurance benefits	45,457		42,955		6	%
Distributions to participating policyholders	2,551		2,553		—	%
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	4,923		4,903		—	%
Amortization of deferred acquisition costs	4,436		3,911		13	%
Amortization of value of insurance in force	373		375		(1	)%
Other underwriting expenses	16,151		14,404		12	%
Total underwriting, acquisition and insurance expenses	25,883		23,593		10	%
Total non-GAAP operating benefits and expenses	97,525		91,560		7	%
	10,202		12,583		(19	)%
Equity income, before tax	695		1,166		(40	)%
Pre-tax non-GAAP operating income (1)	$	10,897	$	13,749	(21	)%

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Life Insurance Segment - continued
	Three months ended March 31,
	2018			2017			Change
	(Dollars in thousands)
Other data
Life premiums collected, net of reinsurance (2)	$	76,263		$	73,573		4	%
Policy liabilities and accruals, end of period	2,918,284			2,808,192			4	%
Life insurance in force, end of period	58,543,298			56,416,539			4	%
Average invested assets, at amortized cost (3)	2,979,404			2,887,287			3	%
Other investment-related income included in net investment income (4)	1,498			121			1,138	%
Average interest sensitive life account value	844,559			820,794			3	%
Interest sensitive life insurance spread:
Weighted average yield on cash and invested assets (3)	5.33		%	5.49		%
Weighted average crediting rate	3.64		%	3.85		%
Spread	1.69		%	1.64		%
Life insurance lapse and surrender rates	4.9		%	5.6		%
Death benefits, net of reinsurance and reserves released	$	26,479		$	22,981		15	%

(1) See Note 9 to our consolidated financial statements for further information on non-GAAP operating income.

(2) Premiums collected is a non-GAAP measure of sales production, see Note 9 to our consolidated financial statements.

(3) Average invested assets and weighted average yield including investments held as securities and indebtedness of related parties.

(4) Includes prepayment fee income and adjustments to the amortization of premium or discounts from changes in our payment speed assumptions.

Pre-tax non-GAAP operating income for the Life Insurance segment decreased in the first quarter of 2018, compared to the prior year period, primarily due to increases in death benefits and other underwriting expenses, partially offset by higher other investment-related income and the impact of an increase in the volume of business in force.

Continued growth in our business in force contributes to the increase in revenues, benefits and expenses. The increase in other underwriting expenses included increased expenses associated with salaries, including a one-time employee bonus in the first quarter of 2018 related to the enactment of the Tax Act, and additional expenses associated with system enhancements.

Amortization of deferred acquisition costs changed during the first quarter of 2018, compared to the prior year period, due to changes in actual and expected profits on the underlying business.

Death benefits, net of reinsurance and reserves released, increased in the first quarter of 2018, compared to the prior year period due to an increase in the number of claims reported and the average claim amount, net of reinsurance and reserves released.

We assign a portion of our investments held in securities and indebtedness of related parties to the Life Insurance segment. These investments include equity interests in limited liability partnerships and corporations, accounted for under the equity method of accounting. Equity income, before tax, consists of our proportionate share of gains and losses attributable to our relative ownership interest in these investments. See the Equity Income discussion that follows for additional information regarding these investments.

The weighted average yield on cash and invested assets for interest sensitive life insurance products decreased in the first quarter of 2018, compared to the prior year period, due to lower yields on new investment acquisitions from premium receipts and reinvestment of the proceeds from maturing investments, compared with the average existing portfolio yield, partially offset by higher other investment-related income. See the “Financial Condition” section for additional information regarding the yields obtained on investment acquisitions. Weighted average crediting rates on our interest sensitive life insurance products decreased due to crediting rate actions taken in 2017 and 2018 in response to the declining portfolio yield.

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Corporate and Other Segment
	Three months ended March 31,
	2018			2017			Change
	(Dollars in thousands)
Non-GAAP operating revenues:
Interest sensitive product charges	$	11,021		$	10,978		—	%
Net investment income	8,411			8,768			(4	)%
Other income	4,679			3,920			19	%
Total non-GAAP operating revenues	24,111			23,666			2	%
Non-GAAP operating benefits and expenses:
Interest sensitive product benefits	9,342			10,059			(7	)%
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	680			721			(6	)%
Amortization of deferred acquisition costs	2,512			637			294	%
Other underwriting expenses	1,402			1,098			28	%
Total underwriting, acquisition and insurance expenses	4,594			2,456			87	%
Interest expense	1,213			1,212			—	%
Other expenses	5,593			4,151			35	%
Total non-GAAP operating benefits and expenses	20,742			17,878			16	%
	3,369			5,788			(42	)%
Net loss (income) attributable to noncontrolling interest	23			(2		)	(1,250	)%
Equity loss, before tax	(1,511		)	(1,624		)	(7	)%
Pre-tax non-GAAP operating income (1)	$	1,881		$	4,162		(55	)%

Other data
Average invested assets, at amortized cost (2)	$	787,264		$	772,965	2	%
Other investment-related income included in net investment income (3)	137			350		(61	)%
Average interest sensitive life account value	360,586			365,641		(1	)%
Death benefits, net of reinsurance and reserves released	5,939			6,885		(14	)%
Estimated impact on pre-tax non-GAAP operating income from separate account performance on amortization of deferred acquisition costs (1)	(860		)	931		(192	)%

(1) See Note 9 to our consolidated financial statements for further information on non-GAAP operating income.

(2) Average invested assets including investments held as securities and indebtedness of related parties.

(3) Includes prepayment fee income and adjustments to the amortization of premium or discounts from changes in our payment speed assumptions.

Pre-tax non-GAAP operating income decreased for the Corporate and Other segment in the first quarter of 2018, compared to the prior year period, primarily due to increases in amortization of deferred acquisition costs from the impact of market performance on our variable business and expenses, partially offset by decreases in death benefits.

Death benefits, net of reinsurance and reserves released, decreased in the first quarter of 2018, compared to the prior year period, due to a decrease in the average size of claims.

Other income and other expenses includes fees and expenses from sales of brokered products and operating results of our non-insurance subsidiaries, which include management, advisory, marketing and distribution services and leasing activities. The increase in other expenses in the first quarter of 2018, compared to the prior year period, includes $0.6 million in expenses associated with expanding our wealth management offerings.

We assign a portion of our investments held in securities and indebtedness of related parties to the Corporate and Other segment. These investments include equity interests in limited liability partnerships and corporations, accounted for under the equity method of accounting. Equity loss, before tax, consists of our proportionate share of gains and losses attributable to our relative ownership interest in these investments. See the Equity Income discussion that follows for additional information regarding these investments.

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Equity Income
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Pre-tax equity income (loss):
LIHTC	$	(1,652	)	$	(1,805	)
Other equity method investments	836			1,347
	(816		)	(458		)
Income taxes
Taxes on equity income (loss)	171			160
Investment tax credits	3,569			3,529
Equity income, net of related taxes, included in non-GAAP operating income	2,924			3,231
LIHTC equity losses related to the enactment of the Tax Act (1)	(1,069		)	—
Equity income, net of related income taxes	$	1,855		$	3,231

(1) Amount represents LIHTC equity losses recorded by the partnerships upon enactment of the Tax Act. See Note 2 to our consolidated financial statements for additional information.

Equity income includes our proportionate share of gains and losses attributable to our ownership interest in partnerships, joint ventures and certain companies over which we exhibit some control but have a minority ownership interest. We consistently use the most recent financial information available, generally for periods not to exceed three months prior to the ending date of the period for which we are reporting, to account for equity income. Several of these entities are investment companies whose operating results are derived primarily from unrealized and realized gains and losses generated by their investment portfolios. As is normal with these types of entities, the level of these gains and losses is subject to fluctuation from period to period depending on the prevailing economic environment, changes in prices of bond and equity securities held by the investment partnerships, the timing and success of initial public offerings or exit strategies, and the timing of the sale of investments held by the partnerships and joint ventures. Our LIHTCs generally generate pre-tax losses and after-tax gains as the related tax credits are realized. The timing of the realization of tax credits is subject to fluctuation from period to period due to the timing of housing project completions and the approval of tax credits. See Note 2 to our consolidated financial statements for further information.

Income Taxes on Non-GAAP Operating Income

The effective tax rate on non-GAAP operating income was 5.9% for the first quarter of 2018, compared with 21.4% for the first quarter of 2017. The 2018 effective tax rate differs from the 2017 rate due to the decrease in the federal corporate tax rate from 35% to 21% under the Tax Act, effective for 2018. As discussed earlier, any impact related to the initial enactment of the Tax Act is excluded from non-GAAP operating income. The effective tax rates differ from the federal statutory rate of 21% in 2018 and 35% in 2017 primarily due to the impact of low-income housing tax credits from equity method investees and tax-exempt investment income.

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Impact of Adjustments to Net Income Attributable to FBL
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Impact of the Tax Act	$	(1,069	)	$	—
Realized (losses) on investments	(1,225		)	(469		)
Change in net unrealized gain/loss on equity securities	(1,817		)	—
Change in net unrealized gains/losses on derivatives	(1,208		)	(49		)
Offsets: (1)
Change in amortization	338			253
Reserve change on interest sensitive products	199			(590		)
Income tax	780			300
Net impact of adjustments to net income	$	(4,002	)	$	(555	)
Net impact per common share - basic	$	(0.16	)	$	(0.03	)
Net impact per common share - assuming dilution	$	(0.16	)	$	(0.03	)

(1) The items excluded from non-GAAP operating income impact the amortization of deferred acquisition costs, value of business acquired and unearned revenue reserve. Certain interest sensitive reserves as well as income taxes are also impacted.

Under the Tax Act, the federal statutory tax rate was changed from 35% to 21% effective January 1, 2018. Accordingly, income taxes on adjustments to net income have been recorded at 35% in 2017 and 21% in 2018 as there are no permanent differences between book and taxable income relating to these adjustments.

Realized Gains (Losses) on Investments
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Realized gains (losses) on investments:
Realized gains on sales	$	83		$	124
Realized losses on sales	(13		)	(527		)
Change in unrealized gains (losses) on equity securities	(1,817		)	—
Total other-than-temporary impairment charges	(1,295		)	(66		)
Net realized investment losses	$	(3,042	)	$	(469	)

The level of realized gains (losses) is subject to fluctuation from period to period due to movements in credit spreads and prevailing interest rates, changes in the economic environment, the timing of the sales of the investments generating the realized gains and losses, as well as the timing of other than temporary impairment charges and unrealized gains and losses on equity securities. See “Financial Condition - Investments” and Note 2 to our consolidated financial statements for details regarding our unrealized gains and losses on available-for-sale securities at March 31, 2018 and December 31, 2017.

Investment Credit Impairment Losses Recognized in Net Income
	Three months ended March 31,
	2018		2017
	(Dollars in thousands)
Corporate securities:
Financial	$	26	$	—
Energy	1,014		—
Residential mortgage-backed	—		66
Securities and indebtedness of related parties	255		—
Total other-than-temporary impairment losses reported in net income	$	1,295	$	66

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Other-than-temporary credit impairment losses for the three months ended March 31, 2018 included a previously impaired energy sector bond due to the commencement of bankruptcy proceedings. Impairment charges were also recognized on securities and indebtedness of related parties due to a decrease in the expected future tax benefits of an LIHTC entity.

Earnings Outlook

While subject to volatility from mortality experience, investment prepayment fee income and the impact of unlocking actuarial assumptions, non-GAAP operating income for the final nine months of 2018 is expected to compare favorably to the non-GAAP operating income for the final nine months of 2017, due primarily to the impact of the Tax Act on our effective tax rate. The benefit of the lower effective tax rate is expected to be partially offset by decreases in non-GAAP pre-tax operating income in the Corporate segment. The Corporate segment results in the final nine months of 2018 are expected to be negatively impacted, relative to the comparable period in 2017, by less favorable equity market performance on the closed-block variable business and lower equity income from LIHTC. The expected decrease in income from LIHTC is driven primarily by the lower effective tax benefit, due to the Tax Act, on future investment partnership losses. The impact of separate account performance during the first quarter of 2018 and 2017 on the amortization of deferred acquisition costs on the variable business is summarized in the preceding discussion of the Corporate Segment results. While subject to volatility, income from LIHTC in the final nine months of 2018 is expected to be approximately $3.0 million less than that earned over the final nine months of 2017.

Financial Condition

Investments

Our investment portfolio decreased 0.4% to $8,589.5 million at March 31, 2018 compared to $8,620.2 million at December 31, 2017. The portfolio decreased due to a decrease of $179.0 million of net unrealized appreciation of fixed maturities, partially offset by positive cash flows from operating activities during 2018. Additional details regarding securities in an unrealized gain or loss position at March 31, 2018 are included in the discussion that follows and in Note 2 to our consolidated financial statements. Details regarding investment impairments are discussed above in the “Realized Gains (Losses) on Investments” section under “Results of Operations.”

We manage the investment portfolio to optimize risk-adjusted yield within the context of prudent asset-liability management. We evaluate multiple cash flow testing scenarios as part of this process. The Company’s investment policy calls for investing primarily in high quality fixed maturity securities and commercial mortgage loans.

Fixed Maturity Acquisitions Selected Information
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Cost of acquisitions:
Corporate	$	48,683		$	36,557
Mortgage- and asset-backed	189,771			81,869
United States Government and agencies	—			248
Tax-exempt municipals	33,750			6,462
Taxable municipals	—			8,215
Total	$	272,204		$	133,351
Effective annual yield	3.89		%	4.18		%
Credit quality
NAIC 1 designation	85.6		%	69.2		%
NAIC 2 designation	14.4		%	30.8		%
Weighted-average life in years	16.0			13.0

The table above summarizes selected information for fixed maturity purchases. The effective annual yield shown is the yield calculated to the “worst-call date.” For non-callable bonds, the worst-call date is always the maturity date. For callable bonds, the worst-call date is the call or maturity date that produces the lowest yield. The weighted-average life is calculated using scheduled pay-downs and expected prepayments for amortizing securities. For non-amortizing securities, the weighted-average life is equal to the stated maturity date.

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A portion of the securities acquired during the three months ended March 31, 2018 were acquired with the proceeds from advances on our funding agreements with the FHLB. There were no securities acquired during the three months ended March 31, 2017 with proceeds from these agreements. The securities acquired to support these funding agreements often carry a lower average yield than securities acquired to support our other insurance products, due to the shorter maturity and relatively low interest rate paid on those advances. In addition, certain municipal securities acquired are exempt from federal income taxes, and accordingly have a higher actual return than reflected in the yields stated above. The average yield of the securities acquired, excluding the securities supporting the funding agreements and using a tax-adjusted yield for the municipal securities, was 3.97% during the three months ended March 31, 2018 and was 4.21% during the three months ended March 31, 2017.

Investment Portfolio Summary
	March 31, 2018				December 31, 2017
	Carrying Value		Percent		Carrying Value		Percent
	(Dollars in thousands)
Fixed maturities - available for sale:
Public	$	5,484,231	63.8	%	$	5,510,658	63.9	%
144A private placement	1,534,572		17.9		1,547,097		18.0
Private placement	228,109		2.7		234,212		2.7
Total fixed maturities - available for sale	7,246,912		84.4		7,291,967		84.6
Equity securities	103,920		1.2		104,145		1.2
Mortgage loans	968,664		11.2		971,812		11.3
Real estate	1,543		—		1,543		—
Policy loans	193,413		2.3		191,398		2.2
Short-term investments	30,075		0.4		17,007		0.5
Other investments	44,973		0.5		42,371		0.2
Total investments	$	8,589,500	100.0	%	$	8,620,243	100.0	%

As of March 31, 2018, 96.5% (based on carrying value) of the available-for-sale fixed maturities were investment grade debt securities, defined as being in the highest two National Association of Insurance Commissioners (NAIC) designations. Non-investment grade debt securities generally provide higher yields and involve greater risks than investment grade debt securities because their issuers typically are more highly leveraged and more vulnerable to adverse economic conditions than investment grade issuers. In addition, the trading market for these securities is usually more limited than for investment grade debt securities. We regularly review the percentage of our portfolio that is invested in non-investment grade debt securities (NAIC designations 3 through 6). As of March 31, 2018, no single non-investment grade holding exceeded 0.2% of total investments.

Credit Quality by NAIC Designation and Equivalent Rating
		March 31, 2018				December 31, 2017
NAIC Designation	Equivalent Rating (1)	Carrying Value		Percent		Carrying Value		Percent
		(Dollars in thousands)
1	AAA, AA, A	$	4,790,494	66.1	%	$	4,771,407	65.4	%
2	BBB	2,202,432		30.4		2,267,892		31.1
	Total investment grade	6,992,926		96.5		7,039,299		96.5
3	BB	180,425		2.5		174,660		2.4
4	B	45,812		0.6		57,970		0.8
5	CCC	16,462		0.2		13,111		0.2
6	In or near default	11,287		0.2		6,927		0.1
	Total below investment grade	253,986		3.5		252,668		3.5
	Total fixed maturities - available for sale	$	7,246,912	100.0	%	$	7,291,967	100.0	%

(1) Equivalent ratings are based on those provided by nationally recognized rating agencies with some exceptions for certain residential mortgage, commercial mortgage- and asset-backed securities that are based on the expected loss of the security rather than the probability of default. This may result in a final designation being higher or lower than the equivalent credit rating.

43

See Note 2 to our consolidated financial statements for a summary of fixed maturity securities by contractual maturity date.

Gross Unrealized Gains and Gross Unrealized Losses by Internal Industry Classification
	March 31, 2018
	Total Carrying Value		Carrying Value of Securities with Gross Unrealized Gains		Gross Unrealized Gains		Carrying Value of Securities with Gross Unrealized Losses		Gross Unrealized Losses
	(Dollars in thousands)
Corporate securities:
Basic industrial	$	340,291	$	274,934	$	19,237	$	65,357	$	(2,225	)
Capital goods	274,099		194,772		12,763		79,327		(1,251		)
Communications	138,413		107,246		8,154		31,167		(1,932		)
Consumer cyclical	123,890		102,189		6,065		21,701		(741		)
Consumer non-cyclical	499,307		351,083		21,999		148,224		(10,043		)
Energy	447,852		340,742		23,280		107,110		(7,943		)
Finance	672,394		537,703		35,664		134,691		(4,658		)
Transportation	99,160		86,587		5,069		12,573		(500		)
Utilities	777,781		724,854		83,570		52,927		(2,108		)
Other	172,494		146,136		8,453		26,358		(560		)
Total corporate securities	3,545,681		2,866,246		224,254		679,435		(31,961		)
Mortgage- and asset-backed securities	2,161,112		1,279,039		73,787		882,073		(22,622		)
United States Government and agencies	23,212		15,782		1,333		7,430		(130		)
States and political subdivisions	1,516,907		1,420,674		113,842		96,233		(2,782		)
Total	$	7,246,912	$	5,581,741	$	413,216	$	1,665,171	$	(57,495	)

	December 31, 2017
	Total Carrying Value		Carrying Value of Securities with Gross Unrealized Gains		Gross Unrealized Gains		Carrying Value of Securities with Gross Unrealized Losses		Gross Unrealized Losses
	(Dollars in thousands)
Corporate securities:
Basic industrial	$	353,351	$	336,293	$	29,849	$	17,058	$	(479	)
Capital goods	279,281		271,346		21,624		7,935		(139		)
Communications	151,763		133,263		12,364		18,500		(862		)
Consumer cyclical	128,618		117,370		9,118		11,248		(516		)
Consumer non-cyclical	521,128		461,205		41,221		59,923		(4,684		)
Energy	462,437		409,768		34,028		52,669		(5,950		)
Finance	695,604		633,513		50,908		62,091		(1,143		)
Transportation	103,049		93,921		7,978		9,128		(141		)
Utilities	814,238		796,782		108,914		17,456		(1,909		)
Other	178,802		165,971		13,295		12,831		(132		)
Total corporate securities	3,688,271		3,419,432		329,299		268,839		(15,955		)
Mortgage- and asset-backed securities	2,055,090		1,549,187		88,999		505,903		(9,727		)
United States Government and agencies	24,905		17,343		1,606		7,562		(79		)
States and political subdivisions	1,523,701		1,497,292		141,813		26,409		(1,239		)
Total	$	7,291,967	$	6,483,254	$	561,717	$	808,713	$	(27,000	)

Our largest unrealized loss is in the consumer non-cyclical sector. Within this sector two companies represent 48.4% of the unrealized loss. One company is a grocery store chain representing $2.9 million of the unrealized loss while the other company is a large pharmaceutical company representing $1.9 million of the unrealized loss.

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Credit Quality of Available-for-Sale Fixed Maturities with Unrealized Losses
		March 31, 2018
NAIC Designation	Equivalent Rating	Carrying Value of Securities with Gross Unrealized Losses		Percent of Total		Gross Unrealized Losses			Percent of Total
		(Dollars in thousands)
1	AAA, AA, A	$	1,055,625	63.4	%	$	(26,946	)	46.9	%
2	BBB	497,585		29.9		(16,676		)	29.0
	Total investment grade	1,553,210		93.3		(43,622		)	75.9
3	BB	75,479		4.5		(4,928		)	8.6
4	B	25,015		1.5		(5,688		)	9.9
5	CCC	11,457		0.7		(3,257		)	5.6
6	In or near default	10		—		—			—
	Total below investment grade	111,961		6.7		(13,873		)	24.1
	Total	$	1,665,171	100.0	%	$	(57,495	)	100.0	%

		December 31, 2017
NAIC Designation	Equivalent Rating	Carrying Value of Securities with Gross Unrealized Losses		Percent of Total		Gross Unrealized Losses			Percent of Total
		(Dollars in thousands)
1	AAA, AA, A	$	518,748	64.1	%	$	(8,638	)	32.0	%
2	BBB	199,529		24.7		(6,927		)	25.6
	Total investment grade	718,277		88.8		(15,565		)	57.6
3	BB	41,488		5.1		(819		)	3.0
4	B	37,944		4.7		(8,125		)	30.1
5	CCC	4,109		0.5		(1,314		)	4.9
6	In or near default	6,895		0.9		(1,177		)	4.4
	Total below investment grade	90,436		11.2		(11,435		)	42.4
	Total	$	808,713	100.0	%	$	(27,000	)	100.0	%

Available-For-Sale Fixed Maturities with Unrealized Losses by Length of Time
	March 31, 2018
	Amortized Cost				Gross Unrealized Losses
	Fair Value is Less than 75% of Cost		Fair Value is 75% or Greater than Cost		Fair Value is Less than 75% of Cost			Fair Value is 75% or Greater than Cost
	(Dollars in thousands)
Three months or less	$	—	$	983,814	$	—		$	(18,462	)
Greater than three months to six months	—		240,967		—			(6,690		)
Greater than six months to nine months	—		156,366		—			(6,134		)
Greater than nine months to twelve months	—		20,149		—			(1,176		)
Greater than twelve months	26,315		295,055		(7,214		)	(17,819		)
Total	$	26,315	$	1,696,351	$	(7,214	)	$	(50,281	)

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Available-For-Sale Fixed Maturities with Unrealized Losses by Length of Time
	December 31, 2017
	Amortized Cost				Gross Unrealized Losses
	Fair Value is Less than 75% of Cost		Fair Value is 75% or Greater than Cost		Fair Value is Less than 75% of Cost			Fair Value is 75% or Greater than Cost
	(Dollars in thousands)
Three months or less	$	—	$	292,187	$	—		$	(3,974	)
Greater than three months to six months	—		164,170		—			(2,331		)
Greater than six months to nine months	—		24,821		—			(579		)
Greater than nine months to twelve months	—		9,350		—			(361		)
Greater than twelve months	16,747		328,438		(4,798		)	(14,957		)
Total	$	16,747	$	818,966	$	(4,798	)	$	(22,202	)

Available-For-Sale Fixed Maturities with Unrealized Losses by Maturity Date
	March 31, 2018					December 31, 2017
	Carrying Value of Securities with Gross Unrealized Losses		Gross Unrealized Losses			Carrying Value of Securities with Gross Unrealized Losses		Gross Unrealized Losses
	(Dollars in thousands)
Due in one year or less	$	873	$	(2	)	$	872	$	(2	)
Due after one year through five years	43,965		(1,763		)	25,857		(1,052		)
Due after five years through ten years	204,523		(7,802		)	107,198		(3,657		)
Due after ten years	533,737		(25,306		)	168,883		(12,562		)
	783,098		(34,873		)	302,810		(17,273		)
Mortgage- and asset-backed	882,073		(22,622		)	505,903		(9,727		)
Total	$	1,665,171	$	(57,495	)	$	808,713	$	(27,000	)

See Note 2 to our consolidated financial statements for additional analysis of these unrealized losses.

Mortgage- and Asset-Backed Securities

Mortgage-backed and other asset-backed securities are purchased when we believe these types of investments provide superior risk-adjusted returns compared to returns of more conventional investments such as corporate bonds and mortgage loans. These securities are diversified as to collateral types, cash flow characteristics and maturity.

The repayment pattern on mortgage and other asset-backed securities is more variable than that of more traditional fixed maturity securities because the repayment terms are tied to underlying debt obligations that are subject to prepayments. The prepayment speeds (e.g., the rate of individuals refinancing their home mortgages) can vary based on a number of economic factors that cannot be predicted with certainty. These factors include the prevailing interest rate environment and general status of the economy.

At each balance sheet date, we review and update our expectation of future prepayment speeds and the book value of the mortgage and other asset-backed securities purchased at a premium or discount is reset, if needed. See Note 1 to our consolidated financial statements included in Item 8 of our Form 10-K for the year ended December 31, 2017 for more detail on accounting for the amortization of premium and accrual of discount on mortgage-backed and asset-backed securities.

Our direct exposure to the Alt-A home equity and subprime first-lien sectors is limited to investments in structured securities collateralized by senior tranches of residential mortgage loans. We also have a partnership interest in one fund at March 31, 2018 and December 31, 2017, that owns securities backed by Alt-A home equity, subprime first-lien and adjustable rate mortgage collateral. The fund is reported as securities and indebtedness of related parties in our consolidated balance sheets with a fair value of $2.7 million at March 31, 2018 and $3.0 million at December 31, 2017. We do not own any direct investments in subprime lenders.

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Mortgage- and Asset-Backed Securities by Collateral Type
	March 31, 2018						December 31, 2017
	Amortized Cost		Carrying Value		Percent of Fixed Maturities		Amortized Cost		Carrying Value		Percent of Fixed Maturities
	(Dollars in thousands)
Government agency	$	234,923	$	240,154	3.3	%	$	220,385	$	230,792	3.2	%
Prime	213,406		224,087		3.1		181,397		194,081		2.7
Alt-A	94,100		107,883		1.5		98,100		111,993		1.5
Subprime	140,252		151,349		2.1		139,826		149,469		2.0
Commercial mortgage	784,999		793,276		10.9		674,076		705,307		9.7
Non-mortgage	642,267		644,363		8.9		662,034		663,448		9.1
Total	$	2,109,947	$	2,161,112	29.8	%	$	1,975,818	$	2,055,090	28.2	%

The mortgage- and asset-backed securities can be summarized into three broad categories: residential, commercial and other asset-backed securities.

The residential mortgage-backed portfolio includes government agency pass-through and collateralized mortgage obligation (CMO) securities. With a government agency pass-through security, we receive a pro rata share of principal payments as payments are made on the underlying mortgage loans. CMOs consist of pools of mortgages divided into sections or “tranches” with varying stated maturities that provide sequential retirement of the bonds. While each tranche receives monthly interest payments, a subsequent tranche is not entitled to receive payment of principal until the entire principal of the preceding tranche is paid off. We primarily invest in sequential tranches, which allow us to manage cash flow stability and prepayment risk by the level of tranche in which we invest. In addition, to provide call protection and more stable average lives, we invest in CMOs such as planned amortization class (PAC) and targeted amortization class (TAC) securities. PAC bonds provide more predictable cash flows within a range of prepayment speeds and provide some protection against prepayment risk. TAC bonds provide protection from a rise in the prepayment rate due to falling interest rates. We generally do not purchase certain types of CMOs that we believe would subject the investment portfolio to excessive prepayment risk.

Residential Mortgage-Backed Securities by NAIC Designation and Origination Year
	March 31, 2018
	2004 & Prior				2005 to 2008				2009 & After				Total
NAIC Designation	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
	(Dollars in thousands)
1	$	84,156	$	86,579	$	77,235	$	98,351	$	355,136	$	356,918	$	516,527	$	541,848
3	—		—		2,378		2,330		—		—		2,378		2,330
4	494		503		8,562		8,853		—		—		9,056		9,356
6	10		10		—		—		—		—		10		10
Total	$	84,660	$	87,092	$	88,175	$	109,534	$	355,136	$	356,918	$	527,971	$	553,544

		December 31, 2017
		2004 & Prior				2005 to 2008				2009 & After				Total
NAIC Designation		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
		(Dollars in thousands)
1		$	88,773	$	91,424	$	79,358	$	101,123	$	303,659	$	311,883	$	471,790	$	504,430
2		—		—		876		877		—		—		876		877
3		—		—		1,697		1,634		—		—		1,697		1,634
4		584		592		8,713		8,738		—		—		9,297		9,330
6	—	11		10		—		—		—		—		11		10
Total		$	89,368	$	92,026	$	90,644	$	112,372	$	303,659	$	311,883	$	483,671	$	516,281

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The commercial mortgage-backed securities are primarily sequential securities. Commercial mortgage-backed securities typically have cash flows that are less subject to refinance risk than residential mortgage-backed securities principally due to prepayment restrictions on many of the underlying commercial mortgage loans.

Commercial Mortgage-Backed Securities by NAIC Designation and Origination Year
	March 31, 2018
	2004 & Prior				2005 to 2008				2009 & After				Total
NAIC Designation	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
	(Dollars in thousands)
1	$	8,768	$	9,358	$	112,422	$	124,511	$	627,661	$	621,694	$	748,851	$	755,563
2	—		—		36,148		37,713		—		—		36,148		37,713
Total (1)	$	8,768	$	9,358	$	148,570	$	162,224	$	627,661	$	621,694	$	784,999	$	793,276

	December 31, 2017
	2004 & Prior				2005 to 2008				2009 & After				Total
NAIC Designation	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
	(Dollars in thousands)
1	$	8,878	$	9,661	$	114,230	$	128,907	$	515,654	$	529,192	$	638,762	$	667,760
2	—		—		35,314		37,547		—		—		35,314		37,547
Total (1)	$	8,878	$	9,661	$	149,544	$	166,454	$	515,654	$	529,192	$	674,076	$	705,307

(1) The commercial mortgage-backed securities (CMBS) portfolio included government agency-backed securities with a carrying value of $608.2 million at March 31, 2018 and $515.7 million at December 31, 2017. Also included in the CMBS are military housing bonds totaling $157.0 million at March 31, 2018 and $161.1 million at December 31, 2017. These bonds are used to fund the construction of multi-family homes on United States military bases. The bonds are backed by a first mortgage lien on residential military housing projects.

The other asset-backed securities are backed by both residential and non-residential collateral. The collateral for residential asset-backed securities primarily consists of second lien fixed-rate home equity loans. The cash flows of these securities are less subject to prepayment risk than residential mortgage-backed securities as the borrowers are less likely to refinance than those with only a first lien mortgage. The collateral for non-residential asset-backed securities primarily includes securities backed by credit card receivables, auto dealer receivables, auto installment loans, aircraft leases, middle market and syndicated business loans, timeshare receivables and trade and account receivables. The majority of these securities are high quality, short-duration assets with limited cash flow variability.

Other Asset-Backed Securities by NAIC Designation and Origination Year
	March 31, 2018
	2004 & Prior				2005 to 2008				2009 & After				Total
NAIC Designation	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
	(Dollars in thousands)
1	$	10,317	$	10,073	$	150,706	$	166,109	$	493,424	$	493,338	$	654,447	$	669,520
2	1,686		1,781		2,167		2,276		103,836		104,603		107,689		108,660
3	—		—		351		349		21,858		21,662		22,209		22,011
4	186		175		—		—		—		—		186		175
5	—		—		—		—		4,375		4,375		4,375		4,375
6	—		—		8,071		9,551		—		—		8,071		9,551
Total	$	12,189	$	12,029	$	161,295	$	178,285	$	623,493	$	623,978	$	796,977	$	814,292

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Other Asset-Backed Securities by NAIC Designation and Origination Year
	December 31, 2017
	2004 & Prior				2005 to 2008				2009 & After				Total
NAIC Designation	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
	(Dollars in thousands)
1	$	10,606	$	10,367	$	151,775	$	166,223	$	512,548	$	513,792	$	674,929	$	690,382
2	1,745		1,846		2,612		2,557		97,549		98,811		101,906		103,214
3	—		—		—		—		26,586		26,444		26,586		26,444
4	189		178		—		—		—		—		189		178
5	—		—		—		—		6,400		6,400		6,400		6,400
6	—		—		8,061		6,884		—		—		8,061		6,884
Total	$	12,540	$	12,391	$	162,448	$	175,664	$	643,083	$	645,447	$	818,071	$	833,502

State and Political Subdivision Securities

State and political subdivision securities totaled $1,516.9 million, or 20.9% of total fixed maturities, at March 31, 2018, and $1,523.7 million, or 20.9% of total fixed maturities at December 31, 2017 and include investments in general obligation, revenue and municipal housing bonds. Our investment strategy is to utilize municipal bonds in addition to corporate bonds, as we believe they provide additional diversification and have historically low default rates compared with similarly rated corporate bonds. We evaluate the credit strength of the underlying issues on both a quantitative and qualitative basis, excluding insurance, prior to acquisition. The majority of the municipal bonds we hold are investment grade credits without consideration of insurance. Our municipal bonds are well diversified by type and geography with the top exposure being water and sewer revenue bonds. We do not hold any Puerto Rico-related bonds. Exposure to the state of Illinois and municipalities within the state accounted for 1.5% of our total fixed maturities at March 31, 2018. As of March 31, 2018, our Illinois-related portfolio holdings were rated investment grade, and were trading at 108.9% of amortized cost. Our municipal bond exposure had an average rating of Aa2/AA and our holdings were trading at 107.9% of amortized cost at March 31, 2018.

Equity Securities

Equity securities totaled $103.9 million at March 31, 2018 and $104.1 million at December 31, 2017. Due to the adoption of new accounting guidance during the first quarter of 2018, changes in unrealized gains and losses are now recognized in net income rather than other comprehensive income. See Note 1 to our consolidated financial statements for further information regarding the impact of the new guidance on the reporting of equity securities. At December 31, 2017, gross unrealized gains totaled $7.7 million and gross unrealized losses totaled $0.3million on these securities. The unrealized losses were attributable to non-redeemable perpetual preferred securities from issuers in the financial sector.

Mortgage Loans

Mortgage loans totaled $968.7 million at March 31, 2018 and $971.8 million at December 31, 2017. Our mortgage loans are diversified as to property type, location and loan size, and are collateralized by the related properties. The total number of commercial mortgage loans outstanding was 189 at March 31, 2018 and 190 at December 31, 2017. In the first three months of 2018, new loans ranged from $1.4 million to $5.8 million in size, with an average loan size of $3.6 million, an average loan term of 10 years and an average net yield of 4.56%. Our mortgage lending policies establish limits on the amount that can be loaned to one borrower and require diversification by geographic location and collateral type. All of our mortgage loans are amortizing principal as of March 31, 2018. At March 31, 2018, the average loan-to-value of the current outstanding principal balance using the most recent appraised value was 54.5% and the weighted average debt service coverage ratio was 1.6 based on the results of our 2016 annual study. See Note 2 to our consolidated financial statements for further discussion regarding our mortgage loans.

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Other Assets and Liabilities

Deferred acquisition costs increased 18.3% to $357.9 million at March 31, 2018, compared to December 31, 2017, primarily due to a $53.2 million decrease in the impact of the change in net unrealized appreciation on fixed maturity securities during the period. Cash and cash equivalents decreased 74.1% to $13.7 million primarily due to normal fluctuations in timing of payments made and received. Assets and liabilities held in separate accounts decreased 2.0% to $638.8 million primarily due to market performance on the underlying investment portfolios.

Future policy benefits increased 2.2% to $7,208.5 million at March 31, 2018, compared to December 31, 2017, primarily due to an increase in the volume of annuity and life business in force. Deferred income taxes decreased 20.9% to $104.4 million primarily due to the tax impact of the change in unrealized appreciation/depreciation on investments. Other liabilities decreased 18.5% to $90.5 million due to a decrease in unsettled security trades.

Stockholders’ Equity

As discussed in Note 7 to our consolidated financial statements, stockholders’ equity was impacted by capital deployment actions during the first quarter of 2018. We paid a special cash dividend of $1.50 per share on Class A and Class B common stock and increased our regular quarterly dividend by 4.5% to $0.46 per share during March 2018.

Our stockholders’ equity decreased 9.0% to $1,264.2 million at March 31, 2018, compared to $1,388.8 million at December 31, 2017, primarily due to the change in unrealized appreciation of fixed maturity securities during the period and dividends paid, partially offset by net income.

At March 31, 2018, our common stockholders’ equity was $1,261.2 million, or $50.78per share, compared to $1,385.8 million, or $55.59 per share, at December 31, 2017. Included in stockholders’ equity per common share is $7.50 at March 31, 2018 and $11.43 at December 31, 2017 attributable to accumulated other comprehensive income.

Liquidity and Capital Resources

Cash Flows

During the first quarter of 2018, our operating activities generated cash flows totaling $51.6 million, consisting of net income of $23.6 million adjusted for non-cash operating revenues and expenses netting to $28.0 million. We used cash of $172.3 million in our investing activities during the 2018 period. The primary uses were $321.8 million of investment acquisitions, mostly in fixed maturity securities, partially offset by $164.4 million in sales, maturities and repayments of investments. Our financing activities provided cash of $81.6 million during the 2018 period. The primary financing source was $261.2 million in receipts from interest sensitive products credited to policyholder account balances, which was partially offset by $125.0 million for return of policyholder account balances on interest sensitive products and $48.8 million for dividends paid to stockholders.

Sources and Uses of Capital Resources

Parent company cash inflows from operations consist primarily of fees that it charges various subsidiaries and affiliates for management of their operations, expense reimbursements and tax settlements from subsidiaries and affiliates, proceeds from the exercise of employee stock options, investment income and dividends from subsidiaries, if declared and paid. Revenue sources for the parent company during the three months ended March 31, 2018 included management fees from subsidiaries and affiliates totaling $2.0 million and dividends of $52.5 million. Cash outflows are principally for salaries, taxes and other expenses related to providing management services, dividends on outstanding stock, stock repurchases and interest on our parent company debt.

We paid regular cash dividends on our common and preferred stock during the three-month period ended March 31 totaling $11.5 million in 2018 and $11.0 million in 2017. In addition, we paid a special $1.50 per common share cash dividend in March 2018 totaling $37.3 million and a $1.50 per common share cash dividend in March 2017 totaling $37.4 million. It is anticipated that quarterly cash dividend requirements for 2018 will be $0.0075 per Series B preferred share and $0.46 per common share. The level of common stock dividends are analyzed quarterly and are dependent upon our capital and liquidity positions. In addition, alternative uses of excess capital may impact future dividend levels. Assuming these quarterly dividend rates, the

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common and preferred dividends would total approximately $34.2 million for the remainder of 2018. The parent company expects to have sufficient resources and cash flows to meet its interest and dividend payments throughout 2018. The parent company had available cash and investments totaling $48.2million at March 31, 2018. The parent company expects to rely on available cash resources, dividends from Farm Bureau Life and management fee income to make dividend payments to its stockholders and interest payments on its debt. In addition, our parent company and Farm Bureau Life have entered into a reciprocal line of credit arrangement, which provides additional liquidity for either entity up to $20.0 million. We had no material commitments for capital expenditures as of March 31, 2018.

As discussed in Note 7 to our consolidated financial statements, we have periodically taken advantage of opportunities to repurchase our outstanding Class A common stock through Class A common stock repurchase programs approved by our Board of Directors. At March 31, 2018, $50.0 million remains available for repurchase under the Class A common stock repurchase program. We repurchased 99,312 shares of Class A common stock for $6.8 million during the three months ended March 31, 2018. Completion of this program is dependent on market conditions and other factors. There is no guarantee as to the exact timing of any repurchases or the number of shares that we will repurchase. The share repurchase program may be modified or terminated at any time without prior notice.

Interest payments on our debt totaled $1.2 million for the three months ended March 31, 2018 and March 31, 2017. Interest payments on our debt outstanding at March 31, 2018 are estimated to be $3.6 million for the remainder of 2018.

Farm Bureau Life’s cash inflows primarily consist of premiums; deposits to policyholder account balances; income from investments; sales, maturities and calls of investments; and repayments of investment principal. Farm Bureau Life’s cash outflows are primarily related to withdrawals of policyholder account balances, investment purchases, payment of policy acquisition costs, policyholder benefits, income taxes, current operating expenses and dividends. Life insurance companies generally produce a positive cash flow that may be measured by the degree to which cash inflows are adequate to meet benefit obligations to policyholders and normal operating expenses as they are incurred. The remaining cash flow is generally used to increase the asset base to provide funds to meet the need for future policy benefit payments and for writing new business. Continuing operations and financing activities from Farm Bureau Life relating to interest sensitive products provided funds totaling $196.4 million for the three months ended March 31, 2018 and $83.7 million for the prior year period.

Farm Bureau Life’s ability to pay dividends to the parent company is limited by law to earned profits (statutory unassigned surplus) as of the date the dividend is paid, as determined in accordance with accounting practices prescribed by insurance regulatory authorities of the State of Iowa. At December 31, 2017, Farm Bureau Life’s statutory unassigned surplus was $482.5 million. There are certain additional limits on the amount of dividends that may be paid within a year without approval of the Insurance Division, Department of Commerce of the State of Iowa as discussed in Note 8 to our consolidated financial statements included in Item 8 of our 2017 Form 10-K. During the remainder of 2018, the maximum amount legally available for distribution to the parent company without further regulatory approval is $56.1 million.

We manage the amount of capital held by our insurance subsidiaries to ensure they meet regulatory requirements. State laws specify regulatory actions if an insurer’s risk-based capital (RBC) ratio, a measure of solvency, falls below certain levels. The NAIC has a standard formula for annually assessing RBC based on the various risk factors related to an insurance company’s capital and surplus, including insurance, business, asset and interest rate risks. The insurance regulators monitor the level of RBC against a statutory “authorized control level” RBC at which point regulators have the option to assume control of the insurance company. The company action level RBC is 200% of the authorized control level and is the first point at which any action would be triggered. Our adjusted capital and RBC is reported to our insurance regulators annually based on formulas that may be revised throughout the year. We estimate our adjusted capital and RBC quarterly; however, these estimates may differ from annual results should the regulatory calculations change. As of March 31, 2018, Farm Bureau Life’s statutory total adjusted capital is estimated at $658.6 million, resulting in a RBC ratio of 543%, based on company action level capital of $121.2 million.

On a consolidated basis, we anticipate that funds to meet our short-term and long-term capital expenditures, cash dividends to stockholders and operating cash needs will come from existing capital and internally-generated funds. However, there can be no assurance that future experience regarding benefits and surrenders will be similar to historic experience since benefits and surrender levels are influenced by such factors as the interest rate environment, our financial strength ratings, the economy and other factors that impact policyholder behavior. Farm Bureau Life is a member of the FHLB, which provides a source for additional liquidity, if needed. This membership allows us to utilize fixed or floating rate advances offered by the FHLB and secured by qualifying collateral. Our total capacity to utilize such advances is impacted by multiple factors including the market value of eligible collateral, our level of statutory admitted assets and excess reserves and our willingness or capacity to hold activity-based FHLB common stock.

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Contractual Obligations

In the normal course of business, we enter into insurance contracts, financing transactions, lease agreements or other commitments that are necessary or beneficial to our operations. These commitments may obligate us to certain cash flows during future periods. There have been no material changes to our total contractual obligations since December 31, 2017.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risks of Financial Instruments

There have been no material changes in the market risks from the information provided in “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our Form 10-K for the fiscal year ended December 31, 2017.

ITEM 4. CONTROLS AND PROCEDURES

At the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective. Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Securities and Exchange Act of 1934 (the Act) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Our internal control over financial reporting changes from time-to-time as we modify and enhance our systems and processes to meet our dynamic needs. Changes are also made as we strive to be more efficient in how we conduct our business. While changes have taken place in our internal controls during the quarter ended March 31, 2018, there have been no changes that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1A. RISK FACTORS

The performance of our company is subject to a variety of risks that you should review. Occurrence of these risks could materially affect our business, results of operations or financial condition, cause the trading price of our common stock to decline materially or cause our actual results to differ materially from those expected or those expressed in any forward looking statements made by or on behalf of the Company. Please refer to Part I, Item 1A, Risk Factors, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2017.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(c) Issuer Repurchases of Equity Securities

The following table sets forth issuer purchases of equity securities for the quarter ended March 31, 2018.

Period	(a) Total Number of Shares (or Units) Purchased	(b) Average Price Paid per Share (or Unit)		(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
January 1, 2018 through January 31, 2018	2,572	$	69.98	2,572	$49,028,863
February 1, 2018 through February 28, 2018	39,116	68.38		39,116	$46,354,030
March 1, 2018 through March 31, 2018	57,624	68.57		57,624	$50,000,000
Total	99,312	$	68.54

Activity in this table represents Class A common shares repurchased by the Company in connection with the repurchase program announced on March 3, 2016, which expired on March 31, 2018. On March 1, 2018 a new $50.0 million program was authorized commencing on March 31, 2018 and remaining open through March 31, 2022. The program authorizes us to make repurchases of Class A common stock in the open market or through privately negotiated transactions, with the timing and terms of the purchases to be determined by management based on market conditions. Completion of the program is dependent on market conditions and other factors. There is no guarantee as to the exact timing of any repurchases or the number of shares, if any, that we will repurchase. The share repurchase program may be modified or terminated at any time without prior notice.

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ITEM 6. EXHIBITS

(a) Exhibits:

10.1*+	Form of 2018 Restricted Stock Unit Agreement between the Company and its executive officers
10.2*+	Form of 2018 Restricted Stock Unit Agreement between the Company and participants (other than executive officers)
10.3*+	Form of 2018 Restricted Surplus Unit Agreement between the Company and its executive officers
10.4*+	Form of 2018 Restricted Surplus Unit Agreement between the Company and participants (other than executive officers)
31.1+	Certification Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2+	Certification Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32+	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101+#	Interactive Data Files formatted in XBRL (eXtensible Business Reporting Language) from FBL Financial Group, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018 as follows: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statement of Changes in Stockholders’ Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Financial Statements
+	Filed or furnished herewith
*	Exhibit relates to a compensatory plan for management or directors.
#	In accordance with Rule 402 of Regulation S-T, the XBRL related information in this report shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: May 3, 2018

FBL FINANCIAL GROUP, INC.
By	/s/ James P. Brannen
	James P. Brannen
	Chief Executive Officer (Principal Executive Officer)
By	/s/ Donald J. Seibel
	Donald J. Seibel
	Chief Financial Officer and Treasurer (Principal Financial Officer)
By	/s/ Anthony J. Aldridge
	Anthony J. Aldridge
	Chief Accounting Officer (Principal Accounting Officer)

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EX-10.1

2018

RESTRICTED STOCK UNIT AGREEMENT

This Restricted Stock Unit Agreement (the “Agreement”), dated as of February 1, 2018 (the “Grant Date”), by and between FBL Financial Group, Inc., an Iowa corporation (the “Company”) and Employee (the “Participant”) is entered into as follows:

WHEREAS, the Company has established the FBL Financial Group, Inc. Cash-Based Restricted Stock Unit Plan (the “Plan”);

WHEREAS, pursuant to the Plan, the Stock Subcommittee of the Management Development and Compensation Committee of the Board of Directors of the Company (the “Subcommittee”), has the authority to award restricted stock units (“Units”) to certain Participants of the Company;

WHEREAS, the Subcommittee has determined that the Participant should be awarded Units;

NOW, THEREFORE, the Company and the Participant agree as follows:

1.Grant of Units. Subject to the terms and conditions of this Agreement and the Plan, the Company hereby credits to a separate account maintained on the books of the Company (the “Participant Account”), UNITS Units. On any date, the value of each Unit shall equal the Fair Market Value of one share of the Company’s Class A Common Stock (the “Stock”), as determined in accordance with the Plan.

2.Vesting Schedule.

2.1Generally. The interest of the Participant in the Units shall vest upon the satisfaction of the performance goals (the “Performance Goals”) and the period of service (the “Service Goals”) as set forth on Exhibit 2 attached to this Agreement, and incorporated herein by this reference.

2.2 Accelerated Vesting. If Participant’s employment with the Company is terminated before the Vesting Date (as defined in Exhibit 2) by reason of death or Disability [as defined in Section 409A(a)(2)(C) of the Internal Revenue Code of 1986, as amended or restated from time to time (the “Code”)], the interest of the Participant in the Units shall vest as to a prorata portion of the Units. The prorata portion shall be measured by months elapsed from the date of this Agreement to the date of death or date of Disability, as compared to the number of months from the date of this Agreement to the Vesting Date for each 20% portion of the Units. The proration provided for under this paragraph shall only apply in the event the Performance Goals as set forth on Exhibit 2 are met.

3.Dividend and Voting Rights.

3.1 Limitations on Rights Associated with Units. The Participant shall have no rights as a shareholder of the Company, no dividend rights (except as expressly provided in Section 3.2 with respect to Dividend Equivalent Rights) and no voting rights, with respect to the Units or any Stock measuring the Units.

3.2 Dividend Equivalent Rights Distributions. As of any date that the Company pays a special or ordinary cash dividend on its Stock, the Company shall credit the Participant with a dollar amount equal to (i) the per share cash dividend paid by the Company on its Stock on such date, multiplied by (ii) the total number of Units subject to the award that are outstanding immediately prior to the record date for that dividend (a “Dividend Equivalent Right”). Any Dividend Equivalent Rights credited pursuant to the foregoing provisions of this Section 3.2 shall be subject to the same vesting, payment and other terms, conditions and restrictions as the original Units to which they relate; the amount of any vested Dividend Equivalent Rights shall be paid only in cash. No crediting of Dividend Equivalent Rights shall be made

pursuant to this Section 3.2 with respect to any Units which, immediately prior to the record date for that dividend, have either been paid pursuant to Section 5 or forfeited pursuant to Section 4 or otherwise terminated. Dividend Equivalent Rights shall only be credited to Participant in the event the Performance Goals as set forth on Exhibit 2 are met.

4.    Forfeiture. If the Participant’s employment with the Company is involuntarily terminated by the Company or voluntarily terminated by the Participant, the balance of the Units subject to this Agreement that have not vested at the time of the Participant’s termination of employment, and any associated Dividend Equivalent Rights, shall be forfeited by the Participant.

5.    Form and Timing of Payment. As soon as reasonably practical after each Vesting Date and in no case later than the end of the Participant’s tax year in which such Vesting Date occurred, the Company shall pay cash or cash equivalents to the Participant in an amount equal to the Fair Market Value of the Participant’s Units that vested on such Vesting Date, and any Dividend Equivalent Rights that vested on such Vesting Date; provided, however:

(a)to the extent required by Section 409A(2)(B)(i) of the Code, no payment shall be made for 6 months after any Vesting Date;

(b)the Company may further defer a payment to the extent allowed under Section 1.409A-2(b)(7) of the Treasury Regulations; and

(c)the Company may accelerate a payment to the extent allowed under Section 1.409A-3(j)(4) of the Treasury Regulations.

6.    Taxes. The Participant shall be liable for any and all taxes, including withholding taxes, arising out of this grant of Units, the vesting or payment thereof. The Participant acknowledges that the Company may have the obligation to withhold taxes from the amounts paid to the Participant hereunder or otherwise and agrees that the Company may do so as it, in its sole discretion, determines is necessary to comply with its tax withholding obligations.

7.    Statutory Compliance.

7.1 Section 409A. This Agreement and the Plan shall, to the extent possible, be interpreted and operated in a manner to avoid the application of Section 409A(a)(1) of the Code. Notwithstanding anything in this Agreement or the Plan to the contrary, the Subcommittee shall be authorized to take any unilateral action, including the amendment of this Agreement and the Plan, that it deems necessary or desirable to avoid the application of or noncompliance with Section 409A of the Code; provided, however, that neither the Company, the Subcommittee or any other officer, employee or agent shall have any liability to a Participant with respect to any amount paid or payable by the Participant by reason of the application or violation of Section 409A of the Code.

7.2 Section 162(m). The terms of this Agreement and the Plan shall, to the extent possible, be interpreted and operated in a manner that results in the amounts paid hereunder to be designated as “Performance Based Compensation” under Section 162(m) of the Code (including the transition relief provided pursuant to the Tax Cuts & Jobs Act of 2017) and the Treasury Regulations promulgated thereunder (“Performance Based Compensation”). Notwithstanding anything in this Agreement or the plan to the contrary, the Subcommittee shall be authorized to take any unilateral action, including the amendment of this Agreement and the Plan, that it reasonably deems necessary or desirable to cause any amount payable hereunder to qualify as Performance Based Compensation.

8. Miscellaneous.

8.1 Restrictions on Transfer. The Units granted hereunder may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated.

8.2 Unfunded, Unsecured Promise. All amounts credited to the Participant’s Account under this Agreement shall for all purposes be a part of the general assets of the Company. The Participant’s interest in his or her Participant Account shall only be that of a general, unsecured creditor of the Company.

8.3 No Stock Rights. The Participant acknowledges that the Units awarded pursuant to this Agreement: (a) are not shares of Stock; (b) do not entitle the Participant to acquire shares of Stock; and (c) do not provide the Participant with any of the rights granted to the holders of Stock, including the rights to vote or to receive dividends, but do provide for the payment of dividend equivalents.

8.4 Change in Capitalization. The Participant acknowledges that the Subcommittee may, in accordance with the Plan, make certain adjustments to the Participant’s rights hereunder in connection with a Change of Capitalization, as that term is defined in the Plan.

8.5 No Employment Rights. The Participant acknowledges and agrees that nothing contained in this Agreement or the Plan shall be construed or deemed under any circumstance to bind the Company to employ the Participant for any particular period of time.

8.6 Clawback. The Participant acknowledges receipt of a copy of the Company’s Impact of Restatement of Financial Statements Upon Awards Policy (the “Clawback Policy”) adopted by the Management Development and Compensation Committee, attached as Exhibit 1 hereto, and agrees that his/her rights hereunder are subject to the terms and conditions of the Clawback Policy, including future amendments thereto.

8.7 Further Actions. The Participant and the Company each agree to execute such further instruments and to take such action as may reasonably be necessary to carry out the intent of this Agreement.

8.8 Plan. The Company’s grant of Units pursuant to this Agreement is subject to the terms and conditions of the Plan. The Participant acknowledges receipt and review of the Plan.

8.9 Merger. This Agreement constitutes the final agreement between the Participant and the Company with respect to the subject matter hereof. No other agreements, representations or understandings, whether oral or written, and whether express or implied, which are not set forth in this Agreement or the Plan have been made or entered into by either party with respect to the subject matter herein.

8.10 Amendments. Except as otherwise provided herein or in the Plan, this Agreement may be amended only by a written agreement that identifies itself as an amendment to this Agreement and that is signed by the Participant and the Company.

8.11 Waiver. Except as otherwise provided herein or in the Plan, this Agreement may only be waived by a writing that is signed by the Participant and the Company. A waiver made in accordance with this Section is effective only in that instance and only for the specific purpose stated in such written waiver.

8.12 Choice of Law and Venue. This Agreement, and the application or interpretation hereof, shall be governed exclusively by its terms and by the laws of the State of Iowa, without regard to its choice of law provisions. This Agreement shall be enforced in any federal or state court sitting in Polk County, Iowa and each party to this Agreement hereby consents to the jurisdiction and venue of such court and waives any and all arguments that it may have relating to such matters. If any party commences any action arising directly or indirectly from this Agreement in another jurisdiction or venue, the other party to this Agreement may transfer the case to the above-described jurisdiction and venue or, if such transfer cannot be accomplished, to have such case dismissed without prejudice.

[SIGNATURES ON FOLLOWING PAGE]

IN WITNESS WHEREOF, the Company and the Participant have executed this Agreement, which shall be effective as of the Grant Date.

FBL FINANCIAL GROUP, INC.

By:

Its:

Participant:

By: Employee

EXHIBIT 1

CLAWBACK POLICY

Policy: Impact of Restatement of Financial Statements and Correction of Financial and Operational Metrics Upon Awards.

If any of the financial statements of FBL Financial Group, Inc. (the “Company”) or Farm Bureau Property & Casualty Insurance Company (“FBPCIC”) are restated because of errors, omissions or fraud, or any financial or operational metric of the Company or FBPCIC was calculated incorrectly (whether or not the Company or FBPCIC is required to restate their respective financial statements) the Committee may (in its sole discretion, but acting in good faith) direct that the Company recover all or a portion of awards of bonuses, and grants of options, restricted stock, restricted stock units and restricted surplus units (together, “awards”) with respect to any fiscal year of the Company or FBPCIC for which such restatement or correction is made. Recoveries may be made from all officers in the Section 16 reporting group regardless of fault, and from any other persons whom the Committee believes were involved in misconduct causing the required restatement or correction (together, “Participants”). Misconduct involves more than mere negligent job performance. The amount to be recovered from the Participant shall be the amount by which awards exceeded the amount that would have been payable to the Participant had the awards been determined based on the restatement or correction, or any greater or lesser amount (including, but not limited to, the entire award) that the Committee shall determine. The Committee shall determine whether the Company shall effect any such recovery (i) by seeking repayment from the Participant, (ii) by reducing (subject to applicable law and the terms and conditions of the applicable plan, program or arrangement) the amount that would otherwise be payable to the Participant under any compensatory plan, program or arrangement maintained by the Company or any of its affiliates, (iii) by withholding payment of future increases in compensation (including the payment of any discretionary bonus amount) or grants of compensatory awards that would otherwise have been made in accordance with the Company’s otherwise applicable compensation practices, or (iv) by any combination of the foregoing. Provisions reflecting this policy shall be placed in all award grant instruments delivered to Participants.

EXHIBIT 2 TO 2018 RESTRICTED STOCK UNIT AGREEMENT BETWEEN FBL FINANCIAL GROUP, INC. AND PARTICIPANT

Restricted Stock Units. Participant hereby accepts the award of Restricted Stock Units when issued and agrees with respect thereto that the award will vest only to the extent of the Units earned by meeting Performance Goals, and then only to the extent Service Goals are satisfied, as follows:

A. PERFORMANCE GOALS.

(i) Certification Date:

The “Certification Date” of the Units is the date the Subcommittee certifies the extent to which the performance goals after one year of performance have been attained, which certification shall be made no later than March 1, 2019.

(ii) Restricted Stock Unit Pre-Tax Income Per Share (RSUPIPS):

RSUPIPS means Non-GAAP Operating Income before taxes per diluted weighted-average common share for the year ended December 31, 2018. Non-GAAP operating income is as defined in the accounting policy for determination of Non-GAAP operating income currently in effect.

(iii) Performance Goals

Performance parameters of the Restricted Stock Unit award are:

RSUEPS goal:$2.95

(iv) Percentage of Number of Restricted Stock Units Available to Vest Pursuant to RSUPIPS Goals

If RSUPIPS equals or exceeds the RSUPIPS goal:100%

If RSUPIPS is less than the RSUPIPS goal: 0%

B. SERVICE GOALS

(i) Each date on which one or more of the Participant’s Unit’s vests shall be deemed a “Vesting Date”.

The Units certified as earned pursuant to the Performance Goals shall vest, subject to Section 2.2 of the Agreement, in an amount equal to 20% of the Units earned, on the close of business on February 1 of the year after the Grant Date, and on February 1 of each subsequent year for four years thereafter (“Vesting Date”), subject to Participant continuing employment with the Company through each such date (“Service Goal”). To the extent certification of attainment of the Performance Goals is not accomplished by the first Vesting Date, the vesting of the first 20% of the Units shall be delayed until after the certification date for that year only.

EX-10.2

2018

RESTRICTED STOCK UNIT AGREEMENT

This Restricted Stock Unit Agreement (the “Agreement”), dated as of February 1, 2018 (the “Grant Date”), by and between FBL Financial Group, Inc., an Iowa corporation (the “Company”) and Participant (the “Participant”) is entered into as follows:

WHEREAS, the Company has established the FBL Financial Group, Inc. Cash-Based Restricted Stock Unit Plan (the “Plan”);

WHEREAS, pursuant to the Plan, the Management Development and Compensation Committee of the Board of Directors of the Company (the “Committee”), has the authority to award restricted stock units (“Units”) to certain Participants of the Company;

WHEREAS, the Committee has determined that the Participant should be awarded Units;

NOW, THEREFORE, the Company and the Participant agree as follows:

1. Grant of Units. Subject to the terms and conditions of this Agreement and the Plan, the Company hereby credits to a separate account maintained on the books of the Company (the “Participant Account”), [Units] Units. On any date, the value of each Unit shall equal the Fair Market Value of one share of the Company’s Class A Common Stock (the “Stock”), as determined in accordance with the Plan.

2. Vesting Schedule.

2.1 Generally. Conditioned upon the continued employment of the Participant, the interest of the Participant in the Units shall vest as follows: 20% of the Units awarded hereunder shall, subject to Section 4, vest on the close of business on February 1 of the year after the Grant Date, and on February 1 of each of the subsequent four years. Each date on which one or more of the Participant’s Unit’s vests shall be deemed a “Vesting Date.”

2.2 Accelerated Vesting. If Employee’s employment with the Company is terminated before the Vesting Date by reason of death or Disability [as defined in Section 409A(a)(2)(C) of the Internal Revenue Code of 1986, as amended or restated from time to time (the “Code”)], the interests of the Participant in the Units shall vest as to a prorata portion of the Units. The prorata portion shall be measured by months elapsed from the date of this Agreement to the date of death or date of Disability, as compared to the number of months from the date of this Agreement to the Vesting Date for each 20% portion of the Units.

3.Dividend and Voting Rights.

(a)Limitations on Rights Associated with Units. The Participant shall have no rights as a shareholder of the Company, no dividend rights (except as expressly provided in Section 3(b) with respect to Dividend Equivalent Rights) and no voting rights, with respect to the Units or any Stock measuring the Units.

(b)Dividend Equivalent Rights Distributions. As of any date that the Company pays a special or ordinary cash dividend on its Stock, the Company shall credit the Participant with a dollar amount equal to (i) the per share cash dividend paid by the Company on its Stock on such date, multiplied by (ii) the total number of Units subject to the Award that are outstanding immediately prior to the record date for that dividend (a “Dividend Equivalent Right”). Any Dividend Equivalent Rights credited pursuant to the foregoing provisions of this Section 3(b) shall be subject to the same vesting, payment and other terms, conditions and restrictions as the original Units to which they relate; the amount of any vested Dividend Equivalent Rights shall be paid only in cash. No crediting of Dividend Equivalent Rights shall be made pursuant to this Section 3(b) with respect to any Units which, immediately prior to the record date for that dividend, have either been paid pursuant to Section 5 or forfeited pursuant to Section 4 or otherwise terminated.

4.Forfeiture. If the Participant’s employment with the Company is involuntarily terminated by the Company or voluntarily terminated by the Participant, the balance of the Units subject to this Agreement that have not vested at the time of the Participant’s termination of employment, and any associated Dividend Equivalent Rights, shall be forfeited by the Participant.5. Form and Timing of Payment. As soon as reasonably practical after each Vesting Date and in no case later than the end of the Participant’s tax year in which such Vesting Date occurred, the Company shall pay cash or cash equivalents to the Participant in an amount equal to the Fair Market Value of the Participant’s Units that vested on such Vesting Date, and any Dividend Equivalent Rights that vested on such Vesting Date; provided, however:

(a)the Company may further defer a payment to the extent allowed under Section 1.409A-2(b)(7) of the Treasury Regulations; and the Company may accelerate a payment to the extent allowed under Section 1.409A-3(j)(4) of the Treasury Regulations.

6.Taxes. The Participant shall be liable for any and all taxes, including withholding taxes, arising out of this grant of Units, the vesting or payment thereof. The Participant acknowledges that the Company may have the obligation to withhold taxes from the amounts paid to the Participant hereunder or otherwise and agrees that the Company may do so as it, in its sole discretion, determines is necessary to comply with its tax withholding obligations.

7.Statutory Compliance. This Agreement and the Plan shall, to the extent possible, be interpreted and operated in a manner to avoid the application of Section 409A(a)(1) of the Code. Notwithstanding anything in this Agreement or the Plan to the contrary, the Committee shall be authorized to take any unilateral action, including the amendment of this Agreement and the Plan, that it deems necessary or desirable to avoid the application of or noncompliance with Section 409A of the Code; provided, however, that neither the Company, the Committee or any other officer, employee or agent shall have any liability to a Participant with respect to any amount paid or payable by the Participant by reason of the application or violation of Section 409A of the Code.

8.Miscellaneous.

8.1Restrictions on Transfer. The Units granted hereunder may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated.

8.2Unfunded, Unsecured Promise. All amounts credited to the Participant’s Account under this Agreement shall for all purposes be a part of the general assets of the Company. The Participant’s interest in his or her Participant Account shall only be that of a general, unsecured creditor of the Company.

8.3No Stock Rights. The Participant acknowledges that the Units awarded pursuant to this Agreement: (a) are not shares of Stock, (b) do not entitle the Participant to acquire shares of Stock; and (c) do not provide the Participant with any of the rights granted to the holders of Stock, including the rights to vote or to receive dividends, but do provide for payment of dividend equivalents.

8.4Change in Capitalization. The Participant acknowledges that the Committee may in accordance with the Plan, make certain adjustments to the Participant’s rights hereunder in connection with a Change of Capitalization, as that term is defined in the Plan.

8.5No Employment Rights. The Participant acknowledges and agrees that nothing contained in this Agreement or the Plan shall be construed or deemed under any circumstance to bind the Company to employ the Participant for any particular period of time.

8.6Clawback. The Participant acknowledges receipt of a copy of the Company’s Impact of Restatement of Financial Statements Upon Awards Policy (the “Clawback Policy”) adopted by the Committee and agrees that his/her rights hereunder are subject to the terms and conditions of the Clawback Policy, including future amendments thereto.

8.7Further Actions. The Participant and the Company each agree to execute such further instruments and to take such action as may reasonably be necessary to carry out intent of this Agreement.

8.8Plan. The Company’s grant of Units pursuant to this Agreement is subject to the terms and conditions of the Plan. The Participant acknowledges receipt and review of the Plan.

8.9Merger. This Agreement constitutes the final agreement between the Participant and the Company with respect to the subject matter hereof. No other agreements, representations or understandings, whether oral or written, and whether express or implied, which are not set forth in this Agreement or the Plan have been made or entered into by either party with respect to the subject matter herein.

8.10Amendments. Except as otherwise provided herein or in the Plan, this Agreement may be amended only by a written agreement that identifies itself as an amendment to this Agreement and that is signed by the Participant and the Company.

8.11Waiver. Except as otherwise provided herein or in the Plan, this Agreement may only be waived by a writing that is signed by the Participant and the Company. A waiver made in accordance with this Section is effective only in that instance and only for the specific purpose stated in such written waiver.

8.12Choice of Law and Venue. This Agreement, and the application or interpretation hereof, shall be governed exclusively by its terms and by the laws of the State of Iowa, without regard to its choice of law provisions. This Agreement shall be enforced in any federal or state court sitting in Polk County, Iowa and each party to this Agreement hereby consents to the jurisdiction and venue of such court and waives any and all arguments that it may have relating to such matters. If any party commences any action arising directly or indirectly from this Agreement in another jurisdiction or venue, the other party to this Agreement may transfer the case to the above-described jurisdiction and venue or, if such transfer cannot be accomplished, to have such case dismissed without prejudice.

IN WITNESS WHEREOF, the Company and the Participant have executed this Agreement, which shall be effective as of the Grant Date.

FBL FINANCIAL GROUP, INC.

By:

Its:

Participant:

By: Participant

EX-10.3

2018

RESTRICTED SURPLUS UNIT AGREEMENT

This Restricted SURPLUS Unit Agreement (the “Agreement”), dated as of February 1, 2018 (the “Grant Date”), by and between FBL Financial Group, Inc., an Iowa corporation (the “Company”) and Employee (the “Participant”) is entered into as follows:

WHEREAS, the Company has established the FBL Financial Group, Inc. Cash-Based Restricted Surplus Unit Plan (the “Plan”);

WHEREAS, pursuant to the Plan, the Stock Subcommittee of the Management Development and Compensation Committee of the Board of Directors of the Company (the “Subcommittee”), has the authority to award restricted surplus units (“Units”) to certain Participants of the Company;

WHEREAS, the Subcommittee has determined that the Participant should be awarded Units;

NOW, THEREFORE, the Company and the Participant agree as follows:

1. Grant of Units. Subject to the terms and conditions of this Agreement and the Plan, the Company hereby credits to a separate account maintained on the books of the Company (the “Participant Account”), UNITS Units. On any Vesting Date (as hereinafter defined), the value of each vested Unit shall be calculated as follows (the “Value”):

Value = Notional Value (1 + y/100)^z 

Where:

“Notional Value” = $100;

“y” = average annual percentage change in surplus of Farm Bureau Property & Casualty Insurance Company as of December 31 for the three calendar years preceding the first Vesting Date following the Grant Date; and

“z” = the whole number between one and five, inclusive, that equals the number of Vesting Dates that have occurred since the Grant Date, including the Vesting Date on which the Value is being calculated.

The calculation in the annual change of surplus for Farm Bureau Property & Casualty Insurance Company (“FBP&C”) shall, to the extent practical, disregard changes to the statutory accounting standards applicable to FBP&C since the Grant Date for any years the value of the Grant(s) is materially affected by such changes. The Subcommittee shall retain sole discretion in determining whether statutory accounting changes shall be disregarded for any Grant on a Vesting Date, unless such Grant contains performance requirements pursuant to IRS Code §162(m), in which case the statutory accounting changes shall be disregarded.

2. Vesting Schedule.

2.1 Generally. The interest of the Participant in the Units shall vest upon the satisfaction of the performance goals (the “Performance Goals”) and the period of service (the “Service Goals”) as set forth on Exhibit 2 attached to this Agreement, and incorporated herein by this reference.

2.2 Accelerated Vesting. If Participant’s employment with the Company is terminated before the Vesting Date (as defined in Exhibit 2) by reason of death or Disability [as defined in Section 409A(a)(2)(C) of the Internal Revenue Code of 1986, as amended or restated from time to time (the “Code”)], the interest of the Participant in the Units shall vest as to a prorata portion of the Units. The prorata portion shall be measured by months elapsed from the date of this Agreement to the date of death or date of Disability, as compared to the number of months from the date of this Agreement to the Vesting Date for each 20% portion of the Units. The proration provided for under this paragraph shall only apply in the event the Performance Goals as set forth on Exhibit 2 are met.

3.Forfeiture. If the Participant’s employment with the Company is involuntarily terminated by the Company or voluntarily terminated by the Participant, the balance of the Units subject to this Agreement that have not vested at the time of the Participant’s termination of employment shall be forfeited by the Participant.

4. Form and Timing of Payment. As soon as reasonably practical after each Vesting Date and in no case later than the end of the Participant’s tax year in which such Vesting Date occurred, the Company shall pay cash or cash equivalents to the Participant in an amount equal to the Value of the Participant’s Units that vested on such Vesting Date; provided, however:

(a)to the extent required by Section 409A(2)(B)(i) of the Code, no payment shall be made for 6 months after any Vesting Date;

(b)the Company may further defer a payment to the extent allowed under Section 1.409A-2(b)(7) of the Treasury Regulations; and

(c)the Company may accelerate a payment to the extent allowed under Section 1.409A-3(j)(4) of the Treasury Regulations.

5.Taxes. The Participant shall be liable for any and all taxes, including withholding taxes, arising out of this grant of Units, the vesting or payment thereof. The Participant acknowledges that the Company may have the obligation to withhold taxes from the amounts paid to the Participant hereunder or otherwise and agrees that the Company may do so as it, in its sole discretion, determines is necessary to comply with its tax withholding obligations.

6.Statutory Compliance.

6.1Section 409A. This Agreement and the Plan shall, to the extent possible, be interpreted and operated in a manner to avoid the application of Section 409A(a)(1) of the Code. Notwithstanding anything in this Agreement or the Plan to the contrary, the Subcommittee shall be authorized to take any unilateral action, including the amendment of this Agreement and the Plan, that it deems necessary or desirable to avoid the application of or noncompliance with Section 409A of the Code; provided, however, that neither the Company, the Subcommittee or any other officer, employee or agent shall have any liability to a Participant with respect to any amount paid or payable by the Participant by reason of the application or violation of Section 409A of the Code.

6.2Section 162(m). The terms of this Agreement and the Plan shall, to the extent possible, be interpreted and operated in a manner that results in the amounts paid hereunder to be designated as

“Performance Based Compensation” under Section 162(m) of the Code (including the transition relief provided pursuant to the Tax Cuts & Jobs Act of 2017) and the Treasury Regulations promulgated thereunder (“Performance Based Compensation”). Notwithstanding anything in this Agreement or the plan to the contrary, the Subcommittee shall be authorized to take any unilateral action, including the amendment of this Agreement and the Plan, that it reasonably deems necessary or desirable to cause any amount payable hereunder to qualify as Performance Based Compensation.

7.Miscellaneous.

7.1Restrictions on Transfer. The Units granted hereunder may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated.

7.2Unfunded, Unsecured Promise. All amounts credited to the Participant’s Account under this Agreement shall for all purposes be a part of the general assets of the Company. The Participant’s interest in his or her Participant Account shall only be that of a general, unsecured creditor of the Company.

7.3Change in Capitalization. The Participant acknowledges that the Subcommittee may in accordance with the Plan, make certain adjustments to the Participant’s rights hereunder in connection with a Change of Capitalization, as that term is defined in the Plan.

7.4No Employment Rights. The Participant acknowledges and agrees that nothing contained in this Agreement or the Plan shall be construed or deemed under any circumstance to bind the Company to employ the Participant for any particular period of time.

7.5Clawback. The Participant acknowledges receipt of a copy of the Company’s Impact of Restatement of Financial Statements Upon Awards Policy (the “Clawback Policy”) adopted by the Management Development and Compensation Committee, attached as Exhibit 1 hereto, and agrees that his/her rights hereunder are subject to the terms and conditions of the Clawback Policy, including future amendments thereto.

7.6Further Actions. The Participant and the Company each agree to execute such further instruments and to take such action as may reasonably be necessary to carry out the intent of this Agreement.

7.7Plan. The Company’s grant of Units pursuant to this Agreement is subject to the terms and conditions of the Plan. The Participant acknowledges receipt and review of the Plan.

7.8Merger. This Agreement constitutes the final agreement between the Participant and the Company with respect to the subject matter hereof. No other agreements, representations or understandings, whether oral or written, and whether express or implied, which are not set forth in this Agreement or the Plan have been made or entered into by either party with respect to the subject matter herein.

7.9Amendments. Except as otherwise provided herein or in the Plan, this Agreement may be amended only by a written agreement that identifies itself as an amendment to this Agreement and that is signed by the Participant and the Company.

7.10Waiver. Except as otherwise provided herein or in the Plan, this Agreement may only be waived by a writing that is signed by the Participant and the Company. A waiver made in accordance with this Section is effective only in that instance and only for the specific purpose stated in such written waiver.

7.11Choice of Law and Venue. This Agreement, and the application or interpretation hereof, shall be governed exclusively by its terms and by the laws of the State of Iowa, without regard to its choice of law provisions. This Agreement shall be enforced in any federal or state court sitting in Polk County, Iowa and each party to this Agreement hereby consents to the jurisdiction and venue of such court and waives any and all arguments that it may have relating to such matters. If any party commences any action arising directly or indirectly from this Agreement in another jurisdiction or venue, the other party to this Agreement may transfer the case to the above-described jurisdiction and venue or, if such transfer cannot be accomplished, to have such case dismissed without prejudice.

[SIGNATURES ON FOLLOWING PAGE]

IN WITNESS WHEREOF, the Company and the Participant have executed this Agreement, which shall be effective as of the Grant Date.

FBL FINANCIAL GROUP, INC.

By:

Its:

Participant:

By: Employee

EXHIBIT 1

CLAWBACK POLICY

Policy: Impact of Restatement of Financial Statements and Correction of Financial and Operational Metrics Upon Awards.

If any of the financial statements of FBL Financial Group, Inc. (the “Company”) or Farm Bureau Property & Casualty Insurance Company (“FBPCIC”) are restated because of errors, omissions or fraud, or any financial or operational metric of the Company or FBPCIC was calculated incorrectly (whether or not the Company or FBPCIC is required to restate their respective financial statements) the Committee may (in its sole discretion, but acting in good faith) direct that the Company recover all or a portion of awards of bonuses, and grants of options, restricted stock, restricted stock units and restricted surplus units (together, “awards”) with respect to any fiscal year of the Company or FBPCIC for which such restatement or correction is made. Recoveries may be made from all officers in the Section 16 reporting group regardless of fault, and from any other persons whom the Committee believes were involved in misconduct causing the required restatement or correction (together, “Participants”). Misconduct involves more than mere negligent job performance. The amount to be recovered from the Participant shall be the amount by which awards exceeded the amount that would have been payable to the Participant had the awards been determined based on the restatement or correction, or any greater or lesser amount (including, but not limited to, the entire award) that the Committee shall determine. The Committee shall determine whether the Company shall effect any such recovery (i) by seeking repayment from the Participant, (ii) by reducing (subject to applicable law and the terms and conditions of the applicable plan, program or arrangement) the amount that would otherwise be payable to the Participant under any compensatory plan, program or arrangement maintained by the Company or any of its affiliates, (iii) by withholding payment of future increases in compensation (including the payment of any discretionary bonus amount) or grants of compensatory awards that would otherwise have been made in accordance with the Company’s otherwise applicable compensation practices, or (iv) by any combination of the foregoing. Provisions reflecting this policy shall be placed in all award grant instruments delivered to Participants.

EXHIBIT 2 TO 2018 RESTRICTED SURPLUS UNIT AGREEMENT BETWEEN FBL FINANCIAL GROUP, INC. AND PARTICIPANT

Restricted Surplus Units. Participant hereby accepts the award of Restricted Surplus Units when issued and agrees with respect thereto that the award will vest only to the extent of the Units earned by meeting Performance Goals, and then only to the extent Service Goals are satisfied, as follows:

A.PERFORMANCE GOALS.

(i)Certification Date:

The “Certification Date” of the Units is the date the Subcommittee certifies the extent to which the performance goals after one year of performance have been attained, which certification shall be made no later than March 1, 2019.

(ii)Restricted Surplus Unit Direct Written Premium (RSUDWP):

RSUDWP means the Farm Bureau Property Casualty pool direct written premium (non-crop) for the year ended December 31, 2018.

(iii)Performance Goals:

Performance parameters of the Restricted Surplus Unit award are:

RSUDWP goal:$ 1,065,660,000

(iv)Percentage of Number of Restricted Surplus Units Available to Vest Pursuant to RSUDWP Goals:

If RSUDWP equals or exceeds the RSUDWP goal:100%

If RSUDWP is less than the RSUDWP goal: 0%

B.SERVICE GOALS

(i)Each date on which one or more of the Participant’s Units vests shall be deemed a “Vesting Date”.

(ii) The Units certified as earned pursuant to the Performance Goals shall vest, subject to Section 2.2 of the Agreement, in an amount equal to 20% of the Units earned, on the close of business on February 1 of the year after the Grant Date, and on February 1 of each subsequent year for four years thereafter (“Vesting Date”), subject to Participant continuing employment with the Company through each such date (“Service Goal”). To the extent certification of attainment of the Performance Goals is not accomplished by the first Vesting Date, the vesting of the first 20% of the Units shall be delayed until after the certification date for that year only.

EX-10.4

2018

RESTRICTED SURPLUS UNIT AGREEMENT

This Restricted SURPLUS Unit Agreement (the “Agreement”), dated as of February 1, 2018 (the “Grant Date”), by and between FBL Financial Group, Inc., an Iowa corporation (the “Company”) and _________ (the “Participant”) is entered into as follows:

WHEREAS, the Company has established the FBL Financial Group, Inc. Cash-Based Restricted Surplus Unit Plan (the “Plan”) as a property casualty company component to the Company’s long-term incentive compensation structure;

WHEREAS, pursuant to the Plan, the Management Development and Compensation Committee of the Board of Directors of the Company (the “Committee”), has the authority to award restricted surplus units (“Units”) to certain Participants of the Company;

WHEREAS, the Committee has determined that the Participant should be awarded Units;

NOW, THEREFORE, the Company and the Participant agree as follows:

1.    Grant of Units. Subject to the terms and conditions of this Agreement and the Plan, the Company hereby credits to a separate account maintained on the books of the Company (the “Participant Account”), ___ Units. On any Vesting Date (as hereinafter defined), the value of each vested Unit shall be calculated as follows (the “Value”):

Value = Notional Value (1 + y/100)^z 

Where:

“Notional Value” = $100;

“y” = average annual percentage change in surplus of Farm Bureau Property & Casualty Insurance Company as of December 31 for the three calendar years preceding the first Vesting Date following the Grant Date; and

“z” = the whole number between one and five, inclusive, that equals the number of Vesting Dates that have occurred since the Grant Date, including the Vesting Date on which the Value is being calculated.

The calculation in the annual change of surplus for Farm Bureau Property & Casualty Insurance Company (“FBP&C”) shall, to the extent practical, disregard material changes to the statutory accounting standards applicable to FBP&C since the Grant Date for any years the value of the Grant(s) is materially affected by such changes. The Committee shall retain sole discretion in determining whether statutory accounting changes shall be disregarded for any Grant on a Vesting Date, unless such Grant contains performance requirements pursuant to IRS Code §162(m), in which case the material statutory accounting changes shall be disregarded.

2. Vesting Schedule.

2.1 Generally. Conditioned upon the continued employment of the Participant, the interest of the Participant in the Units shall vest as follows: 20% of the Units awarded hereunder shall, subject to Section 3, vest on the close of business on February 1 of the year after the Grant Date, and on February 1 of each of the subsequent four years. Each date on which one or more of the Participant’s Unit’s vests shall be deemed a “Vesting Date.”

2.2 Accelerated Vesting. If Employee’s employment with the Company is terminated before the Vesting Date by reason of death or Disability [as defined in Section 409A(a)(2)(C) of the Internal Revenue Code of 1986, as amended or restated from time to time (the “Code”)], the interests of the Participant in the Units shall vest as to a prorata portion of the Units. The prorata portion shall be measured by months elapsed from the date of this Agreement to the date of death or date of Disability, as compared to the number of months from the date of this Agreement to the Vesting Date for each 20% portion of the Units.

3.Forfeiture. If the Participant’s employment with the Company is involuntarily terminated by the Company or voluntarily terminated by the Participant, the balance of the Units subject to this Agreement that have not vested at the time of the Participant’s termination of employment shall be forfeited by the Participant.

4. Form and Timing of Payment. As soon as reasonably practical after each Vesting Date and in no case later than the end of the Participant’s tax year in which such Vesting Date occurred, the Company shall pay cash or cash equivalents to the Participant in an amount equal to the Value of the Participant’s Units that vested on such Vesting Date; provided, however the Company may further defer a payment to the extent allowed under Section 1.409A-2(b)(7) of the Treasury Regulations; and the Company may accelerate a payment to the extent allowed under Section 1.409A-3(j)(4) of the Treasury Regulations.

5.Taxes. The Participant shall be liable for any and all taxes, including withholding taxes, arising out of this grant of Units, the vesting or payment thereof. The Participant acknowledges that the Company may have the obligation to withhold taxes from the amounts paid to the Participant hereunder or otherwise and agrees that the Company may do so as it, in its sole discretion, determines is necessary to comply with its tax withholding obligations.

6.Statutory Compliance. This Agreement and the Plan shall, to the extent possible, be interpreted and operated in a manner to avoid the application of Section 409A(a)(1) of the Code. Notwithstanding anything in this Agreement or the Plan to the contrary, the Committee shall be authorized to take any unilateral action, including the amendment of this Agreement and the Plan, that it deems necessary or desirable to avoid the application of or noncompliance with Section 409A of the Code; provided, however, that neither the Company, the Committee or any other officer, employee or agent shall have any liability to a Participant with respect to any amount paid or payable by the Participant by reason of the application or violation of Section 409A of the Code.

7.Miscellaneous.

7.1Restrictions on Transfer. The Units granted hereunder may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated.

7.2Unfunded, Unsecured Promise. All amounts credited to the Participant’s Account under this Agreement shall for all purposes be a part of the general assets of the Company. The Participant’s interest in his or her Participant Account shall only be that of a general, unsecured creditor of the Company.

7.3Change in Capitalization. The Participant acknowledges that the Committee may in accordance with the Plan, make certain adjustments to the Participant’s rights hereunder in connection with a Change of Capitalization, as that term is defined in the Plan.

7.4No Employment Rights. The Participant acknowledges and agrees that nothing contained in this Agreement or the Plan shall be construed or deemed under any circumstance to bind the Company to employ the Participant for any particular period of time.

7.5Clawback. The Participant acknowledges receipt of a copy of the Company’s Impact of Restatement of Financial Statements Upon Awards Policy (the “Clawback Policy”) adopted by the Committee and agrees that his/her rights hereunder are subject to the terms and conditions of the Clawback Policy, including future amendments thereto.

7.6Further Actions. The Participant and the Company each agree to execute such further instruments and to take such action as may reasonably be necessary to carry out intent of this Agreement.

7.7Plan. The Company’s grant of Units pursuant to this Agreement is subject to the terms and conditions of the Plan. The Participant acknowledges receipt and review of the Plan.

7.8Merger. This Agreement constitutes the final agreement between the Participant and the Company with respect to the subject matter hereof. No other agreements, representations or understandings, whether oral or written, and whether express or implied, which are not set forth in this Agreement or the Plan have been made or entered into by either party with respect to the subject matter herein.

7.9Amendments. Except as otherwise provided herein or in the Plan, this Agreement may be amended only by a written agreement that identifies itself as an amendment to this Agreement and that is signed by the Participant and the Company.

7.10Waiver. Except as otherwise provided herein or in the Plan, this Agreement may only be waived by a writing that is signed by the Participant and the Company. A waiver made in accordance with this Section is effective only in that instance and only for the specific purpose stated in such written waiver.

7.11Choice of Law and Venue. This Agreement, and the application or interpretation hereof, shall be governed exclusively by its terms and by the laws of the State of Iowa, without regard to its choice of law provisions. This Agreement shall be enforced in any federal or state court sitting in Polk County, Iowa and each party to this Agreement hereby consents to the jurisdiction and venue of such court and waives any and all arguments that it may have relating to such matters. If any party commences any action arising directly or indirectly from this Agreement in another jurisdiction or venue, the other party to this Agreement may transfer the case to the above-described jurisdiction and venue or, if such transfer cannot be accomplished, to have such case dismissed without prejudice.

IN WITNESS WHEREOF, the Company and the Participant have executed this Agreement, which shall be effective as of the Grant Date.

FBL FINANCIAL GROUP, INC.

By:

Its:

Participant:

By:

EX-31.1

Exhibit 31.1

CERTIFICATION

I, James P. Brannen, certify that:
1.	I have reviewed this report on Form 10-Q of FBL Financial Group, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2018

By	/s/ James P. Brannen
	James P. Brannen
	Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Donald J. Seibel, certify that:
1.	I have reviewed this report on Form 10-Q of FBL Financial Group, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2018

By	/s/ Donald J. Seibel
	Donald J. Seibel
	Chief Financial Officer and Treasurer (Principal Financial Officer)

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of FBL Financial Group, Inc. (the "Company") on Form 10-Q for the period ended March 31, 2018 as filed with the Securities and Exchange Commission on or about the date hereof (the "Report"), I, James P. Brannen, Chief Executive Officer of the Company, and I, Donald J. Seibel, Chief Financial Officer and Treasurer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1	)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and
(2	)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 3, 2018

By	/s/ James P. Brannen
	James P. Brannen
	Chief Executive Officer (Principal Executive Officer)
By	/s/ Donald J. Seibel
	Donald J. Seibel
	Chief Financial Officer and Treasurer (Principal Financial Officer)

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature appears in typed form within the electronic version of this written statement required by Section 906, has been provided to FBL Financial Group, Inc., and will be retained by FBL Financial Group, Inc., and furnished to the Securities and Exchange Commission or its staff upon request.

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Document and entity information Document - USD ($)	3 Months Ended
	Mar. 31, 2018	May 01, 2018
Document Information [Line Items]
Entity Registrant Name	FBL FINANCIAL GROUP INC
Entity Central Index Key	0001012771
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float	$ 609,145,446
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		24,797,899
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,413

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Consolidated Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investments:
Fixed maturities - available for sale, at fair value (amortized cost: 2018 - $6,891,191; 2017 - $6,757,250)	$ 7,246,912	$ 7,291,967
Equity securities at fair value (cost: 2018 - $98,307; 2017 - $96,715)	103,920	104,145
Mortgage loans	968,664	971,812
Real estate	1,543	1,543
Policy loans	193,413	191,398
Short-term investments	30,075	17,007
Other investments	44,973	42,371
Total investments	8,589,500	8,620,243
Cash and cash equivalents	13,653	52,696
Securities and indebtedness of related parties	130,451	130,240
Accrued investment income	82,403	76,468
Amounts receivable from affiliates	5,117	3,561
Reinsurance recoverable	105,551	108,948
Deferred acquisition costs	357,861	302,611
Value of insurance in force acquired	7,169	4,560
Current income taxes recoverable	44	3,269
Other assets	108,293	112,054
Assets held in separate accounts	638,751	651,963
Total assets	10,038,793	10,066,613
Future policy benefits:
Interest sensitive products	5,446,094	5,299,961
Traditional life insurance and accident and health products	1,762,416	1,750,504
Other policy claims and benefits	47,250	44,475
Supplementary contracts without life contingencies	317,541	322,630
Advance premiums and other deposits	269,378	267,023
Amounts payable to affiliates	1,272	1,164
Long-term debt payable to non-affiliates	97,000	97,000
Deferred income taxes	104,372	131,912
Other liabilities	90,532	111,131
Liabilities related to separate accounts	638,751	651,963
Total liabilities	8,774,606	8,677,763
FBL Financial Group, Inc. stockholders' equity:
Preferred stock, without par value, at liquidation value - authorized 10,000,000 shares, issued and outstanding 5,000,000 Series B shares	3,000	3,000
Accumulated other comprehensive income	186,222	284,983
Retained earnings	921,663	947,148
Total FBL Financial Group, Inc. stockholders’ equity	1,264,152	1,388,792
Noncontrolling interest	35	58
Total stockholders’ equity	1,264,187	1,388,850
Total liabilities and stockholders’ equity	10,038,793	10,066,613
Class A common stock, without par value - authorized 88,500,000 shares, issued and outstanding 24,826,563 shares in 2018 and 24,919,113 shares in 2017
FBL Financial Group, Inc. stockholders' equity:
Common stock, without par value	153,195	153,589
Class B common stock, without par value - authorized 1,500,000 shares, issued and outstanding 11,413 shares in 2018 and 2017
FBL Financial Group, Inc. stockholders' equity:
Common stock, without par value	$ 72	$ 72

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Consolidated Balance Sheet Parenthetical disclosure - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis	$ 6,891,191	$ 6,757,250
Available-for-sale Equity Securities, Amortized Cost Basis	$ 96,715	$ 96,715
Common Stock, Shares, Outstanding	24,837,976	24,930,526
Preferred Stock
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	5,000,000	5,000,000
Preferred Stock, Shares Outstanding	5,000,000	5,000,000
Common Class A
Common Stock, Shares Authorized	88,500,000	88,500,000
Common Stock, Shares, Issued	24,826,563	24,919,113
Common Stock, Shares, Outstanding	24,826,563	24,919,113
Common Class B
Common Stock, Shares Authorized	1,500,000	1,500,000
Common Stock, Shares, Issued	11,413	11,413
Common Stock, Shares, Outstanding	11,413	11,413

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Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Interest sensitive product charges	$ 30,098	$ 29,201
Traditional life insurance premiums	49,497	48,434
Net investment income	101,022	100,994
Net realized capital losses	(1,747)	(403)
Net other-than-temporary impairment losses recognized in earnings	(1,295)	(66)
Other income	4,600	3,760
Total revenues	182,175	181,920
Benefits and expenses:
Interest sensitive product benefits	61,345	62,760
Traditional life insurance benefits	45,456	42,954
Policyholder dividends	2,551	2,553
Underwriting, acquisition and insurance expenses	39,577	34,353
Interest expense	1,213	1,212
Other expenses	5,593	4,151
Total benefits and expenses	155,735	147,983
Income before equity method investments, income taxes and noncontrolling interest	26,440	33,937
Income taxes	(4,687)	(10,733)
Equity income, net of related income taxes	1,855	3,231
Net income	23,608	26,435
Net loss (income) attributable to noncontrolling interest	23	(2)
Net income attributable to FBL Financial Group, Inc.	$ 23,631	$ 26,433
Earnings per common share	$ 0.94	$ 1.05
Earnings per common share - assuming dilution	0.94	1.05
Cash dividends per common share	1.96	1.94
Cash dividend per common share
Benefits and expenses:
Cash dividends per common share	0.46	0.44
Special cash dividend per common share
Benefits and expenses:
Cash dividends per common share	$ 1.50	$ 1.50

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Consolidated Statement of Comprehensive Income Statement - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Net income		$ 23,608	$ 26,435
Change in net unrealized investment gains/losses	[1]	(93,154)	15,861
Change in underfunded status of postretirement benefit plans	[1]	262	182
Total other comprehensive income (loss), net of tax	[1]	(92,892)	16,043
Total comprehensive income (loss), net of tax		(69,284)	42,478
Comprehensive (income) loss attributable to noncontrolling interest		23	(2)
Total comprehensive income (loss) applicable to FBL Financial Group, Inc.		$ (69,261)	$ 42,476

[1] Other comprehensive income (loss) is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities.

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Consolidated Statements of Changes in Stockholder's Equity - USD ($) $ in Thousands	Total		Series B Preferred Stock	Class A and Class B Common Stock	Accumulated Other Comprehensive Income		Retained Earnings	Non- controlling Interest
Balance at Dec. 31, 2016	$ 1,188,258		$ 3,000	$ 152,975	$ 149,555		$ 882,672	$ 56
Net income	26,435						26,433	2
Other comprehensive income	16,043	[1]			16,043
Issuance of common stock under compensation plans	339			339
Dividends on preferred stock	(38)						(38)
Dividends on common stock	(48,341)						(48,341)
Balance at Mar. 31, 2017	1,182,696		3,000	153,314	165,598		860,726	58
Balance at Dec. 31, 2017	1,388,850		3,000	153,661	284,983		947,148	58
Net income	23,608						23,631	(23)
Other comprehensive income	(92,892)	[1]			(92,892)
Issuance of common stock under compensation plans	218			218
Purchase of common stock	(6,806)			(612)			(6,194)
Dividends on preferred stock	(38)						(38)
Dividends on common stock	(48,753)						(48,753)
Balance at Mar. 31, 2018	1,264,187		$ 3,000	$ 153,267	186,222		921,663	$ 35
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | Accounting Standards Update 2016-01 [Member]	$ 0				$ (5,869)	[2]	$ 5,869

[1] Other comprehensive income (loss) is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities.

[2] See Note 1 to our consolidated financial statements for further discussion on this one-time adjustment related to an accounting change.

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities
Net income	$ 23,608	$ 26,435
Adjustments to reconcile net income to net cash provided by operating activities:
Interest credited to account balances	40,650	40,256
Charges for mortality, surrenders and administration	(29,827)	(28,887)
Net realized losses on investments	3,042	469
Change in fair value of derivatives	(534)	(2,753)
Increase in liabilities for life insurance and other future policy benefits	18,264	17,993
Deferral of acquisition costs	(11,293)	(10,604)
Amortization of deferred acquisition costs and value of insurance in force	10,314	7,598
Change in reinsurance recoverable	2,454	(841)
Provision for deferred income taxes	(2,847)	542
Other	(2,211)	4,590
Net cash provided by operating activities	51,620	54,798
Sales, maturities or repayments:
Fixed maturities - available for sale	138,254	106,257
Equity securities - available for sale	0	744
Mortgage loans	10,383	11,024
Derivative instruments	4,131	3,052
Policy loans	9,133	10,266
Securities and indebtedness of related parties	1,596	2,391
Other long-term investments	938	7
Acquisitions:
Fixed maturities - available for sale	(288,677)	(118,948)
Equity securities - available for sale	(1,389)	(1,102)
Mortgage loans	(7,186)	(50,000)
Derivative instruments	(3,219)	(1,988)
Policy loans	(11,148)	(9,993)
Securities and indebtedness of related parties	(4,652)	(3,712)
Other long-term investments	(5,531)	0
Short-term investments, net change	(13,068)	2,084
Purchases and disposals of property and equipment, net	(1,859)	(2,270)
Net cash used in investing activities	(172,294)	(52,188)
Financing activities
Contract holder account deposits	261,240	116,760
Contract holder account withdrawals	(124,978)	(87,929)
Dividends paid	(48,791)	(48,379)
Issuance or repurchase of common stock, net	(5,840)	128
Net cash provided by (used in) financing activities	81,631	(19,420)
Decrease in cash and cash equivalents	(39,043)	(16,810)
Cash and cash equivalents at beginning of period	52,696	33,583
Cash and cash equivalents at end of period	13,653	16,773
Supplemental disclosures of cash flow information
Cash paid during the period for interest	(1,213)	(1,213)
Cash (paid) received during the period for income taxes	$ (5)	$ 2

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Significant Accounting Policies [Abstract]

Significant Accounting Policies

Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements of FBL Financial Group, Inc. (we or the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Our financial statements include all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of our financial position and results of operations.

Operating results for the quarter ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. We encourage you to refer to the notes to our consolidated financial statements included in Item 8 of our Form 10-K for the year ended December 31, 2017 for a complete description of our material accounting policies. Also included in the Form 10-K is a description of areas of judgments and estimates and other information necessary to understand our financial position and results of operations.

New Accounting Pronouncements

Description	Date of adoption	Effect on our consolidated financial statements or other significant matters
Standards adopted:
Stockholders' Equity In February 2018, the Financial Accounting Standards Board (FASB) issued guidance allowing a reclassification from accumulated other comprehensive income (AOCI) to retained earnings for stranded tax effects resulting from changes in the federal income tax rate due to enactment of the Tax Cuts and Jobs Act of 2017 on December 22, 2017 (Tax Act). Accounting guidance requires that deferred tax assets and liabilities, including those associated with components of AOCI, be remeasured during the period new tax laws are enacted, with any changes reflected as a component of income tax expense (benefit). Under the previous guidance, retained earnings would reflect the full amount of the change and AOCI would not be adjusted for the portion of the change related to its components, leaving the unadjusted change “stranded” in AOCI. The new guidance allows AOCI to be adjusted to reclassify these stranded tax effects to retained earnings.	October 1, 2017	The new guidance was effective for 2018, with early adoption permitted. We adopted the new guidance in 2017 by reporting the reclassification in our Consolidated Statement of Stockholders’ Equity. We consider the remeasurement of deferred tax assets and liabilities a provisional estimate, so any adjustments to this estimate during 2018 would result in additional reclassification.
Financial instruments - recognition and measurement In January 2016, the FASB issued guidance that amended certain aspects of the recognition and measurement of financial instruments. The new guidance primarily affected the accounting for equity securities, which are now carried at fair value with valuation changes recognized in the statement of operations rather than as other comprehensive income. The presentation and disclosure requirements for financial instruments and the methodology for assessing the need for a valuation allowance on deferred tax assets resulting from unrealized losses on available-for-sale fixed maturity securities were also revised under the new guidance. The new standard required the use of a modified retrospective method at adoption.	January 1, 2018	Upon adoption, we reclassified $5.9 million of net unrealized investment gains, net of tax, on our equity securities from accumulated other comprehensive income to retained earnings as a cumulative effect adjustment. Adoption resulted in a decrease to net income of $1.3 million ($0.05 per basic and diluted earnings per share) during the first quarter of 2018.

Revenue recognition In May 2014, the FASB issued guidance that outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Insurance contract and investment related revenue, which make up the majority of our earnings, were specifically excluded from the scope of this guidance. The new guidance was based on the principle that an entity should recognize revenue to reflect the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also required disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. We had the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard.	January 1, 2018	Our revenues that fall under the scope of the new guidance primarily consist of the net commissions on insurance and investment products we broker for others. We have evaluated those contracts and concluded that there was no change in timing or measurement of revenues, as the historical accounting is consistent with the new guidance. Accordingly, there was no impact from adoption.
Standards not yet adopted:
Leases In February 2016, the FASB issued a new lease accounting standard, which, for most lessees, will result in a gross-up of the balance sheet. Under the new standard, lessees will recognize the leased assets on the balance sheet and will recognize a corresponding liability for the present value of lease payments over the lease term. The new standard requires the application of judgment and estimates. Also, there are accounting policy elections that may be taken both at transition and for the accounting post-transition, including whether to adopt a short-term lease recognition exemption.	January 1, 2019	We are currently evaluating the impact of this guidance on our consolidated financial statements. Our most significant lease is for our home office building. See Note 10 of Item 8 of our 2017 Form 10-K for a further description of this lease, including future commitments. Our other leases are primarily shorter term in nature, relating to equipment. Upon adoption we will be required to recognize and measure leases at the beginning of the earliest period presented using the modified retrospective approach.
Financial Instruments - credit impairment In June 2016, the FASB issued guidance amending the accounting for the credit impairment of financial instruments. Under the new guidance, impairment losses are required to be estimated using an expected loss model under which a valuation allowance is established and adjusted over time. The valuation allowance will be based on the probability of loss over the life of the instrument, considering historical, current and forecasted information. The new guidance differs significantly from the incurred loss model used today, and will result in the earlier recognition of impairment losses. The new guidance may also increase the volatility of earnings to the extent actual results differ from the assumptions used in the establishment of the valuation allowance. The financial instruments for which we will be required to use the new model include but are not limited to, mortgage loans, lease receivables and reinsurance recoverables. Our available-for-sale fixed maturities will continue to apply the incurred loss model. However, rather than impairment losses resulting in a permanent reduction of carrying value as they do today, such losses will be in the form of a valuation allowance, which can be increased in the case of future credit losses or decreased should conditions improve.	January 1, 2020	We are currently evaluating the impact of this new guidance on our consolidated financial statements. We believe the most significant impact upon adoption will be the establishment of an additional valuation allowance for our mortgage loan investments. This guidance will be applied using a modified retrospective approach by recording a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption.

Reclassifications

We have reclassified our holdings of Federal Home Loan Bank of Des Moines (FHLB) common stock, which we are required to hold as a member of the FHLB system, from equity securities to other investments as the stock is restricted in nature. The 2017 consolidated financial statements have been reclassified to conform to the current financial statement presentation.

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Investment Operations

3 Months Ended

Mar. 31, 2018

Investment Operations [Abstract]

Investment Operations

Investment Operations

Fixed Maturity and Equity Securities

Available-For-Sale Fixed Maturity Securities by Investment Category
	March 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Non-credit losses on other-than-temporary impairments (1)
	(Dollars in thousands)
Fixed maturities:
Corporate (2)	$	3,353,388	$	224,254	$	(31,961	)	$	3,545,681	$	290
Residential mortgage-backed	527,971		31,012		(5,439		)	553,544		594
Commercial mortgage-backed	784,999		22,428		(14,151		)	793,276		—
Other asset-backed	796,977		20,347		(3,032		)	814,292		3,350
United States Government and agencies	22,009		1,333		(130		)	23,212		—
States and political subdivisions	1,405,847		113,842		(2,782		)	1,516,907		—
Total fixed maturities	$	6,891,191	$	413,216	$	(57,495	)	$	7,246,912	$	4,234

Available-For-Sale Fixed Maturity and Equity Securities by Investment Category
	December 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Non-credit losses on other-than-temporary impairments (1)
	(Dollars in thousands)
Fixed maturities:
Corporate (2)	$	3,374,927	$	329,299	$	(15,955	)	$	3,688,271	$	(504	)
Residential mortgage-backed	483,671		35,890		(3,280		)	516,281		339
Commercial mortgage-backed	674,076		34,464		(3,233		)	705,307		—
Other asset-backed	818,071		18,645		(3,214		)	833,502		845
United States Government and agencies	23,378		1,606		(79		)	24,905		—
States and political subdivisions	1,383,127		141,813		(1,239		)	1,523,701		—
Total fixed maturities	$	6,757,250	$	561,717	$	(27,000	)	$	7,291,967	$	680
Equity securities:
Non-redeemable preferred stocks	$	92,951	$	7,146	$	(265	)	$	99,832
Common stocks	3,764		549		—			4,313
Total equity securities	$	96,715	$	7,695	$	(265	)	$	104,145

(1) Non-credit losses subsequent to the initial impairment measurement date on other-than-temporary impairment (OTTI) losses are included in the gross unrealized gains and gross unrealized losses columns above. The non-credit loss component of OTTI losses for corporate, residential mortgage-backed, and other asset-backed securities at March 31, 2018 and residential mortgage-backed and other asset-backed securities at December 31, 2017 were in an unrealized gain position due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities.

(2) Corporate securities include hybrid preferred securities with a fair value of $16.8 million at March 31, 2018 and $17.5 million at December 31, 2017. Corporate securities also include redeemable preferred stock with a fair value of $22.0 million at March 31, 2018 and $21.7 million at December 31, 2017.

Available-For-Sale Fixed Maturities by Maturity Date
	March 31, 2018
	Amortized Cost		Fair Value
	(Dollars in thousands)
Due in one year or less	$	165,210	$	167,953
Due after one year through five years	588,250		614,089
Due after five years through ten years	730,313		754,274
Due after ten years	3,297,471		3,549,484
	4,781,244		5,085,800
Mortgage-backed and other asset-backed	2,109,947		2,161,112
Total fixed maturities	$	6,891,191	$	7,246,912

Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed maturities not due at a single maturity date have been included in the above table in the year of final contractual maturity.

Net Unrealized Gains on Investments in Accumulated Other Comprehensive Income
	March 31, 2018			December 31, 2017
	(Dollars in thousands)
Net unrealized appreciation on:
Fixed maturities - available for sale	$	355,721		$	534,718
Equity securities - available for sale	—			7,430
	355,721			542,148
Adjustments for assumed changes in amortization pattern of:
Deferred acquisition costs	(93,953		)	(147,173		)
Value of insurance in force acquired	(11,716		)	(14,870		)
Unearned revenue reserve	8,318			12,705
Adjustments for assumed changes in policyholder liabilities	(9,407		)	(18,499		)
Provision for deferred income taxes	(52,280		)	(78,605		)
Net unrealized investment gains	$	196,683		$	295,706

Net unrealized investment gains and losses are recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities. Subsequent changes in the fair value of securities for which a previous non-credit OTTI loss was recognized in accumulated other comprehensive income, are reported along with changes in fair value for which no OTTI losses were previously recognized.

Fixed Maturity Securities with Unrealized Losses by Length of Time
	March 31, 2018
	Less than one year					One year or more					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Percent of Total
	(Dollars in thousands)
Fixed maturities:
Corporate	$	516,564	$	(13,180	)	$	162,871	$	(18,781	)	$	679,435	$	(31,961	)	55.6	%
Residential mortgage-backed	170,226		(4,091		)	31,038		(1,348		)	201,264		(5,439		)	9.5
Commercial mortgage-backed	346,486		(12,199		)	18,419		(1,952		)	364,905		(14,151		)	24.6
Other asset-backed	251,682		(1,633		)	64,222		(1,399		)	315,904		(3,032		)	5.3
United States Government and agencies	5,106		(83		)	2,324		(47		)	7,430		(130		)	0.2
States and political subdivisions	78,770		(1,276		)	17,463		(1,506		)	96,233		(2,782		)	4.8
Total fixed maturities	$	1,368,834	$	(32,462	)	$	296,337	$	(25,033	)	$	1,665,171	$	(57,495	)	100.0	%

Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time
	December 31, 2017
	Less than one year					One year or more					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Percent of Total
	(Dollars in thousands)
Fixed maturities:
Corporate	$	85,019	$	(1,261	)	$	183,820	$	(14,694	)	$	268,839	$	(15,955	)	59.1	%
Residential mortgage-backed	76,393		(1,757		)	31,779		(1,523		)	108,172		(3,280		)	12.1
Commercial mortgage-backed	151,158		(2,078		)	16,398		(1,155		)	167,556		(3,233		)	12.0
Other asset-backed	159,111		(2,006		)	71,064		(1,208		)	230,175		(3,214		)	11.9
United States Government and agencies	5,698		(47		)	1,864		(32		)	7,562		(79		)	0.3
States and political subdivisions	5,904		(96		)	20,505		(1,143		)	26,409		(1,239		)	4.6
Total fixed maturities	$	483,283	$	(7,245	)	$	325,430	$	(19,755	)	$	808,713	$	(27,000	)	100.0	%
Equity securities:
Non-redeemable preferred stocks	$	2,819	$	(71	)	$	4,807	$	(194	)	$	7,626	$	(265	)
Total equity securities	$	2,819	$	(71	)	$	4,807	$	(194	)	$	7,626	$	(265	)

Fixed maturities in the above tables include 475securities from 301 issuers at March 31, 2018 and 247 securities from 154 issuers at December 31, 2017.

Unrealized losses increased during the three months ended March 31, 2018 due to higher Treasury rates and wider credit spreads. We do not consider securities to be OTTI when the market decline is attributable to factors such as interest rate movements, market volatility, liquidity, spread widening and credit quality when recovery of all amounts due under the contractual terms of the security is anticipated. Based on our intent not to sell or our belief that we will not be required to sell these securities before recovery of their amortized cost basis, we do not consider these investments to be OTTI at March 31, 2018. We will continue to monitor the investment portfolio for future changes in issuer facts and circumstances that could result in future impairments beyond those currently identified.

Our largest unrealized loss was from a retailer and totaled $2.9 million at March 31, 2018.

As described more fully in Note 1 to our consolidated financial statements included in Item 8 of our Form 10-K for the year ended December 31, 2017, we perform a regular evaluation of all investment classes for impairment, including fixed maturity securities and equity securities, in order to evaluate whether such investments are OTTI.

Credit Loss Component of Other-Than-Temporary Impairments on Fixed Maturities
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Balance at beginning of period	$	(12,392	)	$	(14,500	)
Reductions due to investments sold or paid down	271			349
Reduction for credit loss that no longer has a portion of the OTTI loss recognized in other comprehensive income	2,529			587
Balance at end of period	$	(9,592	)	$	(13,564	)

The table above sets forth the amount of credit loss impairments on fixed maturities held by the Company as of the dates indicated for which the non-credit portion of the OTTI was recognized in other comprehensive income and corresponding changes in such amounts. Credit loss impairments with no portion of the loss recognized in other comprehensive income, such as securities for which OTTI was measured at fair value, are excluded from the table.

Realized Gains (Losses) - Recorded in Income
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Realized gains (losses) on sales of investments
Fixed maturities:
Gross gains	$	83		$	124
Gross losses	—			(527		)
Other long-term investments	(13		)	—
	70			(403		)
Net unrealized losses recognized during the period on equity securities held at the end of the period (1)	(1,817		)	—
Net realized losses	(1,747		)	(403		)
Impairment losses recognized in earnings:
Other credit-related (2)	(1,295		)	(66		)
Net realized losses on investments recorded in income	$	(3,042	)	$	(469	)

(1) See Note 1 to our consolidated financial statements for discussion of change in accounting policy for equity securities during the quarter.

(2) Amount represents credit-related losses for fixed maturities written down to fair value through income and impairment losses related to investments accounted for under the equity method of accounting, which are included in securities and indebtedness of related parties within our consolidated balance sheets.

Proceeds from sales of fixed maturities totaled $5.2 million during the three months ended March 31, 2018 and $9.4 million during the three months ended March 31, 2017.

Realized gains and losses on sales of investments are determined on the basis of specific identification.

Mortgage Loans

Our mortgage loan portfolio consists of commercial mortgage loans that we have originated. Our lending policies require that the loans be collateralized by the value of the related property, establish limits on the amount that can be loaned to one borrower and require diversification by geographic location and collateral type. We originate loans with an initial loan-to-value ratio that provides sufficient collateral to absorb losses should we be required to foreclose and take possession of the collateral. In order to identify impairment losses, management maintains and regularly reviews a watch list of mortgage loans that have heightened risk. These loans may include those with borrowers delinquent on contractual payments, borrowers experiencing financial difficulty, increases in rental real estate vacancies and significant declines in collateral value. We evaluate each of our mortgage loans individually and establish an estimated loss, if needed, for each impaired loan identified. An estimated loss is needed for loans for which we do not believe we will collect all amounts due according to the contractual terms of the respective loan agreements.

Any loan delinquent on contractual payments is considered non-performing. Mortgage loans are placed on non-accrual status if we have concerns regarding the collectability of future payments. Interest income on non-performing loans is generally recognized on a cash basis. Once mortgage loans are classified as non-accrual loans, the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan has been restructured such that the collection of interest is considered likely. At March 31, 2018 and December 31, 2017, there were no non-performing loans over 90 days past due on contractual payments. At March 31, 2018, we had committed to provide additional funding for mortgage loans totaling $21.3 million. These commitments arose in the normal course of business at terms that are comparable to similar investments.

Mortgage Loans by Collateral Type
	March 31, 2018				December 31, 2017
Collateral Type	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
Office	$	413,120	42.6	%	$	410,090	42.2	%
Retail	288,683		29.8		292,257		30.1
Industrial	205,107		21.2		207,180		21.3
Other	61,754		6.4		62,285		6.4
Total	$	968,664	100.0	%	$	971,812	100.0	%

Mortgage Loans by Geographic Location within the United States
	March 31, 2018				December 31, 2017
Region of the United States	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
South Atlantic	$	295,318	30.5	%	$	296,947	30.5	%
Pacific	144,935		14.9		146,320		15.0
West North Central	125,609		13.0		127,096		13.1
Mountain	104,298		10.8		105,627		10.9
East North Central	90,764		9.4		91,971		9.5
West South Central	90,511		9.3		85,566		8.8
East South Central	66,661		6.9		67,228		6.9
New England	34,665		3.6		35,005		3.6
Middle Atlantic	15,903		1.6		16,052		1.7
Total	$	968,664	100.0	%	$	971,812	100.0	%

Mortgage Loans by Loan-to-Value Ratio
	March 31, 2018				December 31, 2017
Loan-to-Value Ratio	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
0% - 50%	$	360,416	37.2	%	$	334,037	34.4	%
51% - 60%	236,382		24.5		258,359		26.6
61% - 70%	301,469		31.1		297,404		30.6
71% - 80%	51,621		5.3		63,116		6.5
81% - 90%	18,776		1.9		18,896		1.9
Total	$	968,664	100.0	%	$	971,812	100.0	%

The loan-to-value ratio is determined using the most recent appraised value. Appraisals are updated periodically when there is indication of a possible significant collateral decline or there are loan modifications or refinance requests.

Mortgage Loans by Year of Origination
	March 31, 2018				December 31, 2017
Year of Origination	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
2018	$	5,800	0.5	%	$	—	—	%
2017	212,785		22.0		214,365		22.1
2016	153,147		15.8		154,359		15.9
2015	143,457		14.8		144,890		14.9
2014	77,119		8.0		77,866		8.0
2013 and prior	376,356		38.9		380,332		39.1
Total	$	968,664	100.0	%	$	971,812	100.0	%

Impaired Mortgage Loans
	March 31, 2018			December 31, 2017
	(Dollars in thousands)
Unpaid principal balance	$	18,927		$	19,027
Less:
Related allowance	(447		)	(497		)
Carrying value of impaired mortgage loans	$	18,480		$	18,530

Allowance on Mortgage Loans
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Balance at beginning of period	$	497		$	713
Recoveries	(50		)	(50		)
Balance at end of period	$	447		$	663

Mortgage Loan Modifications

Our commercial mortgage loan portfolio can include loans that have been modified. We assess loan modifications on a loan-by-loan basis to evaluate whether a troubled debt restructuring has occurred. Generally, the types of concessions include: reduction of the contractual interest rate to a below-market rate, extension of the maturity date and/or a reduction of accrued interest. The amount, timing and extent of the concession granted is considered in determining if an impairment loss is needed for the restructuring. There were no loan modifications during the three months ended March 31, 2018 or March 31, 2017.

Low Income Housing Tax Credit Investments (LIHTC)

We invest in non-guaranteed federal LIHTC that are included in securities and indebtedness of related parties in the consolidated balance sheets. These investments take the form of limited partnerships, which in turn invest in a number of low income housing projects. We use the equity method of accounting for these investments. The limited partnerships generate pre-tax operating losses primarily from the deprecation of the underlying properties, but after-tax gains as the related tax credits are realized and the operating losses are deducted. The timing of the realization of tax credits is subject to fluctuation from period to period due to the timing of housing project completions and the approval of tax credits. Impairment losses may occur when the carrying value of the limited partnership exceeds the future tax benefits. We recognized $0.3 million of impairment losses on these investments during the first three months of 2018, which is reported as other-than-temporary impairment losses in the consolidated statement of operations. The Tax Act did not impact the tax credits we expect to receive from these investments. Equity income, however, was impacted by the Tax Act as the underlying limited partnerships reported aggregate fourth quarter 2017 losses of $1.4 million related to our ownership interest due to lower anticipated tax benefits from future operating loss deductions. These equity losses are reflected in our first quarter 2018 earnings as we record the results of operations from these limited partnerships a quarter in arrears. The carrying value of these investments totaled $79.2 million at March 31, 2018 and $82.4 million at December 31, 2017. Equity income from these investments as reported in our consolidated statement of operations is as follows:

LIHTC Equity Income (Loss), Net of Related Income Taxes
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Equity losses from LIHTC	$	(3,005	)	$	(1,805	)
Income tax benefits:
Tax benefits from equity losses	631			632
Investment tax credits	3,569			3,529
Equity income from LIHTC, net of related income tax benefits	$	1,195		$	2,356

At March 31, 2018, we had committed to provide additional funds for limited partnerships and limited liability companies in which we invest. The amounts of these unfunded commitments totaled $47.5 million, including $1.7 million for LIHTC commitments, which are summarized by year in the following table.

LIHTC Commitments by Year
	March 31, 2018
	(Dollars in thousands)
2018	$	810
2019	46
2020-2025	811
Total	$	1,667

Variable Interest Entities

We evaluate our variable interest entity (VIE) investees to determine whether the level of our direct ownership interest, our rights to manage operations, or our obligation to provide ongoing financial support are such that we are the primary beneficiary of the entity, and would therefore be required to consolidate it for financial reporting purposes. After determining that VIE status exists, we review our involvement in the VIE to determine whether we have both the power to direct activities that most significantly impact the economic performance of the VIE, and the obligation to absorb losses or the rights to receive benefits that could be potentially significant to the VIE. This analysis includes a review of the purpose and design of the VIE as well as the role that we played in the formation of the entity and how that role could impact our ability to control the VIE. We also review the activities and decisions considered significant to the economic performance of the VIE and assess what power we have in directing those activities and decisions. Finally, we review the agreements in place to determine if there are any guarantees that would affect our maximum exposure to loss.

We have reviewed the circumstances surrounding our investments in VIEs, which are classified as securities and indebtedness of related parties and consist of LIHTC, limited partnerships or limited liability companies accounted for under the equity method. In addition, we have reviewed the ownership interests in our VIEs and determined that we do not hold direct majority ownership or have other contractual rights (such as kick out rights) that give us effective control over these entities resulting in us having both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. The maximum loss exposure relative to our VIEs is limited to the carrying value and any unfunded commitments that exist for each particular VIE. We also have not provided additional support or other guarantees that was not previously contractually required (financial or otherwise) to any of the VIEs as of March 31, 2018 or December 31, 2017. Based on this analysis, none of our VIEs were required to be consolidated for any reporting periods presented in this Form 10-Q.

VIE Investments by Category
	March 31, 2018				December 31, 2017
	Carrying Value		Maximum Exposure to Loss		Carrying Value		Maximum Exposure to Loss
	(Dollars in thousands)
LIHTC	$	79,176	$	80,843	$	82,417	$	84,103
Investment companies	28,418		63,054		25,335		62,372
Real estate limited partnerships	9,151		20,129		8,589		20,590
Other	728		955		1,182		1,488
Total	$	117,473	$	164,981	$	117,523	$	168,553

In addition, we make passive investments in the normal course of business in structured securities issued by VIEs for which we are not the investment manager. These structured securities include all of the residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities included in our fixed maturities. Our maximum exposure to loss on these securities is limited to our carrying value of the investment. We have determined that we are not the primary beneficiary of these structured securities because we do not have the power to direct the activities that most significantly impact the entities’ economic performance.

Derivative Instruments

Our primary derivative exposure relates to purchased call options, which provide an economic hedge against the embedded derivatives in our indexed annuity and universal life insurance products. We also have embedded derivatives within our modified coinsurance agreements as well as an interest-only fixed maturity investment. We do not apply hedge accounting to any of our derivative positions, and they are held at fair value.

Derivatives Instruments by Type
	March 31, 2018		December 31, 2017
	(Dollars in thousands)
Assets
Freestanding derivatives:
Call options (reported in other investments)	$	12,760	$	14,824
Embedded derivatives:
Modified coinsurance (reported in reinsurance recoverable)	1,069		2,125
Interest-only security (reported in fixed maturities)	1,852		2,096
Total assets	$	15,681	$	19,045
Liabilities
Embedded derivatives:
Indexed annuity and universal life products (reported in liability for future policy benefits)	$	28,720	$	27,774
Modified coinsurance agreements (reported in other liabilities)	154		268
Total liabilities	$	28,874	$	28,042

Derivative Income (Loss)
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Change in fair value of free standing derivatives:
Call options	$	(1,152	)	$	2,365
Change in fair value of embedded derivatives:
Modified coinsurance agreements	(943		)	(1,410		)
Interest-only security	(35		)	(21		)
Indexed annuity and universal life products	2,664			409
Total income from derivatives	$	534		$	1,343

Derivative income is reported in net investment income except for the change in fair value of the embedded derivatives on our indexed annuity and universal life products, which is reported in interest sensitive product benefits.

We are exposed to credit losses in the event of nonperformance of the derivative counterparties. This credit risk is minimized by purchasing such agreements from financial institutions with high credit ratings (currently rated A or better by nationally recognized statistical rating organizations). We have also entered into credit support agreements with the counterparties requiring them to post collateral when net exposures exceed pre-determined thresholds that vary by counterparty. The net amount of such exposure is essentially the market value less collateral held for such agreements with each counterparty. The call options are supported by securities collateral received of $7.5 million at March 31, 2018, which is held in a separate custodial account. Subject to certain constraints, we are permitted to sell or re-pledge this collateral, but do not have legal rights to the collateral; accordingly, it has not been recorded on our balance sheet. At March 31, 2018, none of the collateral had been sold or re-pledged. As of March 31, 2018, our net derivative exposure was $5.3 million.

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Fair Values

3 Months Ended

Mar. 31, 2018

Fair Values [Abstract]

Fair Value

Fair Values

The carrying and estimated fair values of our financial instruments are as follows:

Fair Values and Carrying Values
	March 31, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Dollars in thousands)
Assets
Fixed maturities - available for sale	$	7,246,912	$	7,246,912	$	7,291,967	$	7,291,967
Equity securities	103,920		103,920		104,145		104,145
Mortgage loans	968,664		972,107		971,812		989,503
Policy loans	193,413		232,674		191,398		236,223
Other investments	44,950		46,040		42,318		43,443
Cash, cash equivalents and short-term investments	43,728		43,728		69,703		69,703
Reinsurance recoverable	1,069		1,069		2,125		2,125
Assets held in separate accounts	638,751		638,751		651,963		651,963

Liabilities
Future policy benefits	$	4,332,983	$	4,142,254	$	4,192,367	$	4,147,654
Supplementary contracts without life contingencies	317,541		315,625		322,630		327,151
Advance premiums and other deposits	260,967		260,967		259,099		259,099
Long-term debt	97,000		76,388		97,000		78,628
Other liabilities	154		154		268		268
Liabilities related to separate accounts	638,751		636,666		651,963		649,610

Fair value is based on an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As not all financial instruments are actively traded, various valuation methods may be used to estimate fair value. These methods rely on observable market data, or, if observable market data is not available, the best information available. Significant judgment may be required to interpret the data and select the assumptions used in the valuation estimates, particularly when observable market data is not available.

In the discussion that follows, we have ranked our financial instruments by the level of judgment used in the determination of the fair values presented above. The levels are defined as follows:

• Level 1 - Fair values are based on unadjusted quoted prices in active markets for identical assets or liabilities.

• Level 2 - Fair values are based on inputs, other than quoted prices from active markets, that are observable for the asset or liability, either directly or indirectly.

• Level 3 - Fair values are based on significant unobservable inputs for the asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. From time to time there may be movements between levels as inputs become more or less observable, which may depend on several factors including the activity of the market for the specific security, the activity of the market for similar securities, the level of risk spreads and the source from which we obtain the information. Transfers into or out of any level are measured as of the beginning of the period.

The following methods and assumptions were used in estimating the fair value of our financial instruments:

Fixed maturities:

Level 1 fixed maturities consist of U.S. Treasury issues that are actively traded, allowing us to use current market prices as an estimate of their fair value.

Level 2 fixed maturities consist of corporate, mortgage- and asset-backed, United States Government agencies, state and political subdivisions and private placement corporate securities with observable market data, and in some circumstances recent trade activity. When quoted prices of identical assets in active markets are not available, our first priority is to obtain prices from third party pricing vendors. We have regular interaction with these vendors to ensure we understand their pricing methodologies and to confirm they are utilizing observable market information. Their methodologies vary by asset class and include inputs such as estimated cash flows, benchmark yields, reported trades, credit quality, industry events and economic events. Fixed maturities with validated prices from pricing services, which includes the majority of our public fixed maturities in all asset classes, are generally reflected in Level 2.

Also included in Level 2 are private placement corporate bonds with no quoted market prices available, for which an internal model using substantially all observable inputs or a matrix pricing valuation approach is used. In the matrix approach, securities are grouped into pricing categories that vary by sector, rating and average life. Each pricing category is assigned a risk spread based on studies of observable public market data. The expected cash flows of the security are then discounted back at the current Treasury curve plus the appropriate risk spread.

Level 3 fixed maturities include corporate, mortgage- and asset-backed and private placement corporate securities for which there is little or no current market data available. We use external pricing sources, or if prices are not available we will estimate fair value internally. Fair values of private corporate investments in Level 3 are determined by reference to the public market, private transactions or valuations for comparable companies or assets in the relevant asset class when such amounts are available. For other securities for which an exit price based on relevant observable inputs is not obtained, the fair value is determined using a matrix calculation. Fair values estimated through the use of matrix pricing methods rely on an estimate of credit spreads to a risk-free U.S. Treasury yield. Selecting the credit spread requires judgment based on an understanding of the security and may include a market liquidity premium. Our selection of comparable companies as well as the level of spread requires significant judgment. Increases in spreads used in our matrix models, or those used to value comparable companies, will result in a decrease in discounted cash flows used, and accordingly in the estimated fair value of the security.

We obtain fixed maturity fair values from a variety of external independent pricing services, including brokers, with access to observable data including recent trade information, if available. In certain circumstances in which an external price is not available for a Level 3 security, we will internally estimate its fair value. Our process for evaluation and selection of the fair values includes:

• We follow a “pricing waterfall” policy, which establishes the pricing source preference for a particular security or security type. The order of preference is based on our evaluation of the valuation methods used, the source’s knowledge of the instrument and the reliability of the prices we have received from the source in the past. Our valuation policy dictates that fair values are initially sought from third party pricing services. If our review of the prices received from our preferred source indicates an inaccurate price, we will use an alternative source within the waterfall and document the decision. In the event that fair values are not available from one of our external pricing services or upon review of the fair values provided it is determined that they may not be reflective of market conditions, those securities are submitted to brokers familiar with the security to obtain non-binding price quotes. Broker quotes tend to be used in limited circumstances such as for newly issued, private placement corporate bonds and other instruments that are not widely traded. For those securities for which an externally provided fair value is not available, we use cash flow modeling techniques to estimate fair value.

• We evaluate third party pricing source estimation methodologies to assess whether they will provide a fair value that approximates a market exit price.

• We perform an overall analysis of portfolio fair value movement against general movements in interest rates and spreads.

• We compare period-to-period price trends to detect unexpected price fluctuation based on our knowledge of the market and the particular instrument. As fluctuations are noted, we will perform further research that may include discussions with the original pricing source or other external sources to ensure we are in agreement with the valuation.

• We compare prices between different pricing sources for unusual disparity.

• We meet at least quarterly with our Investment Committee, the group that oversees our valuation process, to discuss valuation practices and observations during the pricing process.

Equity securities:

Level 1 equity securities consist of mutual funds that are actively traded, allowing us to use current market prices as an estimate of their fair value.

Level 2 equity securities consist of non-redeemable preferred stock. Estimated fair value for the non-redeemable preferred stock is obtained from external pricing sources using a matrix pricing approach.

Level 3 equity securities consist of non-redeemable preferred stock for which fair value estimates are based on the value of comparable securities that are actively traded. Increases in spreads used to value comparable companies, will result in a decrease in discounted cash flows used, and accordingly in the estimated fair value of the security.

In the case that external pricing services are used for certain Level 1 and Level 2 equity securities, our review process is consistent with the process used to determine the fair value of fixed maturities discussed above.

Mortgage loans:

Mortgage loans are not measured at fair value on a recurring basis. Mortgage loans are a Level 3 measurement as there is no current market for the loans. The fair value of our mortgage loans is estimated internally using a matrix pricing approach. Along with specific loan terms, two key management assumptions are required including the risk rating of the loan (our current rating system is A-highest quality, B-moderate quality, C-low quality, W-watch or F-foreclosure) and estimated spreads for new loans over the U.S. Treasury yield curve. Spreads are updated quarterly and loans are reviewed and rated annually with quarterly adjustments should significant changes occur. Our determination of each loan’s risk rating as well as selection of the credit spread requires significant judgment. A higher risk rating, as well as an increase in spreads, would result in a decrease in discounted cash flows used, and accordingly the fair value of the loan.

Policy loans:

Policy loans are not measured at fair value on a recurring basis. Policy loans are a Level 3 measurement as there is no current market since they are specifically tied to the underlying insurance policy. The loans are relatively risk free as they cannot exceed the cash surrender value of the insurance policy. Fair values are estimated by discounting expected cash flows using a risk-free interest rate based on the U.S. Treasury curve. An increase in the risk-free interest rate would result in a decrease in discounted cash flows used, and accordingly the fair value of the loan.

Other investments:

Level 2 other investments measured at fair value on a recurring basis include call options with fair values based on counterparty market prices adjusted for a credit component of the counterparty, net of collateral received. Level 3 other investments, which are not measured at fair value on a recurring basis, include common stock issued by the FHLB, with estimated fair value based on the current redemption value of the stock, and a promissory note that is priced internally using a discounted cash flow based on our assessment of the credit risk of the borrower.

Cash, cash equivalents and short-term investments:

Level 1 cash, cash equivalents and short-term investments are highly liquid instruments for which historical cost approximates fair value.

Reinsurance recoverable:

Level 2 reinsurance recoverable includes embedded derivatives in our modified coinsurance contracts under which we cede or assume business. Fair values of these embedded derivatives are based on the difference between the fair value and the cost basis of the underlying fixed maturities, which are valued consistent with the discussion of fixed maturities above.

Assets held in separate accounts:

Level 1 assets held in separate accounts consist of mutual funds that are actively traded, allowing us to use current market prices as an estimate of their fair value.

Future policy benefits, supplementary contracts without life contingencies and advance premiums and other deposits:

Level 3 policy-related financial instruments of investment-type contracts are those not involving significant mortality or morbidity risks. No active market exists for these contracts and they are not measured at fair value on a recurring basis. Fair values for our insurance contracts, other than investment-type contracts, are not required to be disclosed. Fair values for our investment-type contracts with expected maturities, including deferred annuities, funding agreements and supplementary contracts, are determined using discounted cash flow valuation techniques based on current interest rates adjusted to reflect our credit risk and an additional provision for adverse deviation. For certain deposit liabilities with no defined maturities and no surrender charges, including pension-related deposit administration funds, advance premiums and other deposits, fair value is the account value or amount payable on demand. Significant judgment is required in selecting the assumptions used to estimate the fair values of these financial instruments. For contracts with known maturities, increases in current rates will result in a decrease in discounted cash flows and a decrease in the estimated fair value of the policy obligation.

Certain annuity contracts include embedded derivatives that are measured at fair value on a recurring basis. These embedded derivatives are a Level 3 measurement. The fair value of the embedded derivatives is based on the discounted excess of projected account values (including a risk margin) over projected guaranteed account values. The key unobservable inputs required in the projection of future values that require management judgment include the risk margin as well as the credit risk of our company. Should the risk margin increase or the credit risk decrease, the discounted cash flows and the estimated fair value of the obligation will increase.

Long-term debt:

Long-term debt is not measured at fair value on a recurring basis. Long-term debt is a Level 3 measurement. The fair value of our outstanding debt is estimated using a discounted cash flow method based on the market’s assessment or our current incremental borrowing rate for similar types of borrowing arrangements adjusted, as needed, to reflect our credit risk. Our selection of the credit spread requires significant judgment. A decrease in the spread will increase the estimated fair value of the outstanding debt.

Other liabilities:

Level 2 other liabilities include the embedded derivatives in our modified coinsurance contracts under which we cede business. Fair values for the embedded derivatives are based on the difference between the fair value and the cost basis of the underlying fixed maturities.

Liabilities related to separate accounts:

Separate account liabilities are not measured at fair value on a recurring basis. Level 3 separate account liabilities’ fair value is based on the cash surrender value of the underlying contract, which is the cost we would incur to extinguish the liability.

Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels
	March 31, 2018
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Fixed maturities:
Corporate securities	$	—	$	3,515,151	$	30,530	$	3,545,681
Residential mortgage-backed securities	—		553,544		—		553,544
Commercial mortgage-backed securities	—		701,263		92,013		793,276
Other asset-backed securities	—		801,654		12,638		814,292
United States Government and agencies	8,961		14,251		—		23,212
States and political subdivisions	—		1,516,907		—		1,516,907
Total fixed maturities	8,961		7,102,770		135,181		7,246,912
Non-redeemable preferred stocks	—		90,877		7,325		98,202
Common stocks (1)	5,218		—		—		5,218
Other investments	—		12,760		—		12,760
Cash, cash equivalents and short-term investments	43,728		—		—		43,728
Reinsurance recoverable	—		1,069		—		1,069
Assets held in separate accounts	638,751		—		—		638,751
Total assets	$	696,658	$	7,207,476	$	142,506	$	8,046,640
Liabilities
Future policy benefits - indexed product embedded derivatives	$	—	$	—	$	28,720	$	28,720
Other liabilities	—		154		—		154
Total liabilities	$	—	$	154	$	28,720	$	28,874

(1) During 2018, we invested in a private equity fund totaling $0.5 million measured at fair value using net asset value (NAV) per share as a practical expedient, which have not been classified in the fair value hierarchy above per fair value reporting guidance. This fund invests in senior secured middle market loans and has unfunded commitments totaling $9.5 million at March 31, 2018. The investment is not currently eligible for redemption.

Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels
	December 31, 2017
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Fixed maturities:
Corporate securities	$	—	$	3,654,671	$	33,600	$	3,688,271
Residential mortgage-backed securities	—		507,157		9,124		516,281
Commercial mortgage-backed securities	—		619,606		85,701		705,307
Other asset-backed securities	—		780,022		53,480		833,502
United States Government and agencies	9,078		15,827		—		24,905
States and political subdivisions	—		1,523,701		—		1,523,701
Total fixed maturities	9,078		7,100,984		181,905		7,291,967
Non-redeemable preferred stocks	—		92,425		7,407		99,832
Common stocks	4,313		—		—		4,313
Other investments	—		14,824		—		14,824
Cash, cash equivalents and short-term investments	69,703		—		—		69,703
Reinsurance recoverable	—		2,125		—		2,125
Assets held in separate accounts	651,963		—		—		651,963
Total assets	$	735,057	$	7,210,358	$	189,312	$	8,134,727
Liabilities
Future policy benefits - indexed product embedded derivatives	$	—	$	—	$	27,774	$	27,774
Other liabilities	—		268		—		268
Total liabilities	$	—	$	268	$	27,774	$	28,042

Level 3 Assets by Valuation Source - Recurring Basis
	March 31, 2018
	Third-party vendors			Priced internally			Total
	(Dollars in thousands)
Corporate securities	$	2,407		$	28,123		$	30,530
Commercial mortgage-backed securities	92,013			—			92,013
Other asset-backed securities	8,263			4,375			12,638
Non-redeemable preferred stocks	—			7,325			7,325
Total assets	$	102,683		$	39,823		$	142,506
Percent of total	72.1		%	27.9		%	100.0		%

	December 31, 2017
	Third-party vendors			Priced internally			Total
	(Dollars in thousands)
Corporate securities	$	4,555		$	29,045		$	33,600
Residential mortgage-backed securities	9,124			—			9,124
Commercial mortgage-backed securities	85,701			—			85,701
Other asset-backed securities	47,080			6,400			53,480
Non-redeemable preferred stocks	—			7,407			7,407
Total assets	$	146,460		$	42,852		$	189,312
Percent of total	77.4		%	22.6		%	100.0		%

Quantitative Information about Level 3 Fair Value Measurements - Recurring Basis
	March 31, 2018
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(Dollars in thousands)
Assets
Corporate securities	$	26,744	Discounted cash flow	Credit spread	1.04% - 5.75% (3.75%)
Commercial mortgage-backed	70,138		Discounted cash flow	Credit spread	1.40% - 4.10% (2.57%)
Other asset-backed securities	5,013		Discounted cash flow	Credit spread	1.55% - 1.95% (1.77%)
Non-redeemable preferred stocks	7,325		Discounted cash flow	Credit spread	3.47% (3.47%)
Total assets	$	109,220
Liabilities
Future policy benefits - indexed product embedded derivatives	$	28,720	Discounted cash flow	Credit risk Risk margin	0.65% - 1.70% (1.10%) 0.15% - 0.40% (0.25%)

	December 31, 2017
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(Dollars in thousands)
Assets
Corporate securities	$	27,682	Discounted cash flow	Credit spread	0.91% - 6.20% (4.17%)
Commercial mortgage-backed	72,224		Discounted cash flow	Credit spread	1.40% - 4.10% (2.50%)
Non-redeemable preferred stocks	7,407		Discounted cash flow	Credit spread	2.94% (2.94%)
Total assets	$	107,313
Liabilities
Future policy benefits - indexed product embedded derivatives	$	27,774	Discounted cash flow	Credit risk Risk margin	0.40% - 1.60% (0.90%) 0.15% - 0.40% (0.25%)

The tables above exclude certain securities with the fair value based on non-binding broker quotes for which we could not reasonably obtain the quantitative unobservable inputs.

Level 3 Financial Instruments Changes in Fair Value - Recurring Basis
	March 31, 2018
								Realized and unrealized gains (losses), net
	Balance, December 31, 2017		Purchases		Disposals				Included in net income			Included in other compre-hensive income			Transfers into Level 3 (1)		Transfers out of Level 3 (1)			Amort-ization included in net income			Balance, March 31, 2018
	(Dollars in thousands)
Assets
Corporate securities	$	33,600	$	—	$	(1,091	)		$	—		$	30		$	—	$	(2,000	)	$	(8	)	$	30,531
Residential mortgage-backed securities	9,124		—		—				—			—			—		(9,124		)	—			—
Commercial mortgage-backed securities	85,701		21,875		(227		)		—			(1,838		)	—		(13,477		)	(22		)	92,012
Other asset-backed securities	53,480		8,250		(2,025		)		—			13			—		(47,080		)	—			12,638
Non-redeemable preferred stocks	7,407		—		—				—			(82		)	—		—			—			7,325
Total assets	$	189,312	$	30,125	$	(3,343	)		$	—		$	(1,877	)	$	—	$	(71,681	)	$	(30	)	$	142,506
Liabilities
Future policy benefits - indexed product embedded derivatives	$	27,774	$	2,254	$	(942	)		$	(366	)	$	—		$	—	$	—		$	—		$	28,720

	March 31, 2017
								Realized and unrealized gains (losses), net
	Balance, December 31, 2016		Purchases		Disposals				Included in net income		Included in other compre-hensive income			Transfers into Level 3 (1)		Transfers out of Level 3 (1)			Amort-ization included in net income			Balance, March 31, 2017
	(Dollars in thousands)
Assets
Corporate securities	$	59,119	$	—	$	(1,298	)		$	—	$	(705	)	$	4,408	$	(18,561	)	$	(10	)	$	42,953
Residential mortgage-backed securities	—		15,307		—				—		(1		)	—		—			1			15,307
Commercial mortgage-backed securities	81,434		—		(211		)		—		919			—		(14,544		)	(22		)	67,576
Other asset-backed securities	54,368		12,944		(3,022		)		—		193			7,964		(13,184		)	(10		)	59,253
Non-redeemable preferred stocks	7,411		—		—				—		230			—		—			—			7,641
Total assets	$	202,332	$	28,251	$	(4,531	)		$	—	$	636		$	12,372	$	(46,289	)	$	(41	)	$	192,730
Liabilities
Future policy benefits - indexed product embedded derivatives	$	15,778	$	911	$	(318	)		$	2,216	$	—		$	—	$	—		$	—		$	18,587

(1) Transfers into Level 3 represent assets previously priced using an external pricing service with access to observable inputs no longer available and therefore, were priced using non-binding broker quotes. Transfers out of Level 3 include those assets that we are now able to obtain pricing from a third party pricing vendor that uses observable inputs. The fair values of newly issued securities often require additional estimation until a market is created, which is generally within a few months after issuance. Once a market is created, as was the case for the majority of the security transfers out of the Level 3 category above, Level 2 valuation sources become available. There were no transfers between Level 1 and Level 2 during the periods presented above.

Valuation of our Financial Instruments Not Reported at Fair Value by Hierarchy Levels
	March 31, 2018
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Mortgage loans	$	—	$	—	$	972,107	$	972,107
Policy loans	—		—		232,674		232,674
Other investments	—		—		33,280		33,280
Total assets	$	—	$	—	$	1,238,061	$	1,238,061
Liabilities
Future policy benefits	$	—	$	—	$	4,113,534	$	4,113,534
Supplementary contracts without life contingencies	—		—		315,625		315,625
Advance premiums and other deposits	—		—		260,967		260,967
Long-term debt	—		—		76,388		76,388
Liabilities related to separate accounts	—		—		636,666		636,666
Total liabilities	$	—	$	—	$	5,403,180	$	5,403,180

	December 31, 2017
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Mortgage loans	$	—	$	—	$	989,503	$	989,503
Policy loans	—		—		236,223		236,223
Other investments					28,619		28,619
Total assets	$	—	$	—	$	1,254,345	$	1,254,345
Liabilities
Future policy benefits	$	—	$	—	$	4,119,880	$	4,119,880
Supplementary contracts without life contingencies	—		—		327,151		327,151
Advance premiums and other deposits	—		—		259,099		259,099
Long-term debt	—		—		78,628		78,628
Liabilities related to separate accounts	—		—		649,610		649,610
Total liabilities	$	—	$	—	$	5,434,368	$	5,434,368

Level 3 Financial Instruments Measured at Fair Value on a Nonrecurring Basis

Certain assets are measured at fair value on a nonrecurring basis, generally mortgage loans or real estate that have been deemed to be impaired during the reporting period. There were no mortgage loans or real estate impaired to fair value during the three months ended March 31, 2017 or March 31, 2018.

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Defined Benefit Plan

3 Months Ended

Mar. 31, 2018

Defined Benefit Plan [Abstract]

Defined Benefit Plan

Defined Benefit Plan

We participate with affiliates and an unaffiliated organization in defined benefit pension plans, including a multiemployer plan. Our share of net periodic pension cost for the plans is recorded as expense in our consolidated statements of operations.

Components of Net Periodic Pension Cost for FBL and Affiliates Combined - Multiemployer Plan
		Three months ended March 31,
		2018			2017
	(Dollars in thousands)
Service cost		$	1,493		$	1,388
Interest cost		3,411			3,531
Expected return on assets		(5,562		)	(4,796		)
Amortization of prior service cost		11			33
Amortization of actuarial loss		3,127			2,530
Net periodic pension cost		$	2,480		$	2,686
FBL Financial Group, Inc. share of net periodic pension costs		$	760		$	851

Components of Net Periodic Pension Cost for FBL and Affiliates Combined - Other Plans
		Three months ended March 31,
		2018		2017
	(Dollars in thousands)
Service cost		$	135	$	109
Interest cost		240		251
Amortization of actuarial loss		338		293
Net periodic pension cost		$	713	$	653
FBL Financial Group, Inc. share of net periodic pension costs		$	418	$	388

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Income Taxes Level 1 (Notes)

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Income Tax

Income Taxes

The Tax Act made broad changes to the U.S. tax code impacting our companies, including reducing the federal corporate tax rate from 35% to 21% and numerous base-broadening provisions. We recorded a provisional estimate of the impact of the Tax Act on our deferred tax assets and liabilities as of December 31, 2017. As of March 31, 2018, little guidance regarding the Tax Act has been issued and a number of the Tax Act’s provisions still contain some level of uncertainty.

During the quarter ended March 31, 2018, our income tax provisions and deferred income taxes reflect the lower corporate tax rate and the other provisions of the Tax Act, based on our current understanding of the legislation. Certain provisional estimates used in the determination of deferred tax assets and liabilities at December 31, 2017 have been updated, including the determination of the 8-year transition liability related to tax reserves. However, the adjustments to these estimates only affected the classification of items on the balance sheet and did not impact net income for the first quarter of 2018 or total equity as of March 31, 2018. As additional guidance and information is provided, these estimates will continue to be updated as needed.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Legal Proceedings

In the normal course of business, we may be involved in litigation in which damages are alleged that are substantially in excess of contractual policy benefits or certain other agreements. In recent years, companies in the life insurance and annuity business have faced litigation, including class action lawsuits, alleging improper product design, improper sales practices and similar claims. We are not aware of any claims threatened or pending against FBL Financial Group, Inc. or any of its subsidiaries for which a material loss is reasonably possible.

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Stockholders Equity

3 Months Ended

Mar. 31, 2018

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note

Stockholders’ Equity

Share Repurchases

We periodically repurchase our Class A common stock under programs approved by our Board of Directors. These repurchase programs authorize us to make repurchases in the open market or through privately negotiated transactions, with the timing and terms of the purchases to be determined by management based on market conditions. Under these programs, we repurchased 99,312 shares for $6.8 million during the three months ended March 31, 2018. No repurchases were made during the three months ended March 31, 2017. Completion of the current program is dependent on market conditions and other factors. There is no guarantee as to the exact timing of any repurchases or the number of shares that we will repurchase. The share repurchase program may be modified or terminated at any time without prior notice. At March 31, 2018, $50.0 million remains available for repurchase under the active repurchase program.

Special Dividends

In March 2018, the Board of Directors approved a special $1.50 per share cash dividend payable to Class A and Class B common shareholders totaling $37.3 million. In March 2017, the Board of Directors approved a special $1.50 per share cash dividend payable to Class A and Class B common shareholders totaling $37.4 million.

Reconciliation of Outstanding Common Stock
	Class A					Class B			Total
	Shares		Dollars			Shares	Dollars		Shares		Dollars
	(Dollars in thousands)
Outstanding at January 1, 2017	24,882,542		$	152,903		11,413	$	72	24,893,955		$	152,975
Issuance of common stock under compensation plans	24,005		339			—	—		24,005		339
Outstanding at March 31, 2017	24,906,547		$	153,242		11,413	$	72	24,917,960		$	153,314
Outstanding at January 1, 2018	24,919,113		$	153,589		11,413	$	72	24,930,526		$	153,661
Issuance of common stock under compensation plans	6,762		218			—	—		6,762		218
Purchase of common stock	(99,312	)	(612		)	—	—		(99,312	)	(612		)
Outstanding at March 31, 2018	24,826,563		$	153,195		11,413	$	72	24,837,976		$	153,267

Accumulated Other Comprehensive Income, Net of Tax and Other Offsets
	Unrealized Net Investment Gains (Losses) on Available For Sale Securities (1)			Accumulated Non-Credit Impairment Losses (1)		Underfunded Status of Postretirement Benefit Plans			Total
	(Dollars in thousands)
Balance at January 1, 2017	$	156,963		$	311	$	(7,719	)	$	149,555
Other comprehensive income before reclassifications	14,834			660		—			15,494
Reclassification adjustments	368			—		181			549
Balance at March 31, 2017	$	172,165		$	971	$	(7,538	)	$	165,598
Balance at January 1, 2018	$	295,169		$	537	$	(10,723	)	$	284,983
Net unrealized gains on equity securities (2)	(5,869		)	—		—			(5,869		)
Other comprehensive loss before reclassifications	(95,937		)	2,808		—			(93,129		)
Reclassification adjustments	(25		)	—		262			237
Balance at March 31, 2018	$	193,338		$	3,345	$	(10,461	)	$	186,222

(1) Includes the impact of taxes, deferred acquisition costs, value of insurance in force acquired, unearned revenue reserves and policyholder liabilities. See Note 2 to our consolidated financial statements for further information.

(2) See Note 1 to our consolidated financial statements for further discussion on this one-time adjustment related to an accounting change.

Accumulated Other Comprehensive Income Reclassification Adjustments
	Three months ended March 31, 2018
	Unrealized Net Investment Gains (Losses) on Available For Sale Securities (1)			Accumulated Non-Credit Impairment Losses (1)		Underfunded Status of Postretirement Benefit Plans			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(83	)	$	—	$	—		$	(83	)
Adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	51			—		—			51
Other expenses - change in unrecognized postretirement items:
Net actuarial loss	—			—		331			331
Reclassifications before income taxes	(32		)	—		331			299
Income taxes	7			—		(69		)	(62		)
Reclassification adjustments	$	(25	)	$	—	$	262		$	237

	Three months ended March 31, 2017
	Unrealized Net Investment Gains (Losses) on Available For Sale Securities (1)			Accumulated Non-Credit Impairment Losses (1)		Underfunded Status of Postretirement Benefit Plans			Total
	(Dollars in thousands)
Realized capital losses on sales of investments	$	403		$	—	$	—		$	403
Adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	163			—		—			163
Other expenses - change in unrecognized postretirement items:
Net actuarial loss	—			—		279			279
Reclassifications before income taxes	566			—		279			845
Income taxes	(198		)	—		(98		)	(296		)
Reclassification adjustments	$	368		$	—	$	181		$	549

(1) See Note 2 to our consolidated financial statements for further information.

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Earnings per Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per Share

Computation of Earnings per Common Share

	Three months ended March 31,
	2018		2017
	(Dollars in thousands, except per share data)
Numerator:
Net income attributable to FBL Financial Group, Inc.	$	23,631	$	26,433
Less: Dividends on Series B preferred stock	38		38
Income available to common stockholders	$	23,593	$	26,395
Denominator:
Weighted average shares - basic	25,003,691		25,030,462
Effect of dilutive securities - stock-based compensation	15,818		21,914
Weighted average shares - diluted	25,019,509		25,052,376
Earnings per common share	$	0.94	$	1.05
Earnings per common share - assuming dilution:	$	0.94	$	1.05

There were no antidilutive stock options outstanding in either period presented.

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Segment Information

3 Months Ended

Mar. 31, 2018

Segment Information [Abstract]

Segment Information

Segment Information

We analyze operations by reviewing financial information regarding our primary products that are aggregated into the Annuity and Life Insurance product segments. In addition, our Corporate and Other segment includes various support operations, corporate capital and other product lines that are not currently underwritten by the Company.

We use non-GAAP operating income (a measure of earnings not recognized under GAAP), in addition to net income, to measure our performance. Non-GAAP operating income, for the periods presented, consists of net income adjusted to exclude the initial impact of changes in federal statutory income tax rates and tax laws, realized gains and losses on investments, and the change in net unrealized gains and losses on derivatives and equity securities, which can fluctuate greatly from period to period. These fluctuations make it difficult to analyze core operating trends. In addition, for derivatives not designated as hedges, there is a mismatch between the valuation of the asset and liability when deriving net income (loss). Specifically, call options relating to our indexed business are one-year assets while the embedded derivatives in the indexed contracts represent the rights of the contract holder to receive index credits over the entire period the indexed products are expected to be in force.

Non-GAAP operating income is not a measure used in financial statements prepared in accordance with GAAP, but is a common life insurance industry measure of performance. We use non-GAAP operating income for goal setting, determining short-term incentive compensation and evaluating performance on a basis comparable to that used by many in the investment community.

We analyze our segment results based on pre-tax non-GAAP operating income. Accordingly, income taxes are not allocated to the segments. In addition, non-GAAP operating results are reported net of transactions between the segments. Adjustments to net income are net of amortization of unearned revenue reserves, deferred acquisition costs and value of insurance in force acquired, as well as changes in interest sensitive product reserves and income taxes attributable to these items. While not applicable for the periods reported herein, our non-GAAP operating income policy also calls for adjustments to net income relating to the following:

• settlements or judgments arising from lawsuits, net of any recoveries from third parties,

• the cumulative effect of changes in accounting principles and

• discontinued operations.

Reconciliation Between Net Income and Non-GAAP Operating Income
	Three months ended March 31,
	2018		2017
	(Dollars in thousands)
Net income attributable to FBL Financial Group, Inc.	$	23,631	$	26,433
Net income adjustments:
Impact of the Tax Act (1)	1,069		—
Net realized gains/losses on investments (2) (3)	2,424		554
Change in net unrealized gains/losses on derivatives (2)	509		1
Non-GAAP operating income	$	27,633	$	26,988

(1) Amount represents LIHTC equity losses related to changes in tax rates under the Tax Act. See Note 2 to our consolidated financial statements for further information.

(2) Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred acquisition costs, value of insurance in force acquired, interest sensitive policy reserves and income taxes attributable to these items.

(3) Beginning in 2018, amounts include the change in net unrealized gains/losses on equity securities due to a change in accounting guidance. See Note 1 to our consolidated financial statements for additional information.

Financial Information Concerning our Operating Segments
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Pre-tax non-GAAP operating income:
Annuity	$	16,582		$	16,421
Life Insurance	10,897			13,749
Corporate and Other	1,881			4,162
Total pre-tax non-GAAP operating income	29,360			34,332
Income taxes on non-GAAP operating income	(1,727		)	(7,344		)
Non-GAAP operating income	$	27,633		$	26,988
Non-GAAP operating revenues:
Annuity	$	57,435		$	55,051
Life Insurance	107,727			104,143
Corporate and Other	24,111			23,666
	189,273			182,860
Net realized gains/losses on investments (1) (2)	(3,226		)	(481		)
Change in net unrealized gains/losses on derivatives (1)	(3,872		)	(459		)
Consolidated revenues	$	182,175		$	181,920

(1) Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred acquisition costs, value of insurance in force acquired, interest sensitive policy reserves and income taxes attributable to these items.

(2) Beginning in 2018, amounts include the change in net unrealized gains/losses on equity securities due to a change in accounting guidance. See Note 1 to our consolidated financial statements for additional information.

Interest expense is attributable to the Corporate and Other segment. Expenditures for long-lived assets were not significant during the periods presented above. Goodwill at March 31, 2018 and December 31, 2017 was allocated among the segments as follows: Annuity ($3.9 million) and Life Insurance ($6.1 million).

Securities and indebtedness of related parties is attributable to the Life Insurance and Corporate and Other segments. The following chart provides the related equity income (loss) by segment.

Equity Income (Loss) by Operating Segment
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Pre-tax equity income (loss):
Life Insurance	$	695		$	1,166
Corporate and Other	(1,511		)	(1,624		)
	(816		)	(458		)
Income taxes	3,740			3,689
Equity income, net of related taxes, included in non-GAAP operating income	2,924			3,231
LIHTC equity losses related to the enactment of the Tax Act (1)	(1,069		)	—
Equity income, net of related income taxes	$	1,855		$	3,231

(1) Amount represents LIHTC equity losses related to changes in tax rates under the Tax Act. Such investments are accounted for under the equity method of accounting with income/loss recorded in arrears. See Note 2 to our consolidated financial statements for further information.

Premiums collected, which is not a measure used in financial statements prepared according to GAAP, includes premiums received on life insurance policies and deposits on annuities and universal life-type products. Premiums collected is a common life insurance industry measure of agent productivity. Net premiums collected totaled $169.7 million for the quarter ended March 31, 2018 and $169.9 million for the same period in 2017.

Under GAAP, premiums on whole life and term life policies are recognized as revenues over the premium-paying period and reported in the Life Insurance segment. The following chart provides a reconciliation of life insurance premiums collected to those reported in the GAAP financial statements.

Reconciliation of Traditional Life Insurance Premiums, Net of Reinsurance
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Traditional and universal life insurance premiums collected	$	76,263		$	73,573
Premiums collected on interest sensitive products	(26,582		)	(24,715		)
Traditional life insurance premiums collected	49,681			48,858
Change in due premiums and other	(184		)	(424		)
Traditional life insurance premiums as included in the Consolidated Statements of Operations	$	49,497		$	48,434

There is no comparable GAAP financial measure for premiums collected on annuities and universal life-type products. GAAP revenues for those interest sensitive and variable products consist of various policy charges and fees assessed on those contracts, as summarized in the chart below.

Interest Sensitive Product Charges by Segment
	Three months ended March 31,
	2018		2017
	(Dollars in thousands)
Annuity
Surrender charges and other	$	1,202	$	1,135
Life Insurance
Administration charges	$	4,046	$	3,864
Cost of insurance charges	12,537		12,035
Surrender charges	681		525
Amortization of policy initiation fees	614		664
Total	$	17,878	$	17,088
Corporate and Other
Administration charges	$	1,316	$	1,425
Cost of insurance charges	7,140		7,325
Surrender charges	23		52
Separate account charges	2,145		2,003
Amortization of policy initiation fees	394		173
Total	$	11,018	$	10,978
Interest sensitive product charges as included in the Consolidated Statements of Operations	$	30,098	$	29,201

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Investment Operations (Tables)

3 Months Ended

Mar. 31, 2018

Investment Operations [Abstract]

Available-for-sale Securities [Table Text Block]

Available-For-Sale Fixed Maturity Securities by Investment Category
	March 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Non-credit losses on other-than-temporary impairments (1)
	(Dollars in thousands)
Fixed maturities:
Corporate (2)	$	3,353,388	$	224,254	$	(31,961	)	$	3,545,681	$	290
Residential mortgage-backed	527,971		31,012		(5,439		)	553,544		594
Commercial mortgage-backed	784,999		22,428		(14,151		)	793,276		—
Other asset-backed	796,977		20,347		(3,032		)	814,292		3,350
United States Government and agencies	22,009		1,333		(130		)	23,212		—
States and political subdivisions	1,405,847		113,842		(2,782		)	1,516,907		—
Total fixed maturities	$	6,891,191	$	413,216	$	(57,495	)	$	7,246,912	$	4,234

Available-For-Sale Fixed Maturity and Equity Securities by Investment Category
	December 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Non-credit losses on other-than-temporary impairments (1)
	(Dollars in thousands)
Fixed maturities:
Corporate (2)	$	3,374,927	$	329,299	$	(15,955	)	$	3,688,271	$	(504	)
Residential mortgage-backed	483,671		35,890		(3,280		)	516,281		339
Commercial mortgage-backed	674,076		34,464		(3,233		)	705,307		—
Other asset-backed	818,071		18,645		(3,214		)	833,502		845
United States Government and agencies	23,378		1,606		(79		)	24,905		—
States and political subdivisions	1,383,127		141,813		(1,239		)	1,523,701		—
Total fixed maturities	$	6,757,250	$	561,717	$	(27,000	)	$	7,291,967	$	680
Equity securities:
Non-redeemable preferred stocks	$	92,951	$	7,146	$	(265	)	$	99,832
Common stocks	3,764		549		—			4,313
Total equity securities	$	96,715	$	7,695	$	(265	)	$	104,145

(1) Non-credit losses subsequent to the initial impairment measurement date on other-than-temporary impairment (OTTI) losses are included in the gross unrealized gains and gross unrealized losses columns above. The non-credit loss component of OTTI losses for corporate, residential mortgage-backed, and other asset-backed securities at March 31, 2018 and residential mortgage-backed and other asset-backed securities at December 31, 2017 were in an unrealized gain position due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities.

(2) Corporate securities include hybrid preferred securities with a fair value of $16.8 million at March 31, 2018 and $17.5 million at December 31, 2017. Corporate securities also include redeemable preferred stock with a fair value of $22.0 million at March 31, 2018 and $21.7 million at December 31, 2017.

Investments Classified by Contractual Maturity Date [Table Text Block]

Available-For-Sale Fixed Maturities by Maturity Date
	March 31, 2018
	Amortized Cost		Fair Value
	(Dollars in thousands)
Due in one year or less	$	165,210	$	167,953
Due after one year through five years	588,250		614,089
Due after five years through ten years	730,313		754,274
Due after ten years	3,297,471		3,549,484
	4,781,244		5,085,800
Mortgage-backed and other asset-backed	2,109,947		2,161,112
Total fixed maturities	$	6,891,191	$	7,246,912

Unrealized Gain (Loss) on Investments [Table Text Block]

Net Unrealized Gains on Investments in Accumulated Other Comprehensive Income
	March 31, 2018			December 31, 2017
	(Dollars in thousands)
Net unrealized appreciation on:
Fixed maturities - available for sale	$	355,721		$	534,718
Equity securities - available for sale	—			7,430
	355,721			542,148
Adjustments for assumed changes in amortization pattern of:
Deferred acquisition costs	(93,953		)	(147,173		)
Value of insurance in force acquired	(11,716		)	(14,870		)
Unearned revenue reserve	8,318			12,705
Adjustments for assumed changes in policyholder liabilities	(9,407		)	(18,499		)
Provision for deferred income taxes	(52,280		)	(78,605		)
Net unrealized investment gains	$	196,683		$	295,706

Schedule of Unrealized Loss on Investments [Table Text Block]

Fixed Maturity Securities with Unrealized Losses by Length of Time
	March 31, 2018
	Less than one year					One year or more					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Percent of Total
	(Dollars in thousands)
Fixed maturities:
Corporate	$	516,564	$	(13,180	)	$	162,871	$	(18,781	)	$	679,435	$	(31,961	)	55.6	%
Residential mortgage-backed	170,226		(4,091		)	31,038		(1,348		)	201,264		(5,439		)	9.5
Commercial mortgage-backed	346,486		(12,199		)	18,419		(1,952		)	364,905		(14,151		)	24.6
Other asset-backed	251,682		(1,633		)	64,222		(1,399		)	315,904		(3,032		)	5.3
United States Government and agencies	5,106		(83		)	2,324		(47		)	7,430		(130		)	0.2
States and political subdivisions	78,770		(1,276		)	17,463		(1,506		)	96,233		(2,782		)	4.8
Total fixed maturities	$	1,368,834	$	(32,462	)	$	296,337	$	(25,033	)	$	1,665,171	$	(57,495	)	100.0	%

Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time
	December 31, 2017
	Less than one year					One year or more					Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Percent of Total
	(Dollars in thousands)
Fixed maturities:
Corporate	$	85,019	$	(1,261	)	$	183,820	$	(14,694	)	$	268,839	$	(15,955	)	59.1	%
Residential mortgage-backed	76,393		(1,757		)	31,779		(1,523		)	108,172		(3,280		)	12.1
Commercial mortgage-backed	151,158		(2,078		)	16,398		(1,155		)	167,556		(3,233		)	12.0
Other asset-backed	159,111		(2,006		)	71,064		(1,208		)	230,175		(3,214		)	11.9
United States Government and agencies	5,698		(47		)	1,864		(32		)	7,562		(79		)	0.3
States and political subdivisions	5,904		(96		)	20,505		(1,143		)	26,409		(1,239		)	4.6
Total fixed maturities	$	483,283	$	(7,245	)	$	325,430	$	(19,755	)	$	808,713	$	(27,000	)	100.0	%
Equity securities:
Non-redeemable preferred stocks	$	2,819	$	(71	)	$	4,807	$	(194	)	$	7,626	$	(265	)
Total equity securities	$	2,819	$	(71	)	$	4,807	$	(194	)	$	7,626	$	(265	)

Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]

Credit Loss Component of Other-Than-Temporary Impairments on Fixed Maturities
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Balance at beginning of period	$	(12,392	)	$	(14,500	)
Reductions due to investments sold or paid down	271			349
Reduction for credit loss that no longer has a portion of the OTTI loss recognized in other comprehensive income	2,529			587
Balance at end of period	$	(9,592	)	$	(13,564	)

Realized Gain (Loss) on Investments [Table Text Block]

Realized Gains (Losses) - Recorded in Income
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Realized gains (losses) on sales of investments
Fixed maturities:
Gross gains	$	83		$	124
Gross losses	—			(527		)
Other long-term investments	(13		)	—
	70			(403		)
Net unrealized losses recognized during the period on equity securities held at the end of the period (1)	(1,817		)	—
Net realized losses	(1,747		)	(403		)
Impairment losses recognized in earnings:
Other credit-related (2)	(1,295		)	(66		)
Net realized losses on investments recorded in income	$	(3,042	)	$	(469	)

(1) See Note 1 to our consolidated financial statements for discussion of change in accounting policy for equity securities during the quarter.

(2) Amount represents credit-related losses for fixed maturities written down to fair value through income and impairment losses related to investments accounted for under the equity method of accounting, which are included in securities and indebtedness of related parties within our consolidated balance sheets.

Mortgage Loans by Colateral Type [Table Text Block]

Mortgage Loans by Collateral Type
	March 31, 2018				December 31, 2017
Collateral Type	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
Office	$	413,120	42.6	%	$	410,090	42.2	%
Retail	288,683		29.8		292,257		30.1
Industrial	205,107		21.2		207,180		21.3
Other	61,754		6.4		62,285		6.4
Total	$	968,664	100.0	%	$	971,812	100.0	%

Mortgage Loans by Geograpic Location [Table Text Block]

Mortgage Loans by Geographic Location within the United States
	March 31, 2018				December 31, 2017
Region of the United States	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
South Atlantic	$	295,318	30.5	%	$	296,947	30.5	%
Pacific	144,935		14.9		146,320		15.0
West North Central	125,609		13.0		127,096		13.1
Mountain	104,298		10.8		105,627		10.9
East North Central	90,764		9.4		91,971		9.5
West South Central	90,511		9.3		85,566		8.8
East South Central	66,661		6.9		67,228		6.9
New England	34,665		3.6		35,005		3.6
Middle Atlantic	15,903		1.6		16,052		1.7
Total	$	968,664	100.0	%	$	971,812	100.0	%

Mortgage Loans by loan to value ratio [Table Text Block]

Mortgage Loans by Loan-to-Value Ratio
	March 31, 2018				December 31, 2017
Loan-to-Value Ratio	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
0% - 50%	$	360,416	37.2	%	$	334,037	34.4	%
51% - 60%	236,382		24.5		258,359		26.6
61% - 70%	301,469		31.1		297,404		30.6
71% - 80%	51,621		5.3		63,116		6.5
81% - 90%	18,776		1.9		18,896		1.9
Total	$	968,664	100.0	%	$	971,812	100.0	%

Mortgage loans by year of origination [Table Text Block]

Mortgage Loans by Year of Origination
	March 31, 2018				December 31, 2017
Year of Origination	Carrying Value		Percent of Total		Carrying Value		Percent of Total
	(Dollars in thousands)
2018	$	5,800	0.5	%	$	—	—	%
2017	212,785		22.0		214,365		22.1
2016	153,147		15.8		154,359		15.9
2015	143,457		14.8		144,890		14.9
2014	77,119		8.0		77,866		8.0
2013 and prior	376,356		38.9		380,332		39.1
Total	$	968,664	100.0	%	$	971,812	100.0	%

Impaired Financing Receivables [Table Text Block]

Impaired Mortgage Loans
	March 31, 2018			December 31, 2017
	(Dollars in thousands)
Unpaid principal balance	$	18,927		$	19,027
Less:
Related allowance	(447		)	(497		)
Carrying value of impaired mortgage loans	$	18,480		$	18,530

Allowance for Credit Losses on Financing Receivables [Table Text Block]

Allowance on Mortgage Loans
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Balance at beginning of period	$	497		$	713
Recoveries	(50		)	(50		)
Balance at end of period	$	447		$	663

Affordable Housing Program [Text Block]

The carrying value of these investments totaled $79.2 million at March 31, 2018 and $82.4 million at December 31, 2017. Equity income from these investments as reported in our consolidated statement of operations is as follows:

LIHTC Equity Income (Loss), Net of Related Income Taxes
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Equity losses from LIHTC	$	(3,005	)	$	(1,805	)
Income tax benefits:
Tax benefits from equity losses	631			632
Investment tax credits	3,569			3,529
Equity income from LIHTC, net of related income tax benefits	$	1,195		$	2,356

At March 31, 2018, we had committed to provide additional funds for limited partnerships and limited liability companies in which we invest. The amounts of these unfunded commitments totaled $47.5 million, including $1.7 million for LIHTC commitments, which are summarized by year in the following table.

LIHTC Commitments by Year
	March 31, 2018
	(Dollars in thousands)
2018	$	810
2019	46
2020-2025	811
Total	$	1,667

Schedule of Variable Interest Entities [Table Text Block]

VIE Investments by Category
	March 31, 2018				December 31, 2017
	Carrying Value		Maximum Exposure to Loss		Carrying Value		Maximum Exposure to Loss
	(Dollars in thousands)
LIHTC	$	79,176	$	80,843	$	82,417	$	84,103
Investment companies	28,418		63,054		25,335		62,372
Real estate limited partnerships	9,151		20,129		8,589		20,590
Other	728		955		1,182		1,488
Total	$	117,473	$	164,981	$	117,523	$	168,553

Schedule of Derivative Instruments [Table Text Block]

Derivatives Instruments by Type
	March 31, 2018		December 31, 2017
	(Dollars in thousands)
Assets
Freestanding derivatives:
Call options (reported in other investments)	$	12,760	$	14,824
Embedded derivatives:
Modified coinsurance (reported in reinsurance recoverable)	1,069		2,125
Interest-only security (reported in fixed maturities)	1,852		2,096
Total assets	$	15,681	$	19,045
Liabilities
Embedded derivatives:
Indexed annuity and universal life products (reported in liability for future policy benefits)	$	28,720	$	27,774
Modified coinsurance agreements (reported in other liabilities)	154		268
Total liabilities	$	28,874	$	28,042

Derivative Income (Loss)
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Change in fair value of free standing derivatives:
Call options	$	(1,152	)	$	2,365
Change in fair value of embedded derivatives:
Modified coinsurance agreements	(943		)	(1,410		)
Interest-only security	(35		)	(21		)
Indexed annuity and universal life products	2,664			409
Total income from derivatives	$	534		$	1,343

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Fair Values (Tables)

3 Months Ended

Mar. 31, 2018

Fair Values [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]

Fair Values and Carrying Values
	March 31, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Dollars in thousands)
Assets
Fixed maturities - available for sale	$	7,246,912	$	7,246,912	$	7,291,967	$	7,291,967
Equity securities	103,920		103,920		104,145		104,145
Mortgage loans	968,664		972,107		971,812		989,503
Policy loans	193,413		232,674		191,398		236,223
Other investments	44,950		46,040		42,318		43,443
Cash, cash equivalents and short-term investments	43,728		43,728		69,703		69,703
Reinsurance recoverable	1,069		1,069		2,125		2,125
Assets held in separate accounts	638,751		638,751		651,963		651,963

Liabilities
Future policy benefits	$	4,332,983	$	4,142,254	$	4,192,367	$	4,147,654
Supplementary contracts without life contingencies	317,541		315,625		322,630		327,151
Advance premiums and other deposits	260,967		260,967		259,099		259,099
Long-term debt	97,000		76,388		97,000		78,628
Other liabilities	154		154		268		268
Liabilities related to separate accounts	638,751		636,666		651,963		649,610

Valuation of our Financial Instruments Measured on Recurring Basis by hierarchy levels [Table Text Block]

Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels
	March 31, 2018
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Fixed maturities:
Corporate securities	$	—	$	3,515,151	$	30,530	$	3,545,681
Residential mortgage-backed securities	—		553,544		—		553,544
Commercial mortgage-backed securities	—		701,263		92,013		793,276
Other asset-backed securities	—		801,654		12,638		814,292
United States Government and agencies	8,961		14,251		—		23,212
States and political subdivisions	—		1,516,907		—		1,516,907
Total fixed maturities	8,961		7,102,770		135,181		7,246,912
Non-redeemable preferred stocks	—		90,877		7,325		98,202
Common stocks (1)	5,218		—		—		5,218
Other investments	—		12,760		—		12,760
Cash, cash equivalents and short-term investments	43,728		—		—		43,728
Reinsurance recoverable	—		1,069		—		1,069
Assets held in separate accounts	638,751		—		—		638,751
Total assets	$	696,658	$	7,207,476	$	142,506	$	8,046,640
Liabilities
Future policy benefits - indexed product embedded derivatives	$	—	$	—	$	28,720	$	28,720
Other liabilities	—		154		—		154
Total liabilities	$	—	$	154	$	28,720	$	28,874

(1) During 2018, we invested in a private equity fund totaling $0.5 million measured at fair value using net asset value (NAV) per share as a practical expedient, which have not been classified in the fair value hierarchy above per fair value reporting guidance. This fund invests in senior secured middle market loans and has unfunded commitments totaling $9.5 million at March 31, 2018. The investment is not currently eligible for redemption.

Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels
	December 31, 2017
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Fixed maturities:
Corporate securities	$	—	$	3,654,671	$	33,600	$	3,688,271
Residential mortgage-backed securities	—		507,157		9,124		516,281
Commercial mortgage-backed securities	—		619,606		85,701		705,307
Other asset-backed securities	—		780,022		53,480		833,502
United States Government and agencies	9,078		15,827		—		24,905
States and political subdivisions	—		1,523,701		—		1,523,701
Total fixed maturities	9,078		7,100,984		181,905		7,291,967
Non-redeemable preferred stocks	—		92,425		7,407		99,832
Common stocks	4,313		—		—		4,313
Other investments	—		14,824		—		14,824
Cash, cash equivalents and short-term investments	69,703		—		—		69,703
Reinsurance recoverable	—		2,125		—		2,125
Assets held in separate accounts	651,963		—		—		651,963
Total assets	$	735,057	$	7,210,358	$	189,312	$	8,134,727
Liabilities
Future policy benefits - indexed product embedded derivatives	$	—	$	—	$	27,774	$	27,774
Other liabilities	—		268		—		268
Total liabilities	$	—	$	268	$	27,774	$	28,042

Level 3 fixed maturities on Measurement on Recurring Basis by Valuation Technique [Table Text Block]

Level 3 Assets by Valuation Source - Recurring Basis
	March 31, 2018
	Third-party vendors			Priced internally			Total
	(Dollars in thousands)
Corporate securities	$	2,407		$	28,123		$	30,530
Commercial mortgage-backed securities	92,013			—			92,013
Other asset-backed securities	8,263			4,375			12,638
Non-redeemable preferred stocks	—			7,325			7,325
Total assets	$	102,683		$	39,823		$	142,506
Percent of total	72.1		%	27.9		%	100.0		%

	December 31, 2017
	Third-party vendors			Priced internally			Total
	(Dollars in thousands)
Corporate securities	$	4,555		$	29,045		$	33,600
Residential mortgage-backed securities	9,124			—			9,124
Commercial mortgage-backed securities	85,701			—			85,701
Other asset-backed securities	47,080			6,400			53,480
Non-redeemable preferred stocks	—			7,407			7,407
Total assets	$	146,460		$	42,852		$	189,312
Percent of total	77.4		%	22.6		%	100.0		%

Quantitative Information about Level 3 Fair Value Measurement Inputs [Text Block]

Quantitative Information about Level 3 Fair Value Measurements - Recurring Basis
	March 31, 2018
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(Dollars in thousands)
Assets
Corporate securities	$	26,744	Discounted cash flow	Credit spread	1.04% - 5.75% (3.75%)
Commercial mortgage-backed	70,138		Discounted cash flow	Credit spread	1.40% - 4.10% (2.57%)
Other asset-backed securities	5,013		Discounted cash flow	Credit spread	1.55% - 1.95% (1.77%)
Non-redeemable preferred stocks	7,325		Discounted cash flow	Credit spread	3.47% (3.47%)
Total assets	$	109,220
Liabilities
Future policy benefits - indexed product embedded derivatives	$	28,720	Discounted cash flow	Credit risk Risk margin	0.65% - 1.70% (1.10%) 0.15% - 0.40% (0.25%)

	December 31, 2017
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(Dollars in thousands)
Assets
Corporate securities	$	27,682	Discounted cash flow	Credit spread	0.91% - 6.20% (4.17%)
Commercial mortgage-backed	72,224		Discounted cash flow	Credit spread	1.40% - 4.10% (2.50%)
Non-redeemable preferred stocks	7,407		Discounted cash flow	Credit spread	2.94% (2.94%)
Total assets	$	107,313
Liabilities
Future policy benefits - indexed product embedded derivatives	$	27,774	Discounted cash flow	Credit risk Risk margin	0.40% - 1.60% (0.90%) 0.15% - 0.40% (0.25%)

Level 3 Financial Instruments Changes in Fair Value [Table Text Block]

Level 3 Financial Instruments Changes in Fair Value - Recurring Basis
	March 31, 2018
								Realized and unrealized gains (losses), net
	Balance, December 31, 2017		Purchases		Disposals				Included in net income			Included in other compre-hensive income			Transfers into Level 3 (1)		Transfers out of Level 3 (1)			Amort-ization included in net income			Balance, March 31, 2018
	(Dollars in thousands)
Assets
Corporate securities	$	33,600	$	—	$	(1,091	)		$	—		$	30		$	—	$	(2,000	)	$	(8	)	$	30,531
Residential mortgage-backed securities	9,124		—		—				—			—			—		(9,124		)	—			—
Commercial mortgage-backed securities	85,701		21,875		(227		)		—			(1,838		)	—		(13,477		)	(22		)	92,012
Other asset-backed securities	53,480		8,250		(2,025		)		—			13			—		(47,080		)	—			12,638
Non-redeemable preferred stocks	7,407		—		—				—			(82		)	—		—			—			7,325
Total assets	$	189,312	$	30,125	$	(3,343	)		$	—		$	(1,877	)	$	—	$	(71,681	)	$	(30	)	$	142,506
Liabilities
Future policy benefits - indexed product embedded derivatives	$	27,774	$	2,254	$	(942	)		$	(366	)	$	—		$	—	$	—		$	—		$	28,720

	March 31, 2017
								Realized and unrealized gains (losses), net
	Balance, December 31, 2016		Purchases		Disposals				Included in net income		Included in other compre-hensive income			Transfers into Level 3 (1)		Transfers out of Level 3 (1)			Amort-ization included in net income			Balance, March 31, 2017
	(Dollars in thousands)
Assets
Corporate securities	$	59,119	$	—	$	(1,298	)		$	—	$	(705	)	$	4,408	$	(18,561	)	$	(10	)	$	42,953
Residential mortgage-backed securities	—		15,307		—				—		(1		)	—		—			1			15,307
Commercial mortgage-backed securities	81,434		—		(211		)		—		919			—		(14,544		)	(22		)	67,576
Other asset-backed securities	54,368		12,944		(3,022		)		—		193			7,964		(13,184		)	(10		)	59,253
Non-redeemable preferred stocks	7,411		—		—				—		230			—		—			—			7,641
Total assets	$	202,332	$	28,251	$	(4,531	)		$	—	$	636		$	12,372	$	(46,289	)	$	(41	)	$	192,730
Liabilities
Future policy benefits - indexed product embedded derivatives	$	15,778	$	911	$	(318	)		$	2,216	$	—		$	—	$	—		$	—		$	18,587

(1) Transfers into Level 3 represent assets previously priced using an external pricing service with access to observable inputs no longer available and therefore, were priced using non-binding broker quotes. Transfers out of Level 3 include those assets that we are now able to obtain pricing from a third party pricing vendor that uses observable inputs. The fair values of newly issued securities often require additional estimation until a market is created, which is generally within a few months after issuance. Once a market is created, as was the case for the majority of the security transfers out of the Level 3 category above, Level 2 valuation sources become available. There were no transfers between Level 1 and Level 2 during the periods presented above.

Financial Instruments Not Reported at Value [Table Text Block]

Valuation of our Financial Instruments Not Reported at Fair Value by Hierarchy Levels
	March 31, 2018
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Mortgage loans	$	—	$	—	$	972,107	$	972,107
Policy loans	—		—		232,674		232,674
Other investments	—		—		33,280		33,280
Total assets	$	—	$	—	$	1,238,061	$	1,238,061
Liabilities
Future policy benefits	$	—	$	—	$	4,113,534	$	4,113,534
Supplementary contracts without life contingencies	—		—		315,625		315,625
Advance premiums and other deposits	—		—		260,967		260,967
Long-term debt	—		—		76,388		76,388
Liabilities related to separate accounts	—		—		636,666		636,666
Total liabilities	$	—	$	—	$	5,403,180	$	5,403,180

	December 31, 2017
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	(Dollars in thousands)
Assets
Mortgage loans	$	—	$	—	$	989,503	$	989,503
Policy loans	—		—		236,223		236,223
Other investments					28,619		28,619
Total assets	$	—	$	—	$	1,254,345	$	1,254,345
Liabilities
Future policy benefits	$	—	$	—	$	4,119,880	$	4,119,880
Supplementary contracts without life contingencies	—		—		327,151		327,151
Advance premiums and other deposits	—		—		259,099		259,099
Long-term debt	—		—		78,628		78,628
Liabilities related to separate accounts	—		—		649,610		649,610
Total liabilities	$	—	$	—	$	5,434,368	$	5,434,368

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Defined Benefit Plan (Tables)

3 Months Ended

Mar. 31, 2018

Defined Benefit Plan [Abstract]

Schedule of Net Benefit Costs [Table Text Block]

Components of Net Periodic Pension Cost for FBL and Affiliates Combined - Multiemployer Plan
		Three months ended March 31,
		2018			2017
	(Dollars in thousands)
Service cost		$	1,493		$	1,388
Interest cost		3,411			3,531
Expected return on assets		(5,562		)	(4,796		)
Amortization of prior service cost		11			33
Amortization of actuarial loss		3,127			2,530
Net periodic pension cost		$	2,480		$	2,686
FBL Financial Group, Inc. share of net periodic pension costs		$	760		$	851

Components of Net Periodic Pension Cost for FBL and Affiliates Combined - Other Plans
		Three months ended March 31,
		2018		2017
	(Dollars in thousands)
Service cost		$	135	$	109
Interest cost		240		251
Amortization of actuarial loss		338		293
Net periodic pension cost		$	713	$	653
FBL Financial Group, Inc. share of net periodic pension costs		$	418	$	388

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Stockholders Equity (Tables)

3 Months Ended

Mar. 31, 2018

Stockholders' Equity Note [Abstract]

Schedule of Stock by Class [Table Text Block]

Reconciliation of Outstanding Common Stock
	Class A					Class B			Total
	Shares		Dollars			Shares	Dollars		Shares		Dollars
	(Dollars in thousands)
Outstanding at January 1, 2017	24,882,542		$	152,903		11,413	$	72	24,893,955		$	152,975
Issuance of common stock under compensation plans	24,005		339			—	—		24,005		339
Outstanding at March 31, 2017	24,906,547		$	153,242		11,413	$	72	24,917,960		$	153,314
Outstanding at January 1, 2018	24,919,113		$	153,589		11,413	$	72	24,930,526		$	153,661
Issuance of common stock under compensation plans	6,762		218			—	—		6,762		218
Purchase of common stock	(99,312	)	(612		)	—	—		(99,312	)	(612		)
Outstanding at March 31, 2018	24,826,563		$	153,195		11,413	$	72	24,837,976		$	153,267

Schedule of Comprehensive Income (Loss) [Table Text Block]

Accumulated Other Comprehensive Income, Net of Tax and Other Offsets
	Unrealized Net Investment Gains (Losses) on Available For Sale Securities (1)			Accumulated Non-Credit Impairment Losses (1)		Underfunded Status of Postretirement Benefit Plans			Total
	(Dollars in thousands)
Balance at January 1, 2017	$	156,963		$	311	$	(7,719	)	$	149,555
Other comprehensive income before reclassifications	14,834			660		—			15,494
Reclassification adjustments	368			—		181			549
Balance at March 31, 2017	$	172,165		$	971	$	(7,538	)	$	165,598
Balance at January 1, 2018	$	295,169		$	537	$	(10,723	)	$	284,983
Net unrealized gains on equity securities (2)	(5,869		)	—		—			(5,869		)
Other comprehensive loss before reclassifications	(95,937		)	2,808		—			(93,129		)
Reclassification adjustments	(25		)	—		262			237
Balance at March 31, 2018	$	193,338		$	3,345	$	(10,461	)	$	186,222

(1) Includes the impact of taxes, deferred acquisition costs, value of insurance in force acquired, unearned revenue reserves and policyholder liabilities. See Note 2 to our consolidated financial statements for further information.

(2) See Note 1 to our consolidated financial statements for further discussion on this one-time adjustment related to an accounting change.

Disclosure of Reclassification Amount [Text Block]

Accumulated Other Comprehensive Income Reclassification Adjustments
	Three months ended March 31, 2018
	Unrealized Net Investment Gains (Losses) on Available For Sale Securities (1)			Accumulated Non-Credit Impairment Losses (1)		Underfunded Status of Postretirement Benefit Plans			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(83	)	$	—	$	—		$	(83	)
Adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	51			—		—			51
Other expenses - change in unrecognized postretirement items:
Net actuarial loss	—			—		331			331
Reclassifications before income taxes	(32		)	—		331			299
Income taxes	7			—		(69		)	(62		)
Reclassification adjustments	$	(25	)	$	—	$	262		$	237

	Three months ended March 31, 2017
	Unrealized Net Investment Gains (Losses) on Available For Sale Securities (1)			Accumulated Non-Credit Impairment Losses (1)		Underfunded Status of Postretirement Benefit Plans			Total
	(Dollars in thousands)
Realized capital losses on sales of investments	$	403		$	—	$	—		$	403
Adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	163			—		—			163
Other expenses - change in unrecognized postretirement items:
Net actuarial loss	—			—		279			279
Reclassifications before income taxes	566			—		279			845
Income taxes	(198		)	—		(98		)	(296		)
Reclassification adjustments	$	368		$	—	$	181		$	549

(1) See Note 2 to our consolidated financial statements for further information.

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Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Computation of Earnings per Common Share

	Three months ended March 31,
	2018		2017
	(Dollars in thousands, except per share data)
Numerator:
Net income attributable to FBL Financial Group, Inc.	$	23,631	$	26,433
Less: Dividends on Series B preferred stock	38		38
Income available to common stockholders	$	23,593	$	26,395
Denominator:
Weighted average shares - basic	25,003,691		25,030,462
Effect of dilutive securities - stock-based compensation	15,818		21,914
Weighted average shares - diluted	25,019,509		25,052,376
Earnings per common share	$	0.94	$	1.05
Earnings per common share - assuming dilution:	$	0.94	$	1.05

There were no antidilutive stock options outstanding in either period presented.

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

Segment Information [Abstract]

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

Reconciliation Between Net Income and Non-GAAP Operating Income
	Three months ended March 31,
	2018		2017
	(Dollars in thousands)
Net income attributable to FBL Financial Group, Inc.	$	23,631	$	26,433
Net income adjustments:
Impact of the Tax Act (1)	1,069		—
Net realized gains/losses on investments (2) (3)	2,424		554
Change in net unrealized gains/losses on derivatives (2)	509		1
Non-GAAP operating income	$	27,633	$	26,988

(1) Amount represents LIHTC equity losses related to changes in tax rates under the Tax Act. See Note 2 to our consolidated financial statements for further information.

(2) Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred acquisition costs, value of insurance in force acquired, interest sensitive policy reserves and income taxes attributable to these items.

(3) Beginning in 2018, amounts include the change in net unrealized gains/losses on equity securities due to a change in accounting guidance. See Note 1 to our consolidated financial statements for additional information.

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

Financial Information Concerning our Operating Segments
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Pre-tax non-GAAP operating income:
Annuity	$	16,582		$	16,421
Life Insurance	10,897			13,749
Corporate and Other	1,881			4,162
Total pre-tax non-GAAP operating income	29,360			34,332
Income taxes on non-GAAP operating income	(1,727		)	(7,344		)
Non-GAAP operating income	$	27,633		$	26,988
Non-GAAP operating revenues:
Annuity	$	57,435		$	55,051
Life Insurance	107,727			104,143
Corporate and Other	24,111			23,666
	189,273			182,860
Net realized gains/losses on investments (1) (2)	(3,226		)	(481		)
Change in net unrealized gains/losses on derivatives (1)	(3,872		)	(459		)
Consolidated revenues	$	182,175		$	181,920

(1) Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred acquisition costs, value of insurance in force acquired, interest sensitive policy reserves and income taxes attributable to these items.

(2) Beginning in 2018, amounts include the change in net unrealized gains/losses on equity securities due to a change in accounting guidance. See Note 1 to our consolidated financial statements for additional information.

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Equity Income (Loss) by Operating Segment
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Pre-tax equity income (loss):
Life Insurance	$	695		$	1,166
Corporate and Other	(1,511		)	(1,624		)
	(816		)	(458		)
Income taxes	3,740			3,689
Equity income, net of related taxes, included in non-GAAP operating income	2,924			3,231
LIHTC equity losses related to the enactment of the Tax Act (1)	(1,069		)	—
Equity income, net of related income taxes	$	1,855		$	3,231

(1) Amount represents LIHTC equity losses related to changes in tax rates under the Tax Act. Such investments are accounted for under the equity method of accounting with income/loss recorded in arrears. See Note 2 to our consolidated financial statements for further information.

Reconciliation of Non-GAAP measures [Table Text Block]

Reconciliation of Traditional Life Insurance Premiums, Net of Reinsurance
	Three months ended March 31,
	2018			2017
	(Dollars in thousands)
Traditional and universal life insurance premiums collected	$	76,263		$	73,573
Premiums collected on interest sensitive products	(26,582		)	(24,715		)
Traditional life insurance premiums collected	49,681			48,858
Change in due premiums and other	(184		)	(424		)
Traditional life insurance premiums as included in the Consolidated Statements of Operations	$	49,497		$	48,434

There is no comparable GAAP financial measure for premiums collected on annuities and universal life-type products. GAAP revenues for those interest sensitive and variable products consist of various policy charges and fees assessed on those contracts, as summarized in the chart below.

Interest Sensitive Product Charges by Segment
	Three months ended March 31,
	2018		2017
	(Dollars in thousands)
Annuity
Surrender charges and other	$	1,202	$	1,135
Life Insurance
Administration charges	$	4,046	$	3,864
Cost of insurance charges	12,537		12,035
Surrender charges	681		525
Amortization of policy initiation fees	614		664
Total	$	17,878	$	17,088
Corporate and Other
Administration charges	$	1,316	$	1,425
Cost of insurance charges	7,140		7,325
Surrender charges	23		52
Separate account charges	2,145		2,003
Amortization of policy initiation fees	394		173
Total	$	11,018	$	10,978
Interest sensitive product charges as included in the Consolidated Statements of Operations	$	30,098	$	29,201

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Significant Accounting Policies Recent accounting pronouncements (Details) - Accounting Standards Update 2016-01 [Member] $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($) $ / shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 0
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income	$ 1,300
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Basic Earnings Per Share | $ / shares	$ 0.05
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Diluted Earnings Per Share | $ / shares	$ 0.05
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 5,869

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Investment Operations Available-for-sale Securities (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis		$ 6,891,191	$ 6,757,250
Available-for-sale Equity Securities, Amortized Cost Basis		96,715	96,715
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis		6,891,191	6,757,250
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		413,216	561,717
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		(57,495)	(27,000)
Available-for-sale Securities		7,246,912	7,291,967
Non-credit losses on other-than-temporary impairments	[1]	4,234	680
Corporate
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		3,353,388	3,374,927
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		224,254	329,299
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		(31,961)	(15,955)
Available-for-sale Securities	[2]	3,545,681	3,688,271
Non-credit losses on other-than-temporary impairments		290	(504)
Hybrid preferred securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities		16,800	17,500
Redeemable Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities		22,000	21,700
Residential mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		527,971	483,671
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		31,012	35,890
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		(5,439)	(3,280)
Available-for-sale Securities		553,544	516,281
Non-credit losses on other-than-temporary impairments		594	339
Commercial mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		784,999	674,076
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		22,428	34,464
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		(14,151)	(3,233)
Available-for-sale Securities		793,276	705,307
Non-credit losses on other-than-temporary impairments		0	0
Other asset backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		796,977	818,071
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		20,347	18,645
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		(3,032)	(3,214)
Available-for-sale Securities		814,292	833,502
Non-credit losses on other-than-temporary impairments		3,350	845
United States Government and agencies
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		22,009	23,378
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		1,333	1,606
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		(130)	(79)
Available-for-sale Securities		23,212	24,905
Non-credit losses on other-than-temporary impairments		0	0
State, municipal and other government [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		1,405,847	1,383,127
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax		113,842	141,813
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax		(2,782)	(1,239)
Available-for-sale Securities		1,516,907	1,523,701
Non-credit losses on other-than-temporary impairments		$ 0	0
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Equity Securities, Amortized Cost Basis			96,715
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax			7,695
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax			(265)
Available-for-sale Securities			104,145
Non-redeemable preferred stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost			92,951
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax			7,146
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax			(265)
Available-for-sale Securities			99,832
Common Stock
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost			3,764
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax			549
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax			0
Available-for-sale Securities			$ 4,313

[1] Non-credit losses subsequent to the initial impairment measurement date on other-than-temporary impairment (OTTI) losses are included in the gross unrealized gains and gross unrealized losses columns above. The non-credit loss component of OTTI losses for corporate, residential mortgage-backed, and other asset-backed securities at March 31, 2018 and residential mortgage-backed and other asset-backed securities at December 31, 2017 were in an unrealized gain position due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities.

[2] Corporate securities include hybrid preferred securities with a fair value of $16.8 million at March 31, 2018 and $17.5 million at December 31, 2017. Corporate securities also include redeemable preferred stock with a fair value of $22.0 million at March 31, 2018 and $21.7 million at December 31, 2017.

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Investment Operations Available-for-sale Fixed Maturities by Maturity Date (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Due in one year or less, amortized cost basis	$ 165,210
Due after one year through five years, amortized cost basis	588,250
Due after five years through ten years, amortized cost basis	730,313
Due after ten years, amortized cost basis	3,297,471
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis	4,781,244
Mortgage-backed and other asset-backed, amortized cost basis	2,109,947
Total fixed maturities, amortized cost basis	6,891,191	$ 6,757,250
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less, fair value	167,953
Due after one year through five years, fair value	614,089
Due after five years through ten years, fair value	754,274
Due after ten years, fair value	3,549,484
Total fixed maturities with maturity date, fair value	5,085,800
Mortgage-backed and other asset-backed, fair value	2,161,112
Total fixed maturities, fair value	$ 7,246,912	$ 7,291,967

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Investment Operations Net Unrealized Gains (Losses) on Investments in AOCI (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net Unrealized Gains Losses [Line Items]
Assumed changes in amortization of DAC	$ (93,953)	$ (147,173)
Assumed changes in amortization pattern of VIIF	(11,716)	(14,870)
Assumed changes in amortization pattern of URR	8,318	12,705
Assumed change in policyholder liability	(9,407)	(18,499)
Provision for deferred income taxes	(52,280)	(78,605)
Accumulated other comprehensive income	186,222	284,983	$ 149,555
Debt Securities [Member]
Net Unrealized Gains Losses [Line Items]
Unrealized appreciation on fixed maturities available for sale	355,721	534,718
Equity Securities [Member]
Net Unrealized Gains Losses [Line Items]
Unrealized appreciation on fixed maturities available for sale		7,430
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Net Unrealized Gains Losses [Line Items]
Unrealized appreciation on fixed maturities available for sale	355,721	542,148
Accumulated other comprehensive income	$ 196,683	$ 295,706

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Investment Operations Unrealized Losses by Length of Time (Details) $ in Thousands	Mar. 31, 2018 USD ($) issuers securities	Dec. 31, 2017 USD ($) issuers securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities	475	247
Available For Sale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Issuers | issuers	301	154
Corporate Securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 516,564	$ 85,019
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(13,180)	(1,261)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	162,871	183,820
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(18,781)	(14,694)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	679,435	268,839
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (31,961)	$ (15,955)
percent of total	55.60%	59.10%
Available for sale Securities Continuous Unrealized Loss Position Maximum Loss by issuer	$ 2,900
Residential mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	170,226	$ 76,393
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(4,091)	(1,757)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	31,038	31,779
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1,348)	(1,523)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	201,264	108,172
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (5,439)	$ (3,280)
percent of total	9.50%	12.10%
Commercial mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 346,486	$ 151,158
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(12,199)	(2,078)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	18,419	16,398
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1,952)	(1,155)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	364,905	167,556
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (14,151)	$ (3,233)
percent of total	24.60%	12.00%
Other asset backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 251,682	$ 159,111
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(1,633)	(2,006)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	64,222	71,064
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1,399)	(1,208)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	315,904	230,175
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (3,032)	$ (3,214)
percent of total	5.30%	11.90%
United States Government and agencies
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 5,106	$ 5,698
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(83)	(47)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	2,324	1,864
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(47)	(32)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	7,430	7,562
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (130)	$ (79)
percent of total	0.20%	0.30%
State, municipal and other government [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 78,770	$ 5,904
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(1,276)	(96)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	17,463	20,505
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1,506)	(1,143)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	96,233	26,409
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (2,782)	$ (1,239)
percent of total	4.80%	4.60%
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 1,368,834	$ 483,283
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(32,462)	(7,245)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	296,337	325,430
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(25,033)	(19,755)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	1,665,171	808,713
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	$ (57,495)	$ (27,000)
percent of total	100.00%	100.00%
Non-redeemable preferred stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value		$ 2,819
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss		(71)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value		4,807
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss		(194)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value		7,626
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss		(265)
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value		2,819
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss		(71)
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value		4,807
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss		(194)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value		7,626
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss		$ (265)

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Investment Operations Credit loss component of Other-than-temporary Impairments on Fixed Maturities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance at beginning of period	$ (12,392)	$ (14,500)
Reductions due to securities sold	271	349
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Change in Status	2,529	587
Balance at end of period	$ (9,592)	$ (13,564)

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Investment Operations Realized Gains (Losses) - Recorded in Income (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018		Mar. 31, 2017
Gain (Loss) on Investments [Line Items]
Gain (Loss) on Disposition of Other Financial Assets		$ (13)		$ 0
Realized gains (losses) on sales of investments		70		(403)
Net realized capital gains on sales of investments		(1,747)		(403)
Net impairment loss recognized in earnings		(1,295)		(66)
Realized gains (losses) on investments recorded in income		(3,042)		(469)
Proceeds from Sale of Available-for-sale Securities		5,200		9,400
Debt Securities [Member] | Categories of Investments, Marketable Securities, Available-for-sale Securities [Member]
Gain (Loss) on Investments [Line Items]
Gross gains - fixed maturities - available for sale		83		124
Gross losses - fixed maturities - available for sale		0		(527)
Other credit-related [Member]
Gain (Loss) on Investments [Line Items]
Net impairment loss recognized in earnings	[1]	(1,295)		(66)
Accounting Standards Update 2016-01 [Member]
Gain (Loss) on Investments [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income		$ (1,817)	[2]	$ 0

[1] Amount represents credit-related losses for fixed maturities written down to fair value through income and impairment losses related to investments accounted for under the equity method of accounting, which are included in securities and indebtedness of related parties within our consolidated balance sheets.

[2] See Note 1 to our consolidated financial statements for discussion of change in accounting policy for equity securities during the quarter.

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Investment Operations Mortgage Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Mortgage Loans on Real Estate [Line Items]
Contractual Obligation	$ 21,300
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 968,664	$ 971,812
Percentage of Mortgage Loans	100.00%	100.00%
Year of origination 2018 [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 5,800
Percentage of Mortgage Loans	0.50%
Year of origination 2017 [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 212,785	$ 214,365
Percentage of Mortgage Loans	22.00%	22.10%
Year of origination 2016 [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 153,147	$ 154,359
Percentage of Mortgage Loans	15.80%	15.90%
Year of origination 2015 [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 143,457	$ 144,890
Percentage of Mortgage Loans	14.80%	14.90%
Year of origination 2014 [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 77,119	$ 77,866
Percentage of Mortgage Loans	8.00%	8.00%
Year of origination prior [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 376,356	$ 380,332
Percentage of Mortgage Loans	38.90%	39.10%
0% to 50% loan to value [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 360,416	$ 334,037
Percentage of Mortgage Loans	37.20%	34.40%
51% to 60% loan-to-value [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 236,382	$ 258,359
Percentage of Mortgage Loans	24.50%	26.60%
61% to 70% loan-to-value [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 301,469	$ 297,404
Percentage of Mortgage Loans	31.10%	30.60%
71% to 80% loan-to-value [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 51,621	$ 63,116
Percentage of Mortgage Loans	5.30%	6.50%
81% to 90% loan to value [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 18,776	$ 18,896
Percentage of Mortgage Loans	1.90%	1.90%
South Atlantic [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 295,318	$ 296,947
Percentage of Mortgage Loans	30.50%	30.50%
Pacific [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 144,935	$ 146,320
Percentage of Mortgage Loans	14.90%	15.00%
West North Central [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 125,609	$ 127,096
Percentage of Mortgage Loans	13.00%	13.10%
Mountain [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 104,298	$ 105,627
Percentage of Mortgage Loans	10.80%	10.90%
East North Central [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 90,764	$ 91,971
Percentage of Mortgage Loans	9.40%	9.50%
West South Central [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 90,511	$ 85,566
Percentage of Mortgage Loans	9.30%	8.80%
East South Central [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 66,661	$ 67,228
Percentage of Mortgage Loans	6.90%	6.90%
New England [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 34,665	$ 35,005
Percentage of Mortgage Loans	3.60%	3.60%
Middle Atlantic [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 15,903	$ 16,052
Percentage of Mortgage Loans	1.60%	1.70%
Office [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 413,120	$ 410,090
Percentage of Mortgage Loans	42.60%	42.20%
Retail [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 288,683	$ 292,257
Percentage of Mortgage Loans	29.80%	30.10%
Industrial [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 205,107	$ 207,180
Percentage of Mortgage Loans	21.20%	21.30%
Other property type [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 61,754	$ 62,285
Percentage of Mortgage Loans	6.40%	6.40%

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Investment Operations Impaired mortgage loans (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Unpaid Principal Balance	$ 18,927	$ 19,027
Financing Receivable, Allowance for Credit Losses	(447)	(497)	$ (663)	$ (713)
Impaired Financing Receivable, Recorded Investment	$ 18,480	$ 18,530

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Investment Operations Allowance on Mortgage Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at beginning of period	$ 497	$ 713
Charge offs	(50)	(50)
Balance at end of period	$ 447	$ 663

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Investment Operations LIHTC Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	$ 1,295	$ 66
Pre-Tax on Equity Income (Loss)	(816)	(458)
Equity Method Investments	130,451		$ 130,240
Investment Tax Credit	3,569	3,529
Income (Loss) from Equity Method Investments	1,855	3,231
Affordable Housing Tax Credit Investments
Schedule of Equity Method Investments [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	300
Pre-Tax on Equity Income (Loss)	1,400
Equity Method Investments	79,200		$ 82,400
Income (Loss) from Affordable Housing Projects, Equity Method Investments	(3,005)	(1,805)
Tax impact of Income from Equity Method Investments	631	632
Income (Loss) from Equity Method Investments	$ 1,195	$ 2,356

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Investment Operations Other (Details) $ in Thousands	Mar. 31, 2018 USD ($)
Summary of Investment Holdings [Line Items]
Other Commitment	$ 47,500
Qualified Affordable Housing Project Investments, Commitment	1,667
Affordable Housing Tax Credit Investments
Summary of Investment Holdings [Line Items]
Other Commitment, Due in Next Twelve Months	810
Other Commitment, Due in Second Year	46
Other Commitment, Due in Third Year	$ 811

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Investment Operations Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	$ 117,473	$ 117,523
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	164,981	168,553
Low income housing tax credits [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	79,176	82,417
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	80,843	84,103
Investment companies [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	28,418	25,335
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	63,054	62,372
Real estate limited partnerships [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	9,151	8,589
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	20,129	20,590
Other VIE investments [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	728	1,182
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 955	$ 1,488

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Investment Operations Derivative instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Derivative assets	$ 15,681		$ 19,045
Derivative Liabilities	28,874		28,042
Derivative, Gain (Loss) on Derivative, Net	534	$ 1,343
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset	7,500
Net Derivative Exposure	5,300
Investment Income [Member] | Equity Option [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(1,152)	2,365
Investment Income [Member] | Embedded Derivative Financial Instruments - MODCO [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(943)	(1,410)
Investment Income [Member] | Embedded Derivative Financial Instruments - Interest only Security [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(35)	(21)
Insurance sensitive product charges [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	2,664	$ 409
Other Investments [Member] | Equity Option [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	12,760		14,824
Reinsurance Recoverable Including Reinsurance Premium Paid [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	1,069		2,125
Available-for-sale Securities [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	1,852		2,096
Contract Holder Funds [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	28,720		27,774
Other Liabilities [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 154		$ 268

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Fair Values Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities, Debt Securities	$ 7,246,912	$ 7,291,967
Available-for-sale Securities, Equity Securities	103,920	104,145
Mortgage Loans on Real Estate, Commercial and Consumer, Net	968,664	971,812
Policy loans	193,413	191,398
Other investments	15,681	19,045
Assets held in separate accounts	638,751	651,963
Liabilities related to separate accounts	638,751	651,963
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	968,664	971,812
Policy loans	193,413	191,398
Other investments	44,950	42,318
Cash and short-term investments	43,728	69,703
Reinsurance recoverable	1,069	2,125
Assets held in separate accounts	638,751	651,963
Future policy benefits	4,332,983	4,192,367
Supplemental contracts without life contingencies	317,541	322,630
Advance premiums and other deposits	260,967	259,099
Long-term debt	97,000	97,000
Other liabilities	154	268
Liabilities related to separate accounts	638,751	651,963
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities, Debt Securities	7,246,912	7,291,967
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities, Equity Securities	103,920	104,145
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	972,107	989,503
Policy loans	232,674	236,223
Other investments	46,040	43,443
Cash and short-term investments	43,728	69,703
Reinsurance recoverable	1,069	2,125
Assets held in separate accounts	638,751	651,963
Future policy benefits	4,142,254	4,147,654
Supplemental contracts without life contingencies	315,625	327,151
Advance premiums and other deposits	260,967	259,099
Long-term debt	76,388	78,628
Other liabilities	154	268
Liabilities related to separate accounts	636,666	649,610
Estimate of Fair Value Measurement [Member] | Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities, Debt Securities	7,246,912	7,291,967
Estimate of Fair Value Measurement [Member] | Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities, Equity Securities	$ 103,920	$ 104,145

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Fair Values Valuation of Financial Instruments by Hierarchy Levels (Details) - USD ($) $ in Thousands		Mar. 31, 2018		Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments		$ 15,681		$ 19,045
Assets held in separate accounts		638,751		651,963
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments		46,040		43,443
Cash and short-term investments		43,728		69,703
Reinsurance recoverable		1,069		2,125
Assets held in separate accounts		638,751		651,963
Future policy benefits - index annuity embedded derivatives		4,142,254		4,147,654
Other liabilities		154		268
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments		12,760		14,824
Cash and short-term investments		43,728		69,703
Reinsurance recoverable		1,069		2,125
Assets held in separate accounts		638,751		651,963
Assets, Fair Value Disclosure		8,046,640		8,134,727
Future policy benefits - index annuity embedded derivatives		28,720		27,774
Other liabilities		154		268
Total liabilities		28,874		28,042
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments		0		0
Cash and short-term investments		43,728		69,703
Reinsurance recoverable		0		0
Assets held in separate accounts		638,751		651,963
Assets, Fair Value Disclosure		696,658		735,057
Future policy benefits - index annuity embedded derivatives		0		0
Other liabilities		0		0
Total liabilities		0		0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments		12,760		14,824
Cash and short-term investments		0		0
Reinsurance recoverable		1,069		2,125
Assets held in separate accounts		0		0
Assets, Fair Value Disclosure		7,207,476		7,210,358
Future policy benefits - index annuity embedded derivatives		0		0
Other liabilities		154		268
Total liabilities		154		268
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments		0		0
Cash and short-term investments		0		0
Reinsurance recoverable		0		0
Assets held in separate accounts		0		0
Assets, Fair Value Disclosure		142,506		189,312
Future policy benefits - index annuity embedded derivatives				27,774
Other liabilities		0		0
Total liabilities		28,720		27,774
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		142,506		189,312
Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		7,246,912		7,291,967
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		7,246,912		7,291,967
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		8,961		9,078
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		7,102,770		7,100,984
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		135,181		181,905
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	[1]	3,545,681		3,688,271
Corporate | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		3,545,681		3,688,271
Corporate | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		0		0
Corporate | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		3,515,151		3,654,671
Corporate | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		30,530		33,600
Corporate | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		30,530		33,600
Residential mortgage-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		553,544		516,281
Residential mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities available-for-sale		553,544		516,281
Residential mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities available-for-sale		0		0
Residential mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities available-for-sale		553,544		507,157
Residential mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities available-for-sale		0		9,124
Residential mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities				9,124
Commercial mortgage-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		793,276		705,307
Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities available-for-sale		793,276		705,307
Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities available-for-sale		0		0
Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities available-for-sale		701,263		619,606
Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities available-for-sale		92,013		85,701
Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		92,013		85,701
Other asset backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		814,292		833,502
Other asset backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities available-for-sale		814,292		833,502
Other asset backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities available-for-sale		0		0
Other asset backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities available-for-sale		801,654		780,022
Other asset backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage-backed securities available-for-sale		12,638		53,480
Other asset backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		12,638		53,480
United States Government and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		23,212		24,905
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		23,212		24,905
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		8,961		9,078
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		14,251		15,827
United States Government and agencies | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		0		0
State, municipal and other government [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		1,516,907		1,523,701
State, municipal and other government [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		1,516,907		1,523,701
State, municipal and other government [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		0		0
State, municipal and other government [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		1,516,907		1,523,701
State, municipal and other government [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		0		0
Non-redeemable preferred stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities				99,832
Non-redeemable preferred stock [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		98,202		99,832
Non-redeemable preferred stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		0		0
Non-redeemable preferred stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		90,877		92,425
Non-redeemable preferred stock [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		7,325		7,407
Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities				4,313
Common Stock | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		5,218	[2]	4,313
Common Stock | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		5,218		4,313
Common Stock | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		0		0
Common Stock | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		0		$ 0
Private Equity Funds, Domestic [Member] | Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments Net Asset Value		500
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments		$ 9,500

[1] Corporate securities include hybrid preferred securities with a fair value of $16.8 million at March 31, 2018 and $17.5 million at December 31, 2017. Corporate securities also include redeemable preferred stock with a fair value of $22.0 million at March 31, 2018 and $21.7 million at December 31, 2017.

[2] During 2018, we invested in a private equity fund totaling $0.5 million measured at fair value using net asset value (NAV) per share as a practical expedient, which have not been classified in the fair value hierarchy above per fair value reporting guidance. This fund invests in senior secured middle market loans and has unfunded commitments totaling $9.5 million at March 31, 2018. The investment is not currently eligible for redemption.

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Fair Values Level 3 Fixed Maturitiies on a Recurring Basis by Valuation Source (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Assets, Fair Value Disclosure		$ 142,506	$ 189,312
Corporate Securities
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities	[1]	$ 3,545,681	$ 3,688,271
percent of total		55.60%	59.10%
Corporate Securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		$ 30,530	$ 33,600
Residential mortgage-backed securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		$ 553,544	$ 516,281
percent of total		9.50%	12.10%
Commercial mortgage-backed securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		$ 793,276	$ 705,307
percent of total		24.60%	12.00%
Other asset backed securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		$ 814,292	$ 833,502
percent of total		5.30%	11.90%
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Assets, Fair Value Disclosure		$ 8,046,640	$ 8,134,727
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		$ 142,506	$ 189,312
percent of total		100.00%	100.00%
Estimate of Fair Value Measurement [Member] | Corporate Securities | Fair Value, Measurements, Recurring [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		$ 3,545,681	$ 3,688,271
Estimate of Fair Value Measurement [Member] | Corporate Securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		30,530	33,600
Estimate of Fair Value Measurement [Member] | Residential mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities			9,124
Estimate of Fair Value Measurement [Member] | Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		92,013	85,701
Estimate of Fair Value Measurement [Member] | Other asset backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		12,638	53,480
Estimate of Fair Value Measurement [Member] | Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		7,325	7,407
Estimate of Fair Value Measurement [Member] | Third-party vendors [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		$ 102,683	$ 146,460
percent of total		72.10%	77.40%
Estimate of Fair Value Measurement [Member] | Third-party vendors [Member] | Corporate Securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		$ 2,407	$ 4,555
Estimate of Fair Value Measurement [Member] | Third-party vendors [Member] | Residential mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities			9,124
Estimate of Fair Value Measurement [Member] | Third-party vendors [Member] | Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		92,013	85,701
Estimate of Fair Value Measurement [Member] | Third-party vendors [Member] | Other asset backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		8,263	47,080
Estimate of Fair Value Measurement [Member] | Third-party vendors [Member] | Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		0	0
Estimate of Fair Value Measurement [Member] | Priced internally [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		$ 39,823	$ 42,852
percent of total		27.90%	22.60%
Estimate of Fair Value Measurement [Member] | Priced internally [Member] | Corporate Securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		$ 28,123	$ 29,045
Estimate of Fair Value Measurement [Member] | Priced internally [Member] | Residential mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities			0
Estimate of Fair Value Measurement [Member] | Priced internally [Member] | Commercial mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		0	0
Estimate of Fair Value Measurement [Member] | Priced internally [Member] | Other asset backed securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		4,375	6,400
Estimate of Fair Value Measurement [Member] | Priced internally [Member] | Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Available-for-sale Securities		$ 7,325	$ 7,407

[1] Corporate securities include hybrid preferred securities with a fair value of $16.8 million at March 31, 2018 and $17.5 million at December 31, 2017. Corporate securities also include redeemable preferred stock with a fair value of $22.0 million at March 31, 2018 and $21.7 million at December 31, 2017.

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Fair Values Quantitative Information about Unobservable Measurement Inputs (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Assets, Fair Value Disclosure	$ 142,506		$ 189,312
Future policy benefits - index annuity embedded derivatives			27,774
Index Annuity Embedded Derivatives [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Future policy benefits - index annuity embedded derivatives	$ 28,720		27,774
Fair Value Measurements, Valuation Techniques	Discounted cash flow	Discounted cash flow
Fair Value Measurements, Significant Assumptions	Credit risk Risk margin	Credit risk Risk margin
Input range and weighted average	0.65% - 1.70% (1.10%) 0.15% - 0.40% (0.25%)	0.40% - 1.60% (0.90%) 0.15% - 0.40% (0.25%)
Corporate Securities
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Assets, Fair Value Disclosure	$ 26,744		27,682
Fair Value Measurements, Valuation Techniques	Discounted cash flow	Discounted cash flow
Fair Value Measurements, Significant Assumptions	Credit spread	Credit spread
Input range and weighted average	1.04% - 5.75% (3.75%)	0.91% - 6.20% (4.17%)
Commercial mortgage-backed
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Assets, Fair Value Disclosure	$ 70,138		72,224
Fair Value Measurements, Valuation Techniques	Discounted cash flow	Discounted cash flow
Fair Value Measurements, Significant Assumptions	Credit spread	Credit spread
Input range and weighted average	1.40% - 4.10% (2.57%)	1.40% - 4.10% (2.50%)
Other asset backed securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Assets, Fair Value Disclosure	$ 5,013
Fair Value Measurements, Valuation Techniques	Discounted cash flow
Fair Value Measurements, Significant Assumptions	Credit spread
Input range and weighted average	1.55% - 1.95% (1.77%)
Non-redeemable preferred stock [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Assets, Fair Value Disclosure	$ 7,325		7,407
Fair Value Measurements, Valuation Techniques	Discounted cash flow	Discounted cash flow
Fair Value Measurements, Significant Assumptions	Credit spread	Credit spread
Input range and weighted average	3.47% (3.47%)	2.94% (2.94%)
Asset fair value by technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Assets, Fair Value Disclosure	$ 109,220		$ 107,313

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Fair Values Level 3 Financial Instruments Changes in Fair Value (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018		Mar. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance, beginning of period		$ 189,312		$ 202,332
Purchases		30,125		28,251
Disposals		(3,343)		(4,531)
Realized and unrealized gains (losses), net, included in net income		0		0
Realized and unrealized gains (losses), net, included in other comprehensive income		(1,877)		(636)
Transfers Into Level 3	[1]	0		12,372
Transfers out of Level 3	[1]	(71,681)		(46,289)
Amortization included in net income		(30)		(41)
Asset Balance, end of period		142,506		192,730
Corporate Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance, beginning of period		33,600		59,119
Purchases		0		0
Disposals		(1,091)		(1,298)
Realized and unrealized gains (losses), net, included in net income		0		0
Realized and unrealized gains (losses), net, included in other comprehensive income		30		705
Transfers Into Level 3		0		4,408
Transfers out of Level 3		(2,000)		(18,561)
Amortization included in net income		(8)		(10)
Asset Balance, end of period		30,531		42,953
Residential mortgage-backed securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance, beginning of period		9,124		0
Purchases		0		15,307
Disposals		0		0
Realized and unrealized gains (losses), net, included in net income		0		0
Realized and unrealized gains (losses), net, included in other comprehensive income		0		(1)
Transfers Into Level 3		0	[1]	0
Transfers out of Level 3		(9,124)		0
Amortization included in net income		0		1
Asset Balance, end of period		0		15,307
Commercial mortgage-backed securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance, beginning of period		85,701		81,434
Purchases		21,875		0
Disposals		(227)		(211)
Realized and unrealized gains (losses), net, included in net income		0		0
Realized and unrealized gains (losses), net, included in other comprehensive income		(1,838)		(919)
Transfers Into Level 3		0		0
Transfers out of Level 3		(13,477)		(14,544)
Amortization included in net income		(22)		(22)
Asset Balance, end of period		92,012		67,576
Other asset backed securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance, beginning of period		53,480		54,368
Purchases		8,250		12,944
Disposals		(2,025)		(3,022)
Realized and unrealized gains (losses), net, included in net income		0		0
Realized and unrealized gains (losses), net, included in other comprehensive income		13		(193)
Transfers Into Level 3		0		7,964
Transfers out of Level 3		(47,080)		(13,184)
Amortization included in net income		0		(10)
Asset Balance, end of period		12,638		59,253
Non-redeemable preferred stock [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset Balance, beginning of period		7,407		7,411
Purchases		0		0
Disposals		0		0
Realized and unrealized gains (losses), net, included in net income		0		0
Realized and unrealized gains (losses), net, included in other comprehensive income		(82)		230
Transfers Into Level 3		0		0
Transfers out of Level 3		0		0
Amortization included in net income		0		0
Asset Balance, end of period		7,325		7,641
Index Annuity Embedded Derivatives [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liability balance, beginning of period		27,774		15,778
Purchases		2,254		911
Settlements		(942)		(318)
Realized and unrealized gains (losses), net, included in net income		(366)		(2,216)
Realized and unrealized gains (losses), net, included in other comprehensive income		0		0
Transfers Into Level 3	[1]	0		0
Transfers out of Level 3	[1]	0		0
Liability balance, end of period		$ 28,720		$ 18,587

[1] Transfers into Level 3 represent assets previously priced using an external pricing service with access to observable inputs no longer available and therefore, were priced using non-binding broker quotes. Transfers out of Level 3 include those assets that we are now able to obtain pricing from a third party pricing vendor that uses observable inputs. The fair values of newly issued securities often require additional estimation until a market is created, which is generally within a few months after issuance. Once a market is created, as was the case for the majority of the security transfers out of the Level 3 category above, Level 2 valuation sources become available. There were no transfers between Level 1 and Level 2 during the periods presented above.

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Fair Values Valuation of Financial Instruments not reported at fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Financial Instruments Not Reported at Fair Value [Line Items]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	$ 968,664	$ 971,812
Policy loans	193,413	191,398
Other investments	15,681	19,045
Liabilities related to separate accounts	638,751	651,963
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member]
Financial Instruments Not Reported at Fair Value [Line Items]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	972,107	989,503
Policy loans	232,674	236,223
Other investments	33,280	28,619
Total assets	1,238,061	1,254,345
Future policy benefits	4,113,534	4,119,880
Supplemental contracts without life contingencies	315,625	327,151
Advance premiums and other deposits	260,967	259,099
Long-term debt	76,388	78,628
Liabilities related to separate accounts	636,666	649,610
Total liabilities	5,403,180	5,434,368
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Financial Instruments Not Reported at Fair Value [Line Items]
Other investments	0	0
Future policy benefits	0	0
Fair Value, Inputs, Level 1 [Member] | Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member]
Financial Instruments Not Reported at Fair Value [Line Items]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	0	0
Policy loans	0	0
Other investments	0
Total assets	0	0
Future policy benefits	0	0
Supplemental contracts without life contingencies	0	0
Advance premiums and other deposits	0	0
Long-term debt	0	0
Liabilities related to separate accounts	0	0
Total liabilities	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Financial Instruments Not Reported at Fair Value [Line Items]
Other investments	12,760	14,824
Future policy benefits	0	0
Fair Value, Inputs, Level 2 [Member] | Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member]
Financial Instruments Not Reported at Fair Value [Line Items]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	0	0
Policy loans	0	0
Other investments	0
Total assets	0	0
Future policy benefits	0	0
Supplemental contracts without life contingencies	0	0
Advance premiums and other deposits	0	0
Long-term debt	0	0
Liabilities related to separate accounts	0	0
Total liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Financial Instruments Not Reported at Fair Value [Line Items]
Other investments	0	0
Future policy benefits		27,774
Fair Value, Inputs, Level 3 [Member] | Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member]
Financial Instruments Not Reported at Fair Value [Line Items]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	972,107	989,503
Policy loans	232,674	236,223
Other investments	33,280	28,619
Total assets	1,238,061	1,254,345
Future policy benefits	4,113,534	4,119,880
Supplemental contracts without life contingencies	315,625	327,151
Advance premiums and other deposits	260,967	259,099
Long-term debt	76,388	78,628
Liabilities related to separate accounts	636,666	649,610
Total liabilities	$ 5,403,180	$ 5,434,368

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Defined Benefit Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,493	$ 1,388
Interest cost	3,411	3,531
Expected return on assets	(5,562)	(4,796)
Amortization of prior service cost	11	33
Amortization of actuarial loss	3,127	2,530
Net periodic pension cost	2,480	2,686
FBL Financial Group, Inc. share of net periodic pension costs	760	851
Other Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	135	109
Interest cost	240	251
Amortization of actuarial loss	338	293
Net periodic pension cost	713	653
FBL Financial Group, Inc. share of net periodic pension costs	$ 418	$ 388

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Stockholders Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 50,000
Common Stock Special Dividends Per Share Cash Paid	$ 1.50	$ 1.50
Payment Of Special Cash Dividend	$ 37,300	$ 37,400
Common Stock, Shares, Outstanding	24,837,976	24,917,960	24,930,526	24,893,955
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	6,762	24,005
Issuance of common stock under compensation plans	$ 218	$ 339
Stock Repurchased During Period, Shares	(99,312)
Stock Repurchased During Period, Value	$ (6,806)
Common Class A
Class of Stock [Line Items]
Common Stock, Shares, Outstanding	24,826,563	24,906,547	24,919,113	24,882,542
Common stock, without par value	$ 153,195		$ 153,589
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	6,762	24,005
Stock Repurchased During Period, Shares	(99,312)
Stock Repurchased During Period, Value	$ (6,800)
Common Class B
Class of Stock [Line Items]
Common Stock, Shares, Outstanding	11,413	11,413	11,413	11,413
Common stock, without par value	$ 72		$ 72
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	0	0
Stock Repurchased During Period, Shares	0
Common Stock
Class of Stock [Line Items]
Common stock, without par value	$ 153,267	$ 153,314	153,661	$ 152,975
Issuance of common stock under compensation plans	218	339
Stock Repurchased During Period, Value	(612)
Common Stock | Common Class A
Class of Stock [Line Items]
Common stock, without par value	153,195	153,242	153,589	152,903
Issuance of common stock under compensation plans	218	339
Stock Repurchased During Period, Value	(612)
Common Stock | Common Class B
Class of Stock [Line Items]
Common stock, without par value	72	72	$ 72	$ 72
Issuance of common stock under compensation plans	0	$ 0
Stock Repurchased During Period, Value	$ 0

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Stockholders Equity Accumulated other comprehensive income (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Accumulated other comprehensive income		$ 186,222		$ 284,983	$ 149,555
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax		(93,129)	$ 15,494
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Accumulated other comprehensive income	[1]	193,338	172,165	295,169	156,963
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax	[1]	(95,937)	14,834
Accumulated Other-than-Temporary Impairment [Member]
Accumulated other comprehensive income	[1]	3,345	971	537	311
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax	[1]	2,808	660
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated other comprehensive income		(10,461)	(7,538)	$ (10,723)	$ (7,719)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax		0	0
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income		186,222	165,598
reclassifications out of accumulated other comprehensive income [Member]
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax		237	549
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member]
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax	[2]	(25)	368
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Other-than-Temporary Impairment [Member]
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax	[2]	0	0
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Defined Benefit Plans Adjustment [Member]
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax		262	$ 181
Accounting Standards Update 2016-01 [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		0
Accounting Standards Update 2016-01 [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	[3]	(5,869)
Accounting Standards Update 2016-01 [Member] | Accumulated Other Comprehensive Income (Loss)
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	[3]	$ (5,869)

[1] Includes the impact of taxes, deferred acquisition costs, value of insurance in force acquired, unearned revenue reserves and policyholder liabilities. See Note 2 to our consolidated financial statements for further information.

[2] See Note 2 to our consolidated financial statements for further information.

[3] See Note 1 to our consolidated financial statements for further discussion on this one-time adjustment related to an accounting change.

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Stockholders Equity AOC I Reclassification Adjustments (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Net realized capital gains on sales of investments		$ (1,747)	$ (403)
Income available to common stockholders		23,593	26,395
Income taxes		4,687	10,733
reclassifications out of accumulated other comprehensive income [Member]
Net realized capital gains on sales of investments		(83)	403
Change in offsets to unrealized on investments		51	163
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax		331	279
Income available to common stockholders		299	845
Income taxes		(62)	(296)
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax		237	549
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member]
Net realized capital gains on sales of investments	[1]	(83)	403
Change in offsets to unrealized on investments	[1]	51	163
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax	[1]	0	0
Income available to common stockholders	[1]	(32)	566
Income taxes	[1]	7	(198)
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax	[1]	(25)	368
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Other-than-Temporary Impairment [Member]
Net realized capital gains on sales of investments	[1]	0	0
Change in offsets to unrealized on investments	[1]	0	0
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax	[1]	0	0
Income available to common stockholders	[1]	0	0
Income taxes	[1]	0	0
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax	[1]	0	0
reclassifications out of accumulated other comprehensive income [Member] | Accumulated Defined Benefit Plans Adjustment [Member]
Net realized capital gains on sales of investments		0	0
Change in offsets to unrealized on investments		0	0
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax		331	279
Income available to common stockholders		331	279
Income taxes		(69)	(98)
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax		$ 262	$ 181

[1] See Note 2 to our consolidated financial statements for further information.

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Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator [Abstract]
Net income attributable to FBL Financial Group, Inc.	$ 23,631	$ 26,433
Less: Dividends Series B preferred stock	(38)	(38)
Income available to common stockholders	$ 23,593	$ 26,395
Denominator [Abstract]
Weighted average shares - diluted	25,019,509	25,052,376
Weighted average shares - basic	25,003,691	25,030,462
Effect of dilutive securities - stock-based compensation	15,818	21,914
Earnings per common share	$ 0.94	$ 1.05
Earnings per common share - assuming dilution	$ 0.94	$ 1.05

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Segment Information (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Net income attributable to FBL Financial Group, Inc.		$ 23,631	$ 26,433
Realized gains/losses on investments (1)	[1],[2]	2,424	554
Change in net unrealized gains/losses on derivatives	[1]	509	1
Operating Income (Loss)		27,633	26,988
Pre-Tax Operating Income (Loss)		29,360	34,332
Income tax on operating income		(1,727)	(7,344)
Operating revenues		189,273	182,860
Net realized gains (losses) on investments (1)	[3],[4]	(3,226)	(481)
Change in net unrealized gains/losses on derivatives (1)	[3]	(3,872)	(459)
Consolidated revenues		182,175	181,920
Pre-Tax on Equity Income (Loss)		(816)	(458)
Income Tax on Equity Income		3,740	3,689
Equity Income (Loss), net of related taxes, included in NON-GAAP operating income		2,924	3,231
Premiums collected		169,700	169,900
Annuity Segment
Segment Reporting Information [Line Items]
Pre-Tax Operating Income (Loss)		16,582	16,421
Operating revenues		57,435	55,051
Life Insurance Segment
Segment Reporting Information [Line Items]
Pre-Tax Operating Income (Loss)		10,897	13,749
Operating revenues		107,727	104,143
Pre-Tax on Equity Income (Loss)		695	1,166
Premiums collected		76,263	73,573
Corporate and Other
Segment Reporting Information [Line Items]
Pre-Tax Operating Income (Loss)		1,881	4,162
Operating revenues		24,111	23,666
Pre-Tax on Equity Income (Loss)		(1,511)	(1,624)
Affordable Housing Tax Credit Investments
Segment Reporting Information [Line Items]
LIHTC equity losses related to the enactment of the Tax Act	[5],[6]	(1,069)	$ 0
Pre-Tax on Equity Income (Loss)		$ 1,400

[1] Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred acquisition costs, value of insurance in force acquired, interest sensitive policy reserves and income taxes attributable to these items.

[2] Beginning in 2018, amounts include the change in net unrealized gains/losses on equity securities due to a change in accounting guidance. See Note 1 to our consolidated financial statements for additional information.

[3] Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred acquisition costs, value of insurance in force acquired, interest sensitive policy reserves and income taxes attributable to these items.

[4] Beginning in 2018, amounts include the change in net unrealized gains/losses on equity securities due to a change in accounting guidance. See Note 1 to our consolidated financial statements for additional information.

[5] Amount represents LIHTC equity losses related to changes in tax rates under the Tax Act. See Note 2 to our consolidated financial statements for further information.

[6] Amount represents LIHTC equity losses related to changes in tax rates under the Tax Act. Such investments are accounted for under the equity method of accounting with income/loss recorded in arrears. See Note 2 to our consolidated financial statements for further information.

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Segment Information Goodwill by segment (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Annuity Segment
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 3.9	$ 3.9
Life Insurance Segment
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 6.1	$ 6.1

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Segment Information Reconciliation of non-GAAP measures Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting, Other Significant Reconciling Item [Line Items]
Premiums collected	$ 169,700	$ 169,900
Change in due premiums and other	(184)	(424)
Traditional life insurance premiums	49,497	48,434
Interest sensitive product charges	30,098	29,201
Life Insurance Segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Premiums collected	76,263	73,573
Interest sensitive product charges	17,878	17,088
Life Insurance Segment | Admiin charges
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	4,046	3,864
Life Insurance Segment | Cost of insurance charges
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	12,537	12,035
Life Insurance Segment | Surrender charges
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	681	525
Life Insurance Segment | Amortization of policy initiation fees
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	614	664
Life insurance - interest sensitive
Segment Reporting, Other Significant Reconciling Item [Line Items]
Premiums collected	26,582	24,715
Life insurance - traditional
Segment Reporting, Other Significant Reconciling Item [Line Items]
Premiums collected	49,681	48,858
Annuity Segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	1,202	1,135
Corporate and Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	11,018	10,978
Corporate and Other | Admiin charges
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	1,316	1,425
Corporate and Other | Cost of insurance charges
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	7,140	7,325
Corporate and Other | Surrender charges
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	23	52
Corporate and Other | Separate account charges
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	2,145	2,003
Corporate and Other | Amortization of policy initiation fees
Segment Reporting, Other Significant Reconciling Item [Line Items]
Interest sensitive product charges	$ 394	$ 173