FBL FINANCIAL GROUP, INC.

INVESTOR SUPPLEMENT

2018 Fourth Quarter

Corporate Headquarters	FBL Financial Group, Inc.
	5400 University Avenue
	West Des Moines, Iowa 50266-5997
	(515) 225-5400
Financial Inquiries	For more information contact:
	Kathleen Till Stange
	Vice President Corporate & Investor Relations
	Kathleen.TillStange@FBLFinancial.com
	(515) 226-6780
Internet Information	FBL Financial Group, Inc.
	www.fblfinancial.com
Stock Symbol	NYSE: FFG
Transfer Agent	American Stock Transfer & Trust Company, LLC
	6201 15th Avenue
	Brooklyn, NY 11219
	http://www.astfinancial.com

FBL Financial Group, Inc.
Financial Supplement (Unaudited)
December 31, 2018
Table of Contents/Notes
Consolidated Financial Statements:
Consolidated Balance Sheets	2
Consolidated Statements of Comprehensive Income	4
Consolidated Statements of Comprehensive Income, last five quarters	5
Net Income to Non-GAAP Operating Income Reconciliation and Pre-tax Non-GAAP Operating Income by Segment, last five quarters	6
Financial Information by Segment:
Segment Information	7
Statements of Pre-tax Non-GAAP Operating Income, last five quarters:
Annuity Segment	8
Life Insurance Segment	9
Corporate and Other Segment	11
Deferred Acquisition Costs by Segment	12
Impact of Unlocking on Pre-tax Non-GAAP Operating Income	14
Collected Premiums, last five quarters	15
Other Information	16

NOTE 1: In addition to net income as determined using U.S. Generally Accepted Accounting Principles (GAAP), we have consistently used non-GAAP operating income (a measure of earnings not recognized under GAAP), a financial measure common in the life insurance industry, as a primary economic measure to evaluate our financial 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.

We use non-GAAP operating income, in addition to net income, to measure our performance since realized gains and losses on investments and the change in net unrealized gains and losses on derivatives and equities can fluctuate greatly from quarter to quarter. These fluctuations make it difficult to analyze core operating trends. A view of our non-GAAP operating performance without the impact of these items enhances the analysis of our results. 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.

NOTE 2: During the third quarter of 2018, we voluntarily changed our accounting policy for low income housing tax credit (LIHTC) investments. The accounting change is applied retrospectively to our financial statements and all prior financial information in this exhibit has been adjusted to reflect this change. For further details on the accounting change, see Note 1 to our consolidated financial statements in our Form 10-Q for the quarter ended September 30, 2018.

NOTE 3: Certain financial information presented herein may not add due to rounding.

1

FBL Financial Group, Inc.

Consolidated Balance Sheets (Unaudited)

(Dollars in thousands)

	December 31, 2018		December 31, 2017
Assets
Investments:
Fixed maturities - available for sale, at fair value (amortized cost: 2018 - $6,856,277; 2017 - $6,757,250)	$	7,033,045	$	7,291,967
Equity securities - at fair value (cost: 2018 - $93,564; 2017 - $96,715)	92,857		104,145
Mortgage loans	1,039,829		971,812
Real estate	1,543		1,543
Policy loans	197,366		191,398
Short-term investments	15,713		17,007
Other investments	33,765		42,371
Total investments	8,414,118		8,620,243
Cash and cash equivalents	19,035		52,696
Securities and indebtedness of related parties	60,962		47,823
Accrued investment income	74,524		76,468
Amounts receivable from affiliates	3,812		3,561
Reinsurance recoverable	102,386		108,948
Deferred acquisition costs	418,802		302,611
Value of insurance in force acquired	10,385		4,560
Current income taxes recoverable	4,807		6,764
Other assets	163,518		177,764
Assets held in separate accounts	561,281		651,963
Total assets	$	9,833,630	$	10,053,401

2

FBL Financial Group, Inc.

Consolidated Balance Sheets (Continued)

(Dollars in thousands)

	December 31, 2018		December 31, 2017
Liabilities and stockholders' equity
Liabilities:
Future policy benefits:
Interest sensitive products	$	5,403,125	$	5,299,961
Traditional life insurance and accident and health products	1,802,346		1,750,504
Other policy claims and benefits	51,298		44,475
Supplementary contracts without life contingencies	303,627		322,630
Advance premiums and other deposits	260,252		267,023
Amounts payable to affiliates	1,461		1,164
Long-term debt payable to non-affiliates	97,000		97,000
Deferred income taxes	75,449		130,425
Other liabilities	93,532		111,131
Liabilities related to separate accounts	561,281		651,963
Total liabilities	8,649,371		8,676,276
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 24,707,402 in 2018 and 24,919,113 shares in 2017	152,652		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	91,318		284,983
Retained earnings	937,097		935,423
Total FBL Financial Group, Inc. stockholders' equity	1,184,139		1,377,067
Noncontrolling interest	120		58
Total stockholders' equity	1,184,259		1,377,125
Total liabilities and stockholders' equity	$	9,833,630	$	10,053,401

3

FBL Financial Group, Inc.

Consolidated Statements of Comprehensive Income (Unaudited)

(Dollars in thousands, except per share data)

	Three months ended December 31,						Year ended December 31,
	2018			2017			2018			2017
Revenues:
Interest sensitive product charges	$	30,624		$	26,275		$	122,789		$	112,936
Traditional life insurance premiums	49,600			49,547			198,312			195,330
Net investment income	83,865			107,347			394,618			415,199
Net realized capital gains (losses)	(5,661		)	—			(7,276		)	599
Total other-than-temporary impairment losses	(3,982		)	(1,420		)	(5,072		)	(1,553		)
Non-credit portion in other comprehensive income	74			—			74			—
Net impairment losses recognized in earnings	(3,908		)	(1,420		)	(4,998		)	(1,553		)
Other income	4,116			3,689			16,181			15,400
Total revenues	158,636			185,438			719,626			737,911
Benefits and expenses:
Interest sensitive product benefits	59,626			63,661			253,753			251,878
Traditional life insurance benefits	41,860			44,826			175,209			173,023
Policyholder dividends	2,539			2,543			10,130			10,140
Underwriting, acquisition and insurance expenses	44,434			36,649			152,055			134,878
Interest expense	1,213			1,212			4,851			4,850
Other expenses	6,314			4,520			22,595			18,382
Total benefits and expenses	155,986			153,411			618,593			593,151
	2,650			32,027			101,033			144,760
Income tax benefit (expense)	2,812			72,000			(11,650		)	39,983
Equity income (loss), net of related income taxes	998			(39		)	4,439			2,590
Net income	6,460			103,988			93,822			187,333
Net income attributable to noncontrolling interest	(45		)	(8		)	(29		)	(28		)
Net income attributable to FBL Financial Group, Inc.	$	6,415		$	103,980		$	93,793		$	187,305
Comprehensive income (loss) attributable to FBL Financial Group, Inc.	$	8,772		$	116,868		$	(94,392	)	$	274,507
Earnings per common share	$	0.26		$	4.15		$	3.76		$	7.47
Earnings per common share - assuming dilution	$	0.26		$	4.15		$	3.75		$	7.47
Cash dividends per common share	$	0.46		$	0.44		$	1.84		$	1.76
Special cash dividend per common share	$	—		$	—		$	1.50		$	1.50

4

FBL Financial Group, Inc.

Consolidated Statements of Comprehensive Income (Unaudited) - Quarterly

(Dollars in thousands, except per share data)

	Q4 2017			Q1 2018			Q2 2018			Q3 2018			Q4 2018
Revenues:
Interest sensitive product charges	$	26,275		$	30,098		$	30,906		$	31,161		$	30,624
Traditional life insurance premiums	49,547			49,497			51,091			48,124			49,600
Net investment income	107,347			101,022			103,974			105,757			83,865
Net realized capital gains (losses)	—			(1,747		)	841			(709		)	(5,661		)
Total other-than-temporary impairment losses	(1,420		)	(1,040		)	—			(50		)	(3,982		)
Non-credit portion in other comprehensive income	—			—			—			—			74
Net impairment losses recognized in earnings	(1,420		)	(1,040		)	—			(50		)	(3,908		)
Other income	3,689			4,600			3,637			3,828			4,116
Total revenues	185,438			182,430			190,449			188,111			158,636
Benefits and expenses:
Interest sensitive product benefits	63,661			61,345			62,637			70,145			59,626
Traditional life insurance benefits	44,826			45,456			43,725			44,168			41,860
Policyholder dividends	2,543			2,551			2,560			2,480			2,539
Underwriting, acquisition and insurance expenses	36,649			39,577			37,210			30,834			44,434
Interest expense	1,212			1,213			1,213			1,212			1,213
Other expenses	4,520			5,593			5,627			5,061			6,314
Total benefits and expenses	153,411			155,735			152,972			153,900			155,986
	32,027			26,695			37,477			34,211			2,650
Income tax benefit (expense)	72,000			(3,813		)	(5,831		)	(4,818		)	2,812
Equity income (loss), net of related income taxes	(39		)	660			1,139			1,642			998
Net income	103,988			23,542			32,785			31,035			6,460
Net loss (income) attributable to noncontrolling interest	(8		)	23			18			(25		)	(45		)
Net income attributable to FBL Financial Group, Inc.	$	103,980		$	23,565		$	32,803		$	31,010		$	6,415
Comprehensive income (loss) attributable to FBL Financial Group, Inc.	$	116,868		$	(69,327	)	$	(22,727	)	$	(11,110	)	$	8,772
Earnings per common share	$	4.15		$	0.94		$	1.31		$	1.24		$	0.26
Earnings per common share - assuming dilution	$	4.15		$	0.94		$	1.31		$	1.24		$	0.26
Cash dividends per common share	$	0.44		$	0.46		$	0.46		$	0.46		$	0.46
Special cash dividend per common share	$	—		$	1.50		$	—		$	—		$	—
Weighted average common shares outstanding (in thousands):
Basic	25,039			25,004			24,917			24,919			24,888
Effect of dilutive securities	18			16			13			11			10
Diluted	25,057			25,020			24,930			24,930			24,898

5

FBL Financial Group, Inc.
Net Income to Non-GAAP Operating Income Reconciliation and Pre-tax Non-GAAP Operating Income by Segment
(Dollars in thousands, except per share data)
	Q4 2017			Q1 2018			Q2 2018			Q3 2018			Q4 2018
Net income attributable to FBL Financial Group, Inc.	$	103,980		$	23,565		$	32,803		$	31,010		$	6,415
Net income adjustments:
Impact of change in federal tax rate (1)	(81,157		)	—			—			(617		)	—
Realized gains/losses on investments (2)(3)	656			2,223			(694		)	603			7,414
Change in net unrealized gains/losses on derivatives (2)	(476		)	509			(194		)	876			4,997
Non-GAAP operating income	$	23,003		$	26,297		$	31,915		$	31,872		$	18,826
Non-GAAP operating income per common share - assuming dilution	$0.92			$1.05			$1.28			$1.28			$0.75
Non-GAAP operating return on equity, excluding AOCI - last twelve months	10.0%			10.0%			9.7%			10.5%			10.0%
Non-GAAP operating return on equity, including AOCI - last twelve months	8.3%			8.3%			8.1%			9.0%			8.8%
	Q4 2017			Q1 2018			Q2 2018			Q3 2018			Q4 2018
Impact of Adjustments on FBL Net Income
Initial impact of the Tax Act (1)	$	81,157		$	—		$	—		$	617		$	—
Realized gains (losses) on investments and change in net unrealized gains/losses on equity securities and derivatives	(791		)	(3,995		)	1,357			(2,658		)	(19,216		)
Offsets: (4)
Change in amortization	(90		)	338			(226		)	725			945
Reserve change on interest sensitive products	79			199			(7		)	60			2,561
Income tax	622			726			(236		)	394			3,299
Net impact of net income adjustments	$	80,977		$	(2,732	)	$	888		$	(862	)	$	(12,411	)
	Q4 2017			Q1 2018			Q2 2018			Q3 2018			Q4 2018
Pre-tax non-GAAP operating income by segment:
Annuity segment	$	17,211		$	16,582		$	15,998		$	18,179		$	12,087
Life Insurance segment	9,856			10,897			16,381			11,958			8,444
Corporate and Other segment	5,694			3,533			5,434			7,999			(953		)
Total pre-tax non-GAAP operating income	32,761			31,012			37,813			38,136			19,578
Income taxes on non-GAAP operating income	(9,758		)	(4,715		)	(5,898		)	(6,264		)	(752		)
Non-GAAP operating income	$	23,003		$	26,297		$	31,915		$	31,872		$	18,826

(1) During the third quarter of 2018, we adjusted the provisional estimate of the impact of the Tax Act on our deferred tax assets and liabilities as of December 31, 2017. See Note 5 to our consolidated financial statements in Form 10-Q for the quarter ended September 30, 2018 for additional information.

(2) Amounts are net of offsets related to changes in amortization of unearned revenue reserves, deferred sales inducements and deferred acquisition costs, as well as changes in interest sensitive product reserves and income taxes attributable to these items.

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

(4) 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.

6

FBL Financial Group, Inc.

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.

The Annuity segment primarily consists of fixed rate and index annuities and supplementary contracts (some of which involve life contingencies). Fixed rate and index annuities provide for tax-deferred savings and supplementary contracts provide for the systematic repayment of funds that accumulate interest. Fixed rate annuities consist primarily of flexible premium deferred annuities, but also include single premium deferred and immediate contracts. With fixed rate annuities, we bear the underlying investment risk and credit interest to the contracts at rates we determine, subject to interest rate guarantees. With index annuity products, we bear the underlying investment risk and credit interest in an amount equal to a percentage of the gain in a specified market index, subject to minimum guarantees.

The Life Insurance segment consists of whole life, term life and universal life policies. These policies provide benefits upon the death of the insured and may also allow the customer to build cash value on a tax-deferred basis.

The Corporate and Other segment consists of the following corporate items and products/services that do not meet the quantitative threshold for separate segment reporting:

• investments and related investment income not specifically allocated to our product segments;

• interest expense;

• closed blocks of variable annuity, variable universal life insurance and accident and health insurance products;

• advisory services for the management of investments and other companies;

• marketing and distribution services for the sale of mutual funds and insurance products not issued by us; and

• leasing services, primarily with affiliates.

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.

7

FBL Financial Group, Inc.
Statements of Pre-tax Non-GAAP Operating Income
Annuity Segment
	Q4 2017				Q1 2018			Q2 2018			Q3 2018			Q4 2018
Pre-tax Non-GAAP Operating Income				(Dollars in thousands)
Non-GAAP operating revenues:
Interest sensitive product charges	$	1,032			$	1,202		$	1,217		$	1,280		$	1,474
Net investment income (1)	56,275				56,233			55,198			54,144			53,248
Total non-GAAP operating revenues	57,307				57,435			56,415			55,424			54,722
Non-GAAP operating benefits and expenses:
Interest sensitive product benefits	31,096				31,286			31,393			29,037			32,299
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	611				504			518			374			631
Amortization of deferred acquisition costs	2,690				3,065			3,070			2,319			2,789
Amortization of value of insurance in force acquired	169				172			172			165			165
Other underwriting expenses (1)	5,530				5,826			5,264			5,350			6,751
Total underwriting, acquisition and insurance expenses	9,000				9,567			9,024			8,208			10,336
Total non-GAAP operating benefits and expenses	40,096				40,853			40,417			37,245			42,635
Pre-tax non-GAAP operating income	$	17,211			$	16,582		$	15,998		$	18,179		$	12,087
Selected balance sheet data, securities at amortized cost:
Assets:
Investments	$	4,470,721			$	4,586,256		$	4,576,410		$	4,596,422		$	4,489,765
Deferred acquisition costs	92,116				92,400			92,377			92,442			93,819
Value of insurance in force acquired	3,526				3,354			3,182			3,017			2,852
Liabilities and equity:
Liabilities:
Interest sensitive product reserves	$	3,963,187			$	4,110,232		$	4,075,995		$	4,096,314		$	4,036,152
Other insurance reserves	355,877				352,747			346,270			344,963			338,646
Allocated equity, excluding AOCI	272,101				272,242			269,758			270,918			266,863
Other data:
Number of direct contracts	53,250				52,991			53,184			52,925			52,911
Portfolio yield net of assumed defaults	4.50		%		4.47		%	4.44		%	4.43		%	4.48		%
Credited rate	2.56				2.56			2.56			2.57			2.58
Spread on individual annuities at end of quarter (2)	1.94		%		1.91		%	1.88		%	1.86		%	1.90		%
Interest sensitive reserve activity:
Individual annuity reserve:
Balance, beginning of period	$	3,082,310			$	3,109,789		$	3,134,862		$	3,171,359		$	3,176,881
Deposits	66,097				76,067			76,725			53,584			67,075
Withdrawals, surrenders and death benefits	(49,428		)		(60,623		)	(53,788		)	(62,234		)	(59,661		)
Net flows	16,669				15,444			22,937			(8,650		)	7,414
Policyholder interest	20,817				20,363			20,787			20,524			20,824
Annuitizations and other	(10,007		)		(10,734		)	(7,227		)	(6,352		)	(10,812		)
Balance, end of period	3,109,789				3,134,862			3,171,359			3,176,881			3,194,307
Other interest sensitive reserves	853,398				975,370			904,636			919,433			841,845
Total interest sensitive product reserves	$	3,963,187			$	4,110,232		$	4,075,995		$	4,096,314		$	4,036,152

(1) During the fourth quarter of 2018 we offered a voluntary early retirement program resulting in a decrease in net investment income from increased investment expenses ($0.6 million) and an increase in other underwriting expenses ($1.9 million).

(2) Point-in-time spread at the balance sheet date used by management for decision making, which differs from the spread earned during the reporting period disclosed in the Form 10Q or 10K.

8

FBL Financial Group, Inc.
Statements of Pre-tax Non-GAAP Operating Income
Life Insurance Segment
	Q4 2017				Q1 2018			Q2 2018			Q3 2018			Q4 2018
Pre-tax Non-GAAP Operating Income				(Dollars in thousands)
Non-GAAP operating revenues:
Interest sensitive product charges	$	14,230			$	18,059		$	19,079		$	18,876		$	18,471
Traditional life insurance premiums	49,547				49,497			51,091			48,124			49,600
Net investment income (1)	41,118				40,250			39,764			39,654			38,335
Other income	(140		)		(79		)	(353		)	(108		)	(66		)
Total non-GAAP operating revenues	104,755				107,727			109,581			106,546			106,340
Non-GAAP operating benefits and expenses:
Interest sensitive product benefits:
Interest and index credits (2)	9,506				8,393			9,093			8,697			10,103
Death benefits and other (2)	13,204				15,241			14,709			18,475			16,661
Total interest sensitive product benefits	22,710				23,634			23,802			27,172			26,764
Traditional life insurance benefits:
Death benefits	23,707				23,735			19,297			21,888			20,001
Surrender and other benefits	8,642				10,144			10,392			8,110			9,196
Increase in traditional life future policy benefits (2)	12,477				11,578			14,022			14,170			12,666
Total traditional life insurance benefits	44,826				45,457			43,711			44,168			41,863
Policyholder dividends	2,543				2,551			2,560			2,480			2,539
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	4,919				4,923			4,715			4,200			5,275
Amortization of deferred acquisition costs	4,816				4,436			4,498			2,148			4,182
Amortization of value of insurance in force acquired	375				373			373			373			373
Other underwriting expenses (1)	14,448				16,151			14,833			14,907			17,893
Total underwriting, acquisition and insurance expenses	24,558				25,883			24,419			21,628			27,723
Total non-GAAP operating benefits and expenses	94,637				97,525			94,492			95,448			98,889
	$	10,118			$	10,202		$	15,089		$	11,098		$	7,451
Equity income (loss), before tax	(262		)		695			1,292			860			993
Pre-tax non-GAAP operating income	$	9,856			$	10,897		$	16,381		$	11,958		$	8,444
Selected balance sheet data, securities at amortized cost:
Assets:
Investments	$	2,935,517			$	2,967,238		$	3,006,593		$	3,031,624		$	3,060,235
Deferred acquisition costs	287,421				291,212			294,365			298,368			308,937
Value of insurance in force acquired	15,904				15,531			15,157			14,784			14,411
Liabilities and equity:
Liabilities: (3)
Interest sensitive reserves	$	944,690			$	953,635		$	966,032		$	979,858		$	989,513
Other insurance reserves	1,951,565				1,964,649			1,976,014			1,995,675			2,001,449
Allocated equity, excluding AOCI	396,571				439,031			442,808			450,927			452,274

9

FBL Financial Group, Inc.
Statements of Pre-tax Non-GAAP Operating Income
Life Insurance Segment (Continued)
	Q4 2017				Q1 2018			Q2 2018			Q3 2018			Q4 2018
				(Dollars in thousands)
Other data:
Number of direct policies - traditional life	365,382				364,757			364,339			364,412			365,909
Number of direct policies - universal life	66,382				66,939			67,466			67,951			69,832
Direct face amounts - traditional life	$	50,841,581			$	51,159,302		$	51,524,879		$	51,833,952		$	52,191,204
Direct face amounts - universal life	$	7,275,994			$	7,383,996		$	7,483,427		$	7,539,216		$	7,777,370
Portfolio yield net of assumed defaults	5.07		%		5.04		%	4.99		%	4.98		%	5.02		%
Credited rate	3.69				3.70			3.73			3.76			3.78
Spread on universal life at end of quarter (4)	1.38		%		1.34		%	1.26		%	1.22		%	1.24		%
Interest sensitive reserve activity: (3)
Balance, beginning of period	$	930,850			$	944,690		$	953,635		$	966,032		$	979,858
Deposits	26,267				27,847			29,415			26,617			29,660
Withdrawals and surrenders	(5,672		)		(8,110		)	(7,708		)	(7,577		)	(7,778		)
Net flows	20,595				19,737			21,707			19,040			21,882
Policyholder interest	8,806				7,752			8,386			7,827			7,297
Policy charges	(15,008		)		(18,807		)	(19,248		)	(19,129		)	(19,736		)
Benefits and other	(553		)		263			1,552			6,088			212
Balance, end of period	$	944,690			$	953,635		$	966,032		$	979,858		$	989,513

(1) During the fourth quarter of 2018 we offered a voluntary early retirement program resulting in a decrease in net investment income from increased investment expenses ($0.4 million) and an increase in other underwriting expenses ($3.6 million).

(2) During the fourth quarter of 2018 we incurred additional charges due to updating the estimate of the impact of an immaterial error related to policy benefits on a closed block of interest sensitive whole life business. The correction, along with accrued interest, resulted in increases to interest credited ($2.0 million), interest sensitive death benefits ($3.3 million) and traditional life future policy benefits ($0.2 million).

(3) Reserves on riders in interest sensitive life insurance products are included in Other insurance reserves.

(4) Point-in-time spread at the balance sheet date used by management for decision making with universal life (excluding products with a secondary guarantee) differs from the spread earned during the reporting period disclosed in the Form 10Q or 10K.

10

FBL Financial Group, Inc.
Statements of Pre-tax Non-GAAP Operating Income
Corporate and Other
	Q4 2017				Q1 2018			Q2 2018			Q3 2018			Q4 2018
Pre-tax Non-GAAP Operating Income (Loss)				(Dollars in thousands)
Non-GAAP operating revenues:
Interest sensitive product charges	$	11,252			$	11,021		$	11,102		$	10,494		$	11,005
Net investment income (1)	8,788				8,411			8,777			8,349			7,735
Other income	3,829				4,679			3,990			3,936			4,182
Total non-GAAP operating revenues	23,869				24,111			23,869			22,779			22,922
Non-GAAP operating benefits and expenses:
Interest sensitive product benefits	9,410				9,342			7,714			8,465			8,944
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	716				680			667			684			631
Amortization of deferred acquisition costs	904				2,512			1,876			(1,148		)	5,629
Other underwriting expenses	1,607				1,402			1,506			1,698			1,369
Total underwriting, acquisition and insurance expenses	3,227				4,594			4,049			1,234			7,629
Interest expense	1,212				1,213			1,213			1,212			1,213
Other expenses (1)	4,520				5,593			5,627			5,061			6,314
Total non-GAAP operating benefits and expenses	18,369				20,742			18,603			15,972			24,100
	5,500				3,369			5,266			6,807			(1,178		)
Net loss (income) attributable to noncontrolling interest	(8		)		23			18			(25		)	(45		)
Equity income, before tax	202				141			150			1,217			270
Pre-tax non-GAAP operating income (loss)	$	5,694			$	3,533		$	5,434		$	7,999		$	(953	)
Selected balance sheet data, securities at amortized cost:
Assets:
Investments	$	671,857			$	680,285		$	678,014		$	684,541		$	688,057
Deferred acquisition costs	70,247				68,202			66,315			69,887			62,778
Separate account assets	651,963				638,751			638,061			651,797			561,281
Liabilities and equity:
Liabilities:
Interest sensitive reserves	$	369,726			$	369,022		$	367,937		$	371,502		$	372,056
Other insurance reserves	93,754				91,305			89,427			89,389			86,324
Separate account liabilities	651,963				638,751			638,061			651,797			561,281
Allocated equity, excluding AOCI	420,412				351,866			369,593			379,918			370,684
Rollforward of separate account balances:
Beginning separate account balance	$	637,746			$	651,963		$	638,751		$	638,061		$	651,797
Net premiums and transfers	4,745				6,667			6,264			836			3,518
Net investment income (loss)	26,039				(3,424		)	11,995			28,717			(77,872		)
Charges, benefits and surrenders	(16,567		)		(16,455		)	(18,949		)	(15,817		)	(16,162		)
Ending separate account balance	$	651,963			$	638,751		$	638,061		$	651,797		$	561,281
Other data:
Number of direct contracts - variable annuity	9,857				9,671			9,491			9,343			9,217
Number of direct policies - variable universal life	36,986				36,548			36,056			35,613			35,160
Direct face amounts - variable universal life	$	4,549,732			$	4,501,972		$	4,440,315		$	4,388,771		$	4,321,462

(1) During the fourth quarter of 2018 we offered a voluntary early retirement program resulting in a decrease in net investment income from increased investment expenses ($0.1 million) and an increase in other expenses ($1.0 million).

11

FBL Financial Group, Inc.
Deferred Acquisition Costs by Segment
	Q4 2017				Q1 2018			Q2 2018			Q3 2018			Q4 2018
				(Dollars in thousands)
Annuity
Balance - beginning of period	$	91,802			$	92,116		$	92,400		$	92,377		$	92,442
Cumulative effect of change in accounting principle related to net unrealized gains on equity securities	—				—			(103		)	—			—
Capitalization:
Commissions	2,681				2,972			2,892			2,119			2,994
Expenses	237				283			313			291			433
Deferral of sales inducements	124				129			—			—			—
Total capitalization	3,042				3,384			3,205			2,410			3,427
Amortization - non-GAAP operating basis, before impact of unlocking	(2,762		)		(3,157		)	(3,137		)	(2,616		)	(2,857		)
Amortization - unlocking, non-GAAP operating basis	—				—			—			249			—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives and equities	34				57			12			22			807
Balance - end of period	$	92,116			$	92,400		$	92,377		$	92,442		$	93,819
Life Insurance
Balance - beginning of period	$	282,116			$	287,421		$	291,212		$	294,365		$	298,368
Cumulative effect of change in accounting principle related to net unrealized gains on equity securities	—				—			(357		)	—			—
Capitalization:
Commissions	7,250				5,505			5,068			4,279			9,724
Expenses	2,309				2,391			2,559			2,257			3,230
Deferral of sales inducements	595				355			257			163			1,746
Total capitalization	10,154				8,251			7,884			6,699			14,700
Amortization - non-GAAP operating basis, before impact of unlocking	(4,973		)		(4,566		)	(4,679		)	(4,416		)	(4,360		)
Amortization - unlocking, non-GAAP operating basis	—				—			—			2,009			—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives and equities	124				106			305			(289		)	229
Balance - end of period	$	287,421			$	291,212		$	294,365		$	298,368		$	308,937
Corporate and Other
Balance - beginning of period	$	71,038			$	70,247		$	68,202		$	66,315		$	68,101
Cumulative effect of change in accounting principle related to net unrealized gains on equity securities	—				—			(30		)	—			—
Capitalization:
Commissions	113				142			120			86			114
Deferral of sales inducements	7				4			2			2			15
Total capitalization	120				146			122			88			129
Amortization - non-GAAP operating basis, before impact of unlocking	(902		)		(2,568		)	(1,910		)	(1,240		)	(5,687		)
Amortization - unlocking, non-GAAP operating basis	—				—			—			2,458			—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives and equities	(9		)		377			(69		)	480			235
Balance - end of period	$	70,247			$	68,202		$	66,315		$	68,101		$	62,778

12

FBL Financial Group, Inc.
Deferred Acquisition Costs by Segment (Continued)
	Q4 2017				Q1 2018			Q2 2018			Q3 2018			Q4 2018
				(Dollars in thousands)
Total
Balance - beginning of period	$	444,956			$	449,784		$	451,814		$	453,057		$	458,911
Cumulative effect of change in accounting principle related to net unrealized gains on equity securities	—				—			(490		)	—			—
Capitalization:
Commissions	10,044				8,619			8,080			6,484			12,832
Expenses	2,546				2,674			2,872			2,548			3,663
Deferral of sales inducements	726				488			259			165			1,761
Total capitalization	13,316				11,781			11,211			9,197			18,256
Amortization - non-GAAP operating basis, before impact of unlocking	(8,637		)		(10,291		)	(9,726		)	(8,272		)	(12,904		)
Amortization - unlocking, non-GAAP operating basis	—				—			—			4,716			—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives and equities	149				540			248			213			1,271
Balance - end of period	449,784				451,814			453,057			458,911			465,534
Impact of unrealized gains in AOCI	(147,173		)		(93,953		)	(65,530		)	(46,865		)	(46,732		)
Deferred acquisition costs	$	302,611			$	357,861		$	387,527		$	412,046		$	418,802

13

FBL Financial Group, Inc.
Impact of Unlocking on Pre-tax Non-GAAP Operating Income
	Q4 2017			Q1 2018		Q2 2018		Q3 2018			Q4 2018
			(Dollars in thousands)
Annuity Segment
Amortization of deferred sales inducements reported in interest sensitive product benefits	$	—		$	—	$	—	$	13		$	—
Amortization of deferred acquisition costs	—			—		—		236			—
Changes in reserves reported in interest sensitive product benefits	—			—		—		—			—
Increase to pre-tax non-GAAP operating income	$	—		$	—	$	—	$	249		$	—
Life Segment
Amortization of unearned revenue reserve reported in interest sensitive product charges and other income	$	—		$	—	$	—	$	420		$	—
Amortization of deferred sales inducements reported in interest sensitive product benefits	—			—		—		(209		)	—
Amortization of deferred sales inducements reported in traditional life insurance benefits	—			—		—		65			—
Amortization of deferred acquisition costs	—			—		—		2,152			—
Changes in reserves reported in interest sensitive product benefits	—			—		—		(4,755		)	—
Decrease to pre-tax non-GAAP operating income	$	—		$	—	$	—	$	(2,327	)	$	—
Corporate and Other Segment
Amortization of unearned revenue reserve reported in interest sensitive product charges	$	—		$	—	$	—	$	(667	)	$	—
Amortization of deferred sales inducements reported in interest sensitive product benefits	—			—		—		76			—
Amortization of deferred acquisition costs	—			—		—		2,382			—
Changes in reserves reported in interest sensitive product benefits	—			—		—		—			—
Increase to pre-tax non-GAAP operating income	$	—		$	—	$	—	$	1,791		$	—
Total impact of unlocking on pre-tax non-GAAP operating income	$	—		$	—	$	—	$	(287	)	$	—

14

FBL Financial Group, Inc.
Collected Premiums (1)
	Q4 2017				Q1 2018			Q2 2018			Q3 2018			Q4 2018
				(Dollars in thousands)
Annuity
Individual:
Fixed rate:
First year	$	17,575			$	17,554		$	22,514		$	14,593		$	21,256
Renewal	18,621				20,875			16,446			11,371			14,361
Total fixed rate	36,196				38,429			38,960			25,964			35,617
Index annuity	30,174				37,665			37,442			29,183			33,337
Total individual	66,370				76,094			76,402			55,147			68,954
Group	2,115				2,716			3,436			1,186			1,503
Total Annuity	68,485				78,810			79,838			56,333			70,457
Life Insurance
Direct:
Universal life:
First year	4,746				7,157			7,962			7,140			6,625
Renewal	18,868				19,848			20,602			18,887			20,764
Total universal life	23,614				27,005			28,564			26,027			27,389
Participating whole life:
First year	3,304				2,695			3,537			3,249			2,658
Renewal	24,058				24,281			24,244			22,269			23,761
Total participating whole life	27,362				26,976			27,781			25,518			26,419
Term life and other:
First year	2,738				2,718			2,751			2,513			2,861
Renewal	25,583				26,620			26,538			25,995			26,656
Total term life and other	28,321				29,338			29,289			28,508			29,517
Total direct life insurance	79,297				83,319			85,634			80,053			83,325
Reinsurance	(6,902		)		(7,056		)	(7,734		)	(6,186		)	(7,126		)
Total Life Insurance	72,395				76,263			77,900			73,867			76,199
Corporate and Other
Variable, net of reinsurance	12,554				14,529			13,575			11,424			10,447
Accident and health, net of reinsurance	217				55			42			43			271
Total Corporate and Other	12,771				14,584			13,617			11,467			10,718
Total collected premiums	$	153,651			$	169,657		$	171,355		$	141,667		$	157,374

(1) Collected premiums is a measure of sales production not recognized under GAAP.

15

FBL Financial Group, Inc.
Other Information
	December 31,				March 31,			June 30,			September 30,			December 31,
	2017				2018			2018			2018			2018
				(Dollars in thousands, except per share data)
Capitalization:
Short-term debt	$	—			$	—		$	27,000		$	—		$	—
Trust preferred securities, due 2047	97,000				97,000			97,000			97,000			97,000
Total debt	97,000				97,000			124,000			97,000			97,000
Preferred stock	3,000				3,000			3,000			3,000			3,000
Common stockholders' equity, excluding AOCI	1,089,084				1,063,139			1,082,159			1,101,762			1,089,821
Total capitalization, excluding AOCI	1,189,084				1,163,139			1,209,159			1,201,762			1,189,821
Accumulated other comprehensive income	284,983				186,222			131,081			88,961			91,318
Total capitalization, including AOCI	$	1,474,067			$	1,349,361		$	1,340,240		$	1,290,723		$	1,281,139
Common shares outstanding	24,930,526				24,837,976			24,818,209			24,818,209			24,718,815
Book Value per Share:
Excluding AOCI	$	43.68			$	42.80		$	43.60		$	44.39		$	44.09
Including AOCI	55.12				50.30			48.89			47.98			47.78
Debt-to-Capital Ratio:
Excluding AOCI	8.1		%		8.3		%	10.2		%	8.1		%	8.2		%
Including AOCI	6.5				7.1			9.2			7.5			7.6
Debt-to-Capital Ratio with 50% Credit for Trust Preferred Securities:
Excluding AOCI	4.0		%		4.1		%	5.1		%	4.0		%	4.1		%
Including AOCI	3.3				3.6			4.6			3.8			3.8
Class A Common Ownership:
Iowa Farm Bureau Federation	59.2		%		59.5		%	59.5		%	59.5		%	59.7		%
Public	40.8				40.5			40.5			40.5			40.3
	100.0		%		100.0		%	100.0		%	100.0		%	100.0		%

16

FBL Financial Group, Inc.
Other Information (Continued)
	December 31,		March 31,		June 30,		September 30,		December 31,
	2017		2018		2018		2018		2018
Investment by Type:
Fixed maturity securities	60.7	%	59.3	%	58.0	%	57.2	%	57.5	%
Residential mortgage-backed	6.0		6.4		7.0		7.2		7.2
Commercial mortgage-backed	8.2		9.2		10.1		10.2		10.4
Other asset-backed	9.7		9.5		9.2		9.0		8.4
Mortgage loans	11.3		11.3		11.5		12.0		12.4
Equity securities	1.5		1.2		1.2		1.2		1.1
Other	2.6		3.1		3.0		3.2		3.0
Quality of Fixed Maturity Securities:
AAA, AA, A	65.4	%	66.1	%	67.6	%	68.0	%	68.3	%
BBB	31.1		30.4		29.5		29.2		29.3
BB	2.4		2.5		2.0		1.8		1.5
<BB	1.1		1.0		0.9		1.0		0.9
Agent Strength Totals:
Full time agents and agency managers:
8-state Farm Bureau Property & Casualty channel	1,192		1,168		1,132		1,145		1,190
6 life partner states and Colorado	648		657		655		665		649
	1,840		1,825		1,787		1,810		1,839

FBL Financial Group, Inc.
Income Taxes
(Dollars in thousands)
	Q4 2017			Q1 2018			Q2 2018			Q3 2018			Q4 2018
Income tax benefit (expense)	$	72,000		$	(3,813	)	$	(5,831	)	$	(4,818	)	$	2,812
Tax on equity income	21			(176		)	(303		)	(435		)	(265		)
Net income adjustments:
Impact of change in federal tax rate	(81,157		)	—			—			(617		)	—
Income tax offset on net income adjustments	(622		)	(726		)	236			(394		)	(3,299		)
Income taxes on non-GAAP operating income	$	(9,758	)	$	(4,715	)	$	(5,898	)	$	(6,264	)	$	(752	)
Income taxes on non-GAAP operating income before benefits of LIHTC investments	$	(10,770	)	$	(5,642	)	$	(6,824	)	$	(7,148	)	$	(1,841	)
Amounts related to LIHTC investments	1,012			927			926			884			1,089
Income taxes on non-GAAP operating income	$	(9,758	)	$	(4,715	)	$	(5,898	)	$	(6,264	)	$	(752	)

17