FBL FINANCIAL GROUP INC - FORM 8-K - EX-99.2 - EXHIBIT 99.2

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8-K - 8-K - FBL FINANCIAL GROUP INC	pressrelease8k2015q1.htm
EX-99.1 - EXHIBIT 99.1 - FBL FINANCIAL GROUP INC	exh991newsrelease2015q1.htm

FBL FINANCIAL GROUP, INC.

INVESTOR SUPPLEMENT

2015 First 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:
	Jim Brannen
	Chief Executive Officer
	Jim.Brannen@FBLFinancial.com
	(515) 225-5631

	Don Seibel
	Chief Financial Officer
	Don.Seibel@FBLFinancial.com
	(515) 226-6399

	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.amstock.com



FBL Financial Group, Inc.
Financial Supplement (Unaudited)
March 31, 2015
Table of Contents/Notes

Consolidated Financial Statements:
Consolidated Balance Sheets		2
Consolidated Statements of Comprehensive Income		4
Consolidated Statements of Operating Income, last five quarters		5
Financial Information by Segment:
Segment Information		6
Consolidating Statements of Pre-tax Operating Income		7
Statements of Pre-tax Operating Income, last five quarters:
Annuity Segment		9
Life Insurance Segment		10
Corporate and Other Segment		12
Deferred Acquisition Costs by Segment		13
Collected Premiums, last five quarters		15
Other Information		16

NOTE 1: In addition to net income, we have consistently used operating income, a non-GAAP financial measure common in the life insurance industry, as a primary economic measure to evaluate our financial performance. Operating income for the periods presented equals net income adjusted to eliminate the impact of realized gains and losses on investments and changes in net unrealized gains and losses on derivatives.

We use 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 can fluctuate greatly from quarter to quarter. These fluctuations make it difficult to analyze core operating trends. A view of our operating performance without the impact of these items enhances the analysis of our results. We use 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: Certain financial information presented herein may not add due to rounding.

FBL Financial Group, Inc.

Consolidated Balance Sheets (Unaudited)

(Dollars in thousands)



	March 31, 2015		December 31, 2014
Assets
Investments:
Fixed maturities - available for sale, at fair value (amortized cost: 2015 - $6,180,490; 2014 - $6,111,433)	$	6,833,252	$	6,700,698
Equity securities - available for sale, at fair value (cost: 2015 - $115,127; 2014 - $107,410)	122,355		112,623
Mortgage loans	673,311		629,296
Real estate	3,613		3,622
Policy loans	182,432		182,502
Short-term investments	23,262		48,585
Other investments	3,400		3,644
Total investments	7,841,625		7,680,970

Cash and cash equivalents	44,276		76,632
Securities and indebtedness of related parties	130,375		129,872
Accrued investment income	83,187		76,445
Amounts receivable from affiliates	3,542		2,666
Reinsurance recoverable	106,916		101,247
Deferred acquisition costs	204,699		220,760
Value of insurance in force acquired	22,015		22,497
Other assets	75,950		70,286
Assets held in separate accounts	688,194		683,033








Total assets	$	9,200,779	$	9,064,408

FBL Financial Group, Inc.

Consolidated Balance Sheets (Continued)

(Dollars in thousands)



	March 31, 2015		December 31, 2014
Liabilities and stockholders' equity
Liabilities:
Future policy benefits:
Interest sensitive products	$	4,621,780	$	4,543,980
Traditional life insurance and accident and health products	1,597,322		1,581,138
Other policy claims and benefits	41,069		34,895
Supplementary contracts without life contingencies	337,733		341,955
Advance premiums and other deposits	258,963		248,679
Amounts payable to affiliates	274		188
Long-term debt payable to non-affiliates	97,000		97,000
Current income taxes	4,309		2,764
Deferred income taxes	223,573		205,698
Other liabilities	81,474		72,196
Liabilities related to separate accounts	688,194		683,033
Total liabilities	7,951,691		7,811,526

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 24,785,471 in 2015 and 24,703,903 shares in 2014	147,307		144,625
Class B common stock, without par value - authorized 1,500,000 shares, issued and outstanding 11,413 shares in 2015 and 2014	72		72
Accumulated other comprehensive income	287,828		258,410
Retained earnings	810,850		846,737
Total FBL Financial Group, Inc. stockholders' equity	1,249,057		1,252,844
Noncontrolling interest	31		38
Total stockholders' equity	1,249,088		1,252,882
Total liabilities and stockholders' equity	$	9,200,779	$	9,064,408

FBL Financial Group, Inc.

Consolidated Statements of Comprehensive Income (Unaudited)

(Dollars in thousands, except per share data)



	Three months ended March 31,
	2015			2014
Revenues:
Interest sensitive product charges	$	28,121		$	27,091
Traditional life insurance premiums	47,148			45,492
Net investment income	98,773			92,631
Net realized capital losses on sales of investments	(366		)	(540		)
Other income	4,270			3,861
Total revenues	177,946			168,535

Benefits and expenses:
Interest sensitive product benefits	55,808			53,380
Traditional life insurance benefits	45,709			41,497
Policyholder dividends	2,961			3,345
Underwriting, acquisition and insurance expenses	35,541			33,444
Interest expense	1,212			1,212
Other expenses	4,530			4,128
Total benefits and expenses	145,761			137,006
	32,185			31,529
Income taxes	(10,384		)	(10,228		)
Equity income, net of related income taxes	1,769			1,648
Net income	23,570			22,949
Net loss attributable to noncontrolling interest	21			43
Net income attributable to FBL Financial Group, Inc.	$	23,591		$	22,992

Comprehensive income attributable to FBL Financial Group, Inc.	$	53,009		$	92,472

Earnings per common share	$	0.95		$	0.92
Earnings per common share - assuming dilution	$	0.94		$	0.91

Cash dividends per common share	$	0.40		$	0.35
Special cash dividend per common share	$	2.00		$	—



FBL Financial Group, Inc.
Consolidated Statements of Operating Income
(Dollars in thousands, except per share data)

	Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015
Operating revenues:
Interest sensitive product charges	$	27,091		$	27,361		$	27,633		$	27,686		$	28,121
Traditional life insurance premiums	45,492			47,444			45,020			45,344			47,148
Net investment income	92,321			93,772			95,375			98,344			98,935
Other income	3,861			3,011			4,023			3,954			4,270
Total operating revenues	168,765			171,588			172,051			175,328			178,474

Benefits and expenses:
Interest sensitive product benefits	53,501			51,767			52,647			53,193			55,825
Traditional life insurance benefits	41,497			41,991			38,371			41,013			45,709
Policyholder dividends	3,345			2,907			2,834			2,926			2,961
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	5,653			6,186			6,227			4,790			6,137
Amortization of deferred acquisition costs	7,947			6,633			8,674			9,746			8,458
Amortization of value of insurance in force acquired	449			694			564			1,786			581
Other underwriting expenses	19,364			21,343			19,427			18,465			20,532
Total underwriting, acquisition and insurance expenses	33,413			34,856			34,892			34,787			35,708
Interest expense	1,212			1,086			1,197			1,212			1,212
Other expenses	4,128			4,383			3,488			4,446			4,530
Total benefits and expenses	137,096			136,990			133,429			137,577			145,945
	31,669			34,598			38,622			37,751			32,529
Income taxes	(10,276		)	(10,999		)	(12,158		)	(12,341		)	(10,504		)
Net loss attributable to noncontrolling interest	43			17			7			5			21
Equity income, net of related income taxes	1,648			2,531			2,992			2,932			1,769
Operating income	23,084			26,147			29,463			28,347			23,815

Realized gains/losses on investments, net of offsets	(328		)	1,737			597			(220		)	(247		)
Change in net unrealized gains/losses on derivatives, net of offsets	236			758			99			21			23
Net income attributable to FBL Financial Group, Inc.	$	22,992		$	28,642		$	30,159		$	28,148		$	23,591

Operating income per common share - assuming dilution	$	0.92		$	1.05		$	1.18		$	1.13		$	0.95
Earnings per common share - assuming dilution	$	0.91		$	1.14		$	1.21		$	1.13		$	0.94

Weighted average common shares outstanding (in thousands):
Basic	24,937			24,835			24,858			24,830			24,899
Effect of dilutive securities	180			148			131			132			110
Diluted	25,117			24,983			24,989			24,962			25,009

Operating return on equity, excluding AOCI - last twelve months	10.8		%	10.8		%	11.1		%	11.2		%	11.2		%
Operating return on equity, including AOCI - last twelve months	9.0		%	9.1		%	9.3		%	9.2		%	8.9		%

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 annuities and supplementary contracts (some of which involve life contingencies). Fixed rate 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. The annuity segment also includes index annuities. 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 operating income. Accordingly, income taxes are not allocated to the segments. In addition, operating results are reported net of transactions between the segments.

FBL Financial Group, Inc.

Consolidating Statements of Pre-tax Operating Income



Quarter Ended March 31, 2015	Annuity		Life Insurance			Corporate & Other			Consolidated
	(Dollars in thousands)
Operating revenues:
Interest sensitive product charges	$	613	$	15,905		$	11,603		$	28,121
Traditional life insurance premiums	—		47,148			—			47,148
Net investment income	52,146		39,044			7,745			98,935
Other income	—		(87		)	4,357			4,270
Total operating revenues	52,759		102,010			23,705			178,474

Benefits and expenses:
Interest sensitive product benefits	27,453		20,700			7,672			55,825
Traditional life insurance benefits	—		45,709			—			45,709
Policyholder dividends	—		2,961			—			2,961
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	546		4,627			964			6,137
Amortization of deferred policy acquisition costs	2,729		3,966			1,763			8,458
Amortization of value of insurance in force acquired	202		379			—			581
Other underwriting expenses	4,741		13,883			1,908			20,532
Total underwriting, acquisition and insurance expenses	8,218		22,855			4,635			35,708
Interest expense	—		—			1,212			1,212
Other expenses	—		—			4,530			4,530
Total benefits and expenses	35,671		92,225			18,049			145,945
	17,088		9,785			5,656			32,529
Net loss attributable to noncontrolling interest	—		—			21			21
Equity loss, before tax	—		—			(2,181		)	(2,181		)
Pre-tax operating income	$	17,088	$	9,785		$	3,496		$	30,369

FBL Financial Group, Inc.

Consolidating Statements of Pre-tax Operating Income (Continued)



Quarter Ended March 31, 2014	Annuity		Life Insurance			Corporate & Other			Consolidated
	(Dollars in thousands)
Operating revenues:
Interest sensitive product charges	$	554	$	14,760		$	11,777		$	27,091
Traditional life insurance premiums	—		45,492			—			45,492
Net investment income	49,025		35,650			7,646			92,321
Other income	—		(85		)	3,946			3,861
Total operating revenues	49,579		95,817			23,369			168,765

Benefits and expenses:
Interest sensitive product benefits	26,755		19,412			7,334			53,501
Traditional life insurance benefits	—		41,497			—			41,497
Policyholder dividends	—		3,345			—			3,345
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	454		4,152			1,047			5,653
Amortization of deferred acquisition costs	2,461		3,831			1,655			7,947
Amortization of value of insurance in force acquired	143		306			—			449
Other underwriting expenses	4,319		13,182			1,863			19,364
Total underwriting, acquisition and insurance expenses	7,377		21,471			4,565			33,413
Interest expense	—		—			1,212			1,212
Other expenses	—		—			4,128			4,128
Total benefits and expenses	34,132		85,725			17,239			137,096
	15,447		10,092			6,130			31,669
Net loss attributable to noncontrolling interest	—		—			43			43
Equity loss, before tax	—		—			(1,580		)	(1,580		)
Pre-tax operating income	$	15,447	$	10,092		$	4,593		$	30,132



FBL Financial Group, Inc.
Statements of Pre-tax Operating Income
Annuity Segment

	Q1 2014				Q2 2014			Q3 2014			Q4 2014			Q1 2015
Pre-tax Operating Income				(Dollars in thousands)

Operating revenues:
Interest sensitive product charges	$	554			$	511		$	327		$	535		$	613
Net investment income	49,025				48,985			50,743			52,797			52,146
Total operating revenues	49,579				49,496			51,070			53,332			52,759

Benefits and expenses:
Interest sensitive product benefits	26,755				26,047			25,896			26,971			27,453
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	454				562			560			463			546
Amortization of deferred acquisition costs	2,461				2,740			2,685			2,591			2,729
Amortization of value of insurance in force acquired	143				583			183			1,405			202
Other underwriting expenses	4,319				4,915			4,775			3,913			4,741
Total underwriting, acquisition and insurance expenses	7,377				8,800			8,203			8,372			8,218
Total benefits and expenses	34,132				34,847			34,099			35,343			35,671
Pre-tax operating income	$	15,447			$	14,649		$	16,971		$	17,989		$	17,088

Selected balance sheet data, securities at amortized cost:
Assets:
Investments	$	3,713,165			$	3,803,609		$	3,821,291		$	3,851,301		$	3,937,926
Deferred acquisition costs	82,901				82,838			82,926			82,778			83,295
Value of insurance in force acquired	8,224				7,631			7,449			6,044			5,841

Liabilities and equity:
Liabilities:
Interest sensitive product reserves	$	3,232,193			$	3,271,567		$	3,310,214		$	3,370,109		$	3,437,635
Other insurance reserves	375,232				375,869			372,840			372,244			368,921
Allocated equity, excluding AOCI	266,949				269,910			272,546			276,934			255,039

Other data:
Number of direct contracts	53,179				53,132			52,938			52,938			52,738

Portfolio yield net of assumed defaults	5.07		%		5.00		%	4.97		%	4.94		%	4.92		%
Credited rate	2.97				2.88			2.88			2.87			2.85
Spread on fixed annuities at end of quarter (1)	2.10		%		2.12		%	2.09		%	2.07		%	2.07		%

Interest sensitive reserve activity:
Individual deferred annuity reserve:
Balance, beginning of period	$	2,460,609			$	2,508,669		$	2,549,318		$	2,584,236		$	2,609,792
Deposits	85,207				81,167			65,482			56,322			73,480
Withdrawals, surrenders and death benefits	(43,079		)		(46,974		)	(37,656		)	(38,551		)	(47,920		)
Net flows	42,128				34,193			27,826			17,771			25,560

Policyholder interest	17,946				17,875			17,574			18,830			18,650
Annuitizations and other	(12,014		)		(11,419		)	(10,482		)	(11,045		)	(12,622		)
Balance, end of period	2,508,669				2,549,318			2,584,236			2,609,792			2,641,380
Other interest sensitive reserves	723,524				722,249			725,978			760,317			796,255
Total interest sensitive product reserves	$	3,232,193			$	3,271,567		$	3,310,214		$	3,370,109		$	3,437,635


(1)	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.



FBL Financial Group, Inc.
Statements of Pre-tax Operating Income
Life Insurance Segment

	Q1 2014				Q2 2014			Q3 2014			Q4 2014			Q1 2015
Pre-tax Operating Income				(Dollars in thousands)

Operating revenues:
Interest sensitive product charges	$	14,760			$	15,335		$	15,653		$	15,549		$	15,905
Traditional life insurance premiums	45,492				47,444			45,020			45,344			47,148
Net investment income	35,650				36,137			37,350			37,212			39,044
Other income	(85		)		(79		)	(88		)	(85		)	(87		)
Total operating revenues	95,817				98,837			97,935			98,020			102,010

Benefits and expenses:
Interest sensitive product benefits:
Interest credited	8,002				8,100			8,348			8,038			8,185
Death benefits and other	11,410				11,041			11,847			9,183			12,515
Total interest sensitive product benefits	19,412				19,141			20,195			17,221			20,700
Traditional life insurance benefits:
Death benefits	19,754				18,260			14,120			16,853			24,375
Surrender and other benefits	9,009				7,200			7,025			7,343			7,282
Increase in traditional life future policy benefits	12,734				16,531			17,226			16,817			14,052
Total traditional life insurance benefits	41,497				41,991			38,371			41,013			45,709
Policyholder dividends	3,345				2,907			2,834			2,926			2,961
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	4,152				4,873			4,753			3,676			4,627
Amortization of deferred acquisition costs	3,831				3,279			3,776			4,708			3,966
Amortization of value of insurance in force acquired	306				111			381			381			379
Other underwriting expenses	13,182				14,654			13,002			13,170			13,883
Total underwriting, acquisition and insurance expenses	21,471				22,917			21,912			21,935			22,855
Total benefits and expenses	85,725				86,956			83,312			83,095			92,225
Pre-tax operating income	$	10,092			$	11,881		$	14,623		$	14,925		$	9,785

Selected balance sheet data, securities at amortized cost:
Assets:
Investments	$	2,526,787			$	2,569,762		$	2,584,470		$	2,620,522		$	2,659,002
Deferred acquisition costs	219,974				224,374			227,849			232,020			235,395
Value of insurance in force acquired	21,266				21,154			20,773			20,392			20,013

Liabilities and equity:
Liabilities:
Interest sensitive reserves	$	787,436			$	801,942		$	813,652		$	824,964		$	834,736
Other insurance reserves	1,695,142				1,715,370			1,735,299			1,750,822			1,778,288
Allocated equity, excluding AOCI	290,063				295,783			301,323			307,062			321,009



FBL Financial Group, Inc.
Statements of Pre-tax Operating Income
Life Insurance Segment (Continued)

	Q1 2014				Q2 2014			Q3 2014			Q4 2014			Q1 2015
				(Dollars in thousands)
Other data:
Number of direct policies - traditional life	359,299				360,008			360,695			362,519			364,134
Number of direct policies - universal life	61,219				61,526			61,800			62,020			62,147
Direct face amounts - traditional life	$	43,359,093			$	44,033,818		$	44,605,483		$	45,294,950		$	46,059,311
Direct face amounts - universal life	$	6,235,767			$	6,322,240		$	6,382,181		$	6,435,869		$	6,474,505

Portfolio yield net of assumed defaults	5.47		%		5.43		%	5.40		%	5.35		%	5.27		%
Credited rate	3.93				3.94			3.86			3.86			3.81
Spread on universal life at end of quarter (1)	1.54		%		1.49		%	1.54		%	1.49		%	1.46		%

Interest sensitive reserve activity:
Balance, beginning of period	$	774,614			$	787,436		$	801,942		$	813,652		$	824,964
Deposits	27,289				28,116			23,853			23,550			24,959
Withdrawals and surrenders	(6,541		)		(5,658		)	(4,578		)	(5,001		)	(6,131		)
Net flows	20,748				22,458			19,275			18,549			18,828

Policyholder interest	7,370				7,416			7,573			7,392			7,477
Policy charges	(15,631		)		(15,943		)	(16,041		)	(16,081		)	(16,553		)
Benefits and other	335				575			903			1,452			20
Balance, end of period	$	787,436			$	801,942		$	813,652		$	824,964		$	834,736


(1)	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.



FBL Financial Group, Inc.
Statements of Pre-tax Operating Income
Corporate and Other

	Q1 2014				Q2 2014			Q3 2014			Q4 2014			Q1 2015
Pre-tax Operating Income				(Dollars in thousands)

Operating revenues:
Interest sensitive product charges	$	11,777			$	11,515		$	11,653		$	11,602		$	11,603
Net investment income	7,646				8,650			7,282			8,335			7,745
Other income	3,946				3,090			4,111			4,039			4,357
Total operating revenues	23,369				23,255			23,046			23,976			23,705

Benefits and expenses:
Interest sensitive product benefits	7,334				6,579			6,556			9,001			7,672
Underwriting, acquisition and insurance expenses:
Commission expense, net of deferrals	1,047				751			914			651			964
Amortization of deferred acquisition costs	1,655				614			2,213			2,447			1,763
Other underwriting expenses	1,863				1,774			1,650			1,382			1,908
Total underwriting, acquisition and insurance expenses	4,565				3,139			4,777			4,480			4,635
Interest expense	1,212				1,086			1,197			1,212			1,212
Other expenses	4,128				4,383			3,488			4,446			4,530
Total benefits and expenses	17,239				15,187			16,018			19,139			18,049
	6,130				8,068			7,028			4,837			5,656
Net loss attributable to noncontrolling interest	43				17			7			5			21
Equity loss, before tax	(1,580		)		(1,119		)	(246		)	(325		)	(2,181		)
Pre-tax operating income	$	4,593			$	6,966		$	6,789		$	4,517		$	3,496

Selected balance sheet data, securities at amortized cost:
Assets:
Investments	$	625,172			$	595,009		$	618,631		$	614,669		$	584,707
Deferred acquisition costs	90,434				89,814			87,725			85,506			83,937
Separate account assets	694,570				712,533			686,218			683,033			688,194

Liabilities and equity:
Liabilities:
Interest sensitive reserves	$	331,594			$	332,532		$	333,910		$	337,725		$	336,598
Other insurance reserves	97,534				94,983			94,564			95,062			98,643
Separate account liabilities	694,570				712,533			686,218			683,033			688,194
Allocated equity, excluding AOCI	375,201				386,034			397,156			407,438			382,181

Rollforward of separate account balances:
Beginning separate account balance	$	693,955			$	694,570		$	712,533		$	686,218		$	683,033
Net premiums	8,413				9,595			5,340			3,061			8,609
Net investment income	10,797				28,568			(11,995		)	12,069			16,201
Charges, benefits and surrenders	(18,595		)		(20,200		)	(19,660		)	(18,315		)	(19,649		)
Ending separate account balance	$	694,570			$	712,533		$	686,218		$	683,033		$	688,194

Other data:
Number of direct contracts - variable annuity	12,735				12,493			12,287			12,128			11,936
Number of direct policies - variable universal life	44,155				43,634			43,139			42,651			42,139
Direct face amounts - variable universal life	$	5,473,919			$	5,418,472		$	5,359,184		$	5,289,986		$	5,219,147



FBL Financial Group, Inc.
Deferred Acquisition Costs by Segment

	Q1 2014				Q2 2014			Q3 2014			Q4 2014			Q1 2015
				(Dollars in thousands)
Annuity
Balance - beginning of period	$	82,404			$	82,901		$	82,838		$	82,882		$	82,778
Capitalization:
Commissions	2,655				2,532			2,278			2,112			2,779
Expenses	270				223			248			281			196
Deferral of sales inducements	—				48			69			71			85
Total capitalization	2,925				2,803			2,595			2,464			3,060
Amortization - operating basis, before impact of unlocking	(2,461		)		(2,938		)	(2,690		)	(2,598		)	(2,741		)
Amortization - unlocking, operating basis	—				197			—			—			—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives	33				(125		)	139			30			198
Balance - end of period	$	82,901			$	82,838		$	82,882		$	82,778		$	83,295

Life Insurance
Balance - beginning of period	$	216,743			$	219,974		$	224,374		$	227,849		$	232,020
Capitalization:
Commissions	3,797				4,821			4,447			5,472			5,009
Expenses	3,055				2,559			2,704			3,134			2,131
Deferral of sales inducements	244				387			215			419			336
Total capitalization	7,096				7,767			7,366			9,025			7,476
Amortization - operating basis, before impact of unlocking	(3,865		)		(3,427		)	(3,803		)	(4,255		)	(4,101		)
Amortization - unlocking, operating basis	—				60			—			(600		)	—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives	—				—			(88		)	1			—
Balance - end of period	$	219,974			$	224,374		$	227,849		$	232,020		$	235,395

Corporate and Other
Balance - beginning of period	$	91,917			$	90,434		$	89,814		$	87,725		$	85,506
Capitalization:
Commissions	267				239			128			187			239
Deferral of sales inducements	2				21			10			12			20
Total capitalization	269				260			138			199			259
Amortization - operating basis, before impact of unlocking	(1,685		)		(1,237		)	(2,235		)	(1,571		)	(1,798		)
Amortization - unlocking, operating basis	—				640			—			(892		)	—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives	(67		)		(283		)	8			45			(30		)
Balance - end of period	$	90,434			$	89,814		$	87,725		$	85,506		$	83,937



FBL Financial Group, Inc.
Deferred Acquisition Costs by Segment (Continued)

	Q1 2014				Q2 2014			Q3 2014			Q4 2014			Q1 2015
				(Dollars in thousands)
Total
Balance - beginning of period	$	391,064			$	393,309		$	397,026		$	398,456		$	400,304
Capitalization:
Commissions	6,719				7,592			6,853			7,771			8,027
Expenses	3,325				2,782			2,952			3,415			2,327
Deferral of sales inducements	246				456			294			502			441
Total capitalization	10,290				10,830			10,099			11,688			10,795
Amortization - operating basis, before impact of unlocking	(8,011		)		(7,602		)	(8,728		)	(8,424		)	(8,640		)
Amortization - unlocking, operating basis	—				897			—			(1,492		)	—
Amortization - realized gains/losses on investments and unrealized gains/losses on derivatives	(34		)		(408		)	59			76			168
Balance - end of period	393,309				397,026			398,456			400,304			402,627
Impact of realized/unrealized gains/losses in AOCI	(105,551		)		(141,844		)	(148,900		)	(179,544		)	(197,928		)
Deferred acquisition costs	$	287,758			$	255,182		$	249,556		$	220,760		$	204,699



FBL Financial Group, Inc.
Collected Premiums

	Q1 2014				Q2 2014			Q3 2014			Q4 2014			Q1 2015
				(Dollars in thousands)
Annuity
Individual:
Fixed rate:
First year	$	31,211			$	35,166		$	22,494		$	15,842		$	20,180
Renewal	32,374				30,110			23,581			19,677			32,014
Total fixed rate	63,585				65,276			46,075			35,519			52,194
Index annuity	21,219				17,063			19,646			20,867			21,930
Total individual	84,804				82,339			65,721			56,386			74,124
Group	1,448				2,235			2,035			3,063			2,211
Total Annuity	86,252				84,574			67,756			59,449			76,335

Life Insurance
Direct:
Universal life:
First year	10,318				11,374			7,991			6,763			6,645
Renewal	16,468				16,062			14,942			16,212			17,528
Total universal life	26,786				27,436			22,933			22,975			24,173
Participating whole life:
First year	2,513				2,673			3,173			2,905			3,113
Renewal	25,067				25,107			23,252			24,057			24,759
Total participating whole life	27,580				27,780			26,425			26,962			27,872
Term life and other:
First year	2,714				2,943			2,809			2,816			3,166
Renewal	21,455				21,317			21,192			22,139			22,892
Total term life and other	24,169				24,260			24,001			24,955			26,058
Total direct life insurance	78,535				79,476			73,359			74,892			78,103
Reinsurance	(5,697		)		(5,890		)	(5,702		)	(6,875		)	(6,888		)
Total Life Insurance	72,838				73,586			67,657			68,017			71,215

Corporate and Other
Variable, net of reinsurance	19,569				18,147			13,910			14,456			18,578
Accident and health, net of reinsurance	64				40			52			226			120
Total Corporate and Other	19,633				18,187			13,962			14,682			18,698

Total collected premiums	$	178,723			$	176,347		$	149,375		$	142,148		$	166,248



FBL Financial Group, Inc.
Other Information

	March 31,				June 30,			September 30,			December 31,			March 31,
	2014				2014			2014			2014			2015
				(Dollars in thousands, except per share data)

Capitalization:
Trust preferred securities, due 2047	97,000				97,000			97,000			97,000			97,000
Total debt	97,000				97,000			97,000			97,000			97,000

Preferred stock	3,000				3,000			3,000			3,000			3,000
Common stockholders' equity, excluding AOCI	932,213				951,727			971,025			991,434			958,229
Total capitalization, excluding AOCI	1,032,213				1,051,727			1,071,025			1,091,434			1,058,229

Accumulated other comprehensive income	188,547				242,334			234,361			258,410			287,828
Total capitalization, including AOCI	$	1,220,760			$	1,294,061		$	1,305,386		$	1,349,844		$	1,346,057

Common shares outstanding	24,701,852				24,713,506			24,672,812			24,715,316			24,796,884

Book Value per Share:
Excluding AOCI	$	37.74			$	38.51		$	39.36		$	40.11		$	38.64
Including AOCI	45.37				48.32			48.85			50.57			50.25

Debt-to-Capital Ratio:
Excluding AOCI	9.4		%		9.2		%	9.1		%	8.9		%	9.2		%
Including AOCI	7.9				7.5			7.4			7.2			7.2

Debt-to-Capital Ratio with 50% Credit for Trust Preferred Securities:
Excluding AOCI	4.7		%		4.6		%	4.5		%	4.4		%	4.6		%
Including AOCI	4.0				3.7			3.7			3.6			3.6

Class A Common Ownership:
Iowa Farm Bureau Federation	59.8		%		59.8		%	59.9		%	59.7		%	59.6		%
Other Farm Bureau entities	6.3				6.3			6.3			6.2			6.2
Public	33.9				33.9			33.8			34.1			34.2
	100.0		%		100.0		%	100.0		%	100.0		%	100.0		%



FBL Financial Group, Inc.
Other Information (Continued)

	March 31,				June 30,			September 30,			December 31,			March 31,
	2014				2014			2014			2014			2015

Quality of Fixed Maturity Securities:
AAA, AA, A	61.8		%		63.5		%	62.7		%	63.5		%	63.2		%
BBB	33.8				32.5			33.5			32.9			32.9
BB	2.7				2.6			2.5			2.5			2.7
<BB	1.7				1.4			1.3			1.1			1.2

Investment by Type:
Fixed maturity securities	67.4		%		67.3		%	67.1		%	67.1		%	66.9		%
Residential mortgage-backed	7.3				7.1			6.7			6.4			6.2
Commercial mortgage-backed	6.0				6.6			6.7			6.9			6.9
Other asset-backed	6.4				6.4			6.6			6.8			7.1
Mortgage loans	8.0				8.0			8.3			8.2			8.6
Equity securities	1.4				1.5			1.5			1.5			1.6
Other	3.5				3.1			3.1			3.1			2.7

Agent Strength Totals:
Full time agents and agency managers:
8-state Farm Bureau Property & Casualty channel	1,117				1,126			1,119			1,141			1,126
7 life partner states (1)	677				675			667			654			656
	1,794				1,801			1,786			1,795			1,782

(1) Includes Greenfields Life Insurance Company agents in Colorado.

	Q1 2014				Q2 2014			Q3 2014			Q4 2014			Q1 2015
Equity Income (Loss), net of related income taxes				(Dollars in thousands)
Equity income (loss):
Low income housing tax credit partnerships	$	(1,761	)		$	(1,669	)	$	(1,355	)	$	(1,626	)	$	(1,845	)
Other equity method investments	181				550			1,109			1,301			(336		)
	(1,580		)		(1,119		)	(246		)	(325		)	(2,181		)
Income taxes:
Taxes on equity income (loss)	566				379			93			126			763
Investment tax credits	2,662				3,271			3,145			3,131			3,187
Equity income, net of related income taxes	$	1,648			$	2,531		$	2,992		$	2,932		$	1,769

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FBL FINANCIAL GROUP INC Reports