FBL Financial Group Announces Majority Shareholder to Sell Shares.

Business Editors

WEST DES MOINES, Iowa--(BUSINESS WIRE)--March 16, 2004

FBL Financial Group, Inc. (NYSE:FFG) today announced that its majority shareholder, the Iowa Farm Bureau Federation (IFBF), has adopted a trading plan to sell shares of FBL Financial Group's Class A common stock at predetermined prices and in predetermined amounts. This trading plan has been adopted in accordance with Securities and Exchange Commission Rule 10b5-1(c).

Currently IFBF owns 14,964,157 shares, or 55 percent, of FBL Financial Group's Class A common stock. Under the plan adopted by IFBF, it may sell approximately 270,000 shares during the remainder of 2004. Under Rule 144, IFBF may sell up to one percent of shares outstanding in a 90-day time period. The actual number of shares to be sold under the plan cannot yet be determined as the sales prices specified in the trading plan are both at and above the current market price, and could possibly result in zero shares sold if plan price targets are not met. Sales under a 10b5-1(c) plan can be accomplished over time without significantly disrupting the market in a thinly traded stock. The plan allows a majority shareholder to sell shares on an ongoing basis despite insider trading blackout periods, thus avoiding a compression of sell orders.

According to Craig A. Lang, President of IFBF and Chairman of FBL Financial Group, "With the proceeds from the sale of a portion of our investment in FBL, we plan to make agricultural value-added investments and further rural economic development initiatives across the state of Iowa. These investments and initiatives will benefit our member families as we work to fulfill our organization's mission of helping farm families prosper and improve their quality of life."

Lang continued, "At the same time, we are pleased that by selling a small portion of our shares, FBL's public float will be increased. We recognize and understand that our large ownership position in FBL Financial Group has created a limited public float for FBL stock. While we are selling a portion of our shares in FBL Financial Group, it remains very important to us and will be our single largest investment for the foreseeable future."

Jim Noyce, FBL's Chief Financial Officer, commented, "We view IFBF's action as being positive both for FBL, in allowing additional shares to enter the market, and for IFBF, in giving them some liquidity to continue their important mission in rural Iowa."

FBL Financial Group (www.fblfinancial.com) is a holding company whose primary operating subsidiaries are Farm Bureau Life Insurance Company and EquiTrust Life Insurance Company. FBL underwrites, markets and distributes life insurance, annuities and mutual funds to individuals and small businesses. In addition, FBL manages all aspects of three Farm Bureau affiliated property-casualty insurance companies for a management fee. FBL's three-pronged growth strategy includes (1) internal growth within its traditional Farm Bureau distribution network, (2) alliances and other distribution channels and (3) consolidations.