FBL Financial Group Provides Guidance on Third Quarter 2001 Earnings.

Business Editors

WEST DES MOINES, Iowa--(BUSINESS WIRE)--Oct. 24, 2001

FBL Financial Group, Inc. (NYSE:FFG) today announced that it expects third quarter 2001 operating earnings per share to be lower than the current First Call consensus estimate of $0.43 per share. FBL expects to report third quarter operating earnings within a range of $0.35 to $0.39 per share, compared to $0.36 per share that FBL reported in the third quarter of 2000.

FBL's expected reduced third quarter earnings reflect adverse mortality experience principally due to participation in a reinsurance pool that had exposure to losses from the September 11, 2001 tragedy. Results for the quarter include a pre-tax estimate for losses stemming from the attack of the World Trade Center of approximately $1.6 million ($0.04 per share).

Earnings Release and Conference Call. FBL will provide further detail on its third quarter earnings when it issues its third quarter earnings release on Wednesday, October 31, 2001, after the market closes. A conference call for investors will be held at 11:00 a.m. ET on Thursday, November 1, 2001. The conference call will be webcast live on the Internet. Investors and interested parties who wish to listen to the call on the Internet may do so at www.fblfinancial.com.

This release contains forward-looking statements, including all statements relating to FBL's expected results for the third quarter of 2001. There are a number of risks and uncertainties that could cause actual results to differ materially from expectations, including those described in FBL's filings with the Securities and Exchange Commission. These include actual death claims experience differing from mortality assumptions, the continued acceptance of FBL's insurance products by customers and agents, and changes to interest rate levels and stock market performance. These forward-looking statements are based on assumptions which FBL believes to be reasonable. No assurance can be given that the assumptions will prove to be correct, and the difference between assumptions and actual results could be material.

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 four Farm Bureau affiliated property-casualty insurance companies for a management fee and provides certain management and other services to National Travelers Life Company. FBL's three-pronged growth strategy includes (1) internal growth within its traditional Farm Bureau distribution network in 15 midwestern and western states, (2) alliances with other companies and (3) consolidations.