FBL Financial Group Subsidiary EquiTrust Life Receives "A-" Excellent Rating from A.M. Best.

WEST DES MOINES, Iowa--(BUSINESS WIRE)--Jan. 4, 1999--

Ratings of A+ and A Reaffirmed for FBL Financial Group's Other

Life Insurance Subsidiaries

EquiTrust Life Insurance Company, a subsidiary of FBL Financial Group, Inc. (NYSE: FFG) recently received an "A-" (Excellent) rating from A.M. Best Company. The ratings of FBL Financial Group's other two life insurance subsidiaries, "A+" (Superior) for Farm Bureau Life Insurance Company and "A" (Excellent) for Western Farm Bureau Life Insurance Company, were also reaffirmed.

According to A.M. Best, the initial rating of "A-" (Excellent) for EquiTrust Life is based on its newly developed role within FBL Financial Group as it enters new target markets through alternative distribution channels. The "A+" (Superior) rating for Farm Bureau Life and "A" (Excellent) rating for Western Farm Bureau Life reflect their continued excellent operating performance, strong capital positions and high quality investment portfolios. A.M. Best also attributes Farm Bureau Life's "A+" rating to the fact that it is the leading provider of variable insurance products within the national Farm Bureau network.

EquiTrust, which is currently licensed in 38 states, was originally purchased by FBL Financial Group as a shell company in 1997. EquiTrust began issuing policies through FBL Financial Group's alternative distribution network in August of 1998. P. "Our recent Farm Bureau alliances include our Country Life alliance, which went into production in December, and our United Farm Family Life alliance, which kicks off this month. This brings us to a total of five of our six alliance partners which are now in production," said Tom Gibson, Chief Executive Officer. "These ratings are a good indication that we have financially strong companies and will be there to help our clients. FBL Financial Group is well positioned for continued growth and profitability in the future."

A.M. Best ratings consider the claims paying ability of the rated company and are not a rating of the investment worthiness of the rated company. The statements in this release concerning the Company's prospects for the future are forward-looking statements that involve certain risks and uncertainties, including the continued success of the Company's marketing efforts, the marketing success of the Company's alliance partners and the Company's ability to maintain the production schedule of the alliances. These forward-looking statements are based on assumptions which FBL Financial Group believe 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 include Farm Bureau Life Insurance Company, Western Farm Bureau Life Insurance Company and EquiTrust Life Insurance Company. FBL Financial underwrites, markets and distributes life insurance, annuities and mutual funds to individuals and small businesses. FBL Financial's three-pronged growth strategy includes (1) internal growth within its traditional Farm Bureau distribution network in 14 midwestern and western states (2) alliances and consolidations with other Farm Bureau companies and (3) alternative distribution - opportunities beyond the boundaries of the Farm Bureau network.