FBL Financial Group, Inc.

Thank you Mr. Chairman and good morning to you - the shareholders, directors, employees and friends of FBL Financial Group. This is FBL's 12th annual meeting as a public company and I am pleased to be with you here today.

FBL's business strategies and successes are detailed in our 2007 annual report to shareholders - copies of which are available for you here today. As you read it, you will see that FBL Financial Group had an excellent year in 2007. We achieved record operating income of $3.15 per share, an increase of 13%, and reported net income of $2.84 per share. Total assets grew by more than 15% to $14.0 billion and book value per share continued to grow at a consistent pace.

Last week we reported our first quarter 2008 earnings results and, unfortunately, they were well below our expectations, with high mortality experience and a variety of negative one-time items, as well as pressure on our spreads. While I am disappointed with these first quarter results, they do not take away from the fact that we continue to work and strive to serve as a pillar of strength for various constituent groups, including our policyholders, employees, agents, communities and Farm Bureau organizations and members.

This continues to be demonstrated by the high financial strength ratings held by our subsidiaries, the positive workplace we provide for our employees, the quality products and comprehensive training we provide to our agents, the contributions we make to our communities, and our support of the Farm Bureau organizations.

By serving these constituent groups, we were able to be successful in 2007.

I'd like to take a few minutes this morning to mention some of the many activities and achievements of Farm Bureau Life and EquiTrust Life over the past year. This slide shows at a glance FBL's primary distribution channels.

First is Farm Bureau Life, through which we serve the needs of "Middle America" in the Midwest and West, including the niche marketplace of Farm Bureau members. In 2007, despite a slowdown in annuity sales, Farm Bureau Life set an all-time record for premiums with total premiums collected of $456 million.

Early in 2008, Farm Bureau Life finished implementing an automated workflow project, which further streamlines our operations.

We've also just introduced some exciting new products. In early March we launched a universal life product with a secondary guarantee. This has become the fastest growing universal life product within the industry; and most of the multi-line exclusive agency companies do not yet have this type of product available for their agents. The product has been well received by our agents and early sales levels are positive. At the beginning of 2008 we made several EquiTrust Life index annuities available to our Farm Bureau Life agents and on June 1 we will be launching new variable annuity and variable universal life products.

In EquiTrust Life, through our independent channel and the sales of our annuity products, we are meeting the needs of the aging baby boomer population and seniors who are in or approaching retirement. The EquiTrust Life independent channel was able to exceed its 2007 full year production target of $1.4 billion and ended 2007 with total premiums collected of $1.57 billion.

In 2007 we grew this distribution channel by 29% and in the first quarter of 2008 we added 945 agents and now have 20,726 EquiTrust Life independent agents appointed.

We are also keeping the EquiTrust Life products up to date. Last October we added a monthly sum cap index crediting method to our MarketTen products and also added it in December to our popular MarketPower Bonus product. The response to date has been positive.

We have continued to enhance our immediate annuity product, called Confidence Income. When the product was introduced, we only offered period certain guarantee payouts. We added the single life options to the product last September and joint life options in March of this year. This product accounted for $64 million in premiums in 2007 and $27 million in the first quarter of 2008; and we're excited about its prospects.

Going forward we expect continued growth from our EquiTrust Life independent channel.

In addition, at FBL Financial Group we also manage Farm Bureau property casualty operations in 8 states through Farm Bureau Mutual Insurance Company and Western Agricultural Insurance Company through which FBL derives some fee income and both operations receive economies of scale through expense sharing.

Despite last week's announcement of disappointing first quarter financial results, I continue to feel good about FBL Financial Group's future. The companies that make up FBL Financial Group are more diversified than ever, both geographically and in the products we offer. We are focused on growing Farm Bureau Life and EquiTrust Life consistently, predictably and sustainably, and we are looking for new business opportunities that complement these companies. With this focus and outlook, we are striving to be a pillar of strength for you, our shareholders.

Now, I will turn it over to Jim Brannen, our Chief Financial Officer, who will discuss our financial results in more detail. We'll be happy to answer any questions you may have at the conclusion of his presentation. Jim.

Thanks Jim and Good Morning. I'm pleased to be here as well.

I am going to start with collected premiums which are broken down here between our two major life insurance subsidiaries, Farm Bureau Life Insurance Company and EquiTrust Life Insurance Company. Jim Noyce already mentioned 2007 sales for levels for Farm Bureau Life and EquiTrust Life. In total for 2007, we had premiums collected of $2.1 billion.

One of the positives of the first quarter of 2008 was sales. Farm Bureau Life's premiums collected increased 9% and EquiTrust Life's independent channel premiums collected increased 10% over the first quarter of 2007.

Our assets continue to grow nicely as well. At the end of 2003, we were at $8.0 billion and at March 31 of 2008 we are at $14.0 billion. Most of that growth has come from premium growth over those years. We're excited to see this asset growth as a large part of our business is spread business, so growth in assets translates into increases in our bottom line. In addition, increased assets mean we have more scale, which makes us more efficient and competitive with lower unit costs.

As Jim stated, 2007 was a very positive year from an earnings perspective. 2007 net income totaled $2.84 per common share and operating income was a record at $3.15 per share. As a reminder, operating income differs from net income in that it excludes the impact of unrealized/realized gains and losses on investments, the change in net unrealized gains and losses on derivatives and a lawsuit settlement in 2006.

Our record results in 2007 reflect the increased earnings contribution from our EquiTrust Life independent channel, as this book of business grows as well as favorable mortality experience.

Just last week we announced first quarter 2008 earnings. Unfortunately, earnings in the first quarter were not as positive as they were in 2007. First quarter 2008 operating income per share totaled $0.50 per share, with net income of $0.21 per share. First quarter results were negatively impacted by several factors, with poor mortality experience being the largest contributor, plus some other one-time items as well as pressure on spreads. And net income was also negatively impacted by other-than-temporary impairments that were seen at most insurance companies this quarter. As a result of this, we have lowered our 2008 full year operating income guidance to a range of $2.70 to $2.85 per share.

As of March 31, 2008, we had total invested assets of $11.0 billion. Our investments are managed internally and are well diversified by individual issue, industry and asset class. More than 96% of our fixed maturity securities are investment grade and we have experienced a low default rate. We manage our credit exposure on an enterprise-wide basis and have limits in place for each credit exposure. Our exposure to subprime mortgages is minimal and represents only 0.3% of our total investments.

Given the current issues in the marketplace, we are monitoring our investments closely. I feel that we are well-positioned with our current high quality and diverse investment portfolio, but what has happened in the residential real estate world is unprecedented; and I'm pretty sure we haven't seen the end of it. In the meantime, we will continue to provide our shareholders with our honest assessment of risks and concerns. With our goal of transparency in mind, in February we filed a Form 8-K with additional detail on our investment portfolio and expanded our recently filed Form 10-Q with added detail on investments.

FBL Financial Group is well capitalized with total capitalization of nearly $1.3 billion. We continue to target the capital levels required for our "A" ratings from AM Best and Standard & Poor's. Our debt-to-total capitalization ratio also continues to be at a reasonable and appropriate level - 25.1% at quarter end, and is even less when you take into consideration the equity credit given for our trust preferreds. At March 31, 2008, we had cash and investments at our holding company totaling $55 million. These funds are available to support our growing business, as needed.

Our book value per share, excluding accumulated other comprehensive loss, increased to $31.21 at March 31, 2008. For us, accumulated other comprehensive income/loss is largely the marking of fixed securities to market value. I'm pleased to say that we have steadily and consistently increased FBL's book value per share since going public.

To conclude, I'm confident that we will navigate through the current challenges. We have a strong balance sheet and capital strength, and with our solid business fundamentals, we believe we are positioned for long term success.

That concludes my remarks. Thank you for your attention.