FBL Financial Group, Inc.

Thank you, and good morning. I'm happy to be here with you today participating in this annual meeting as FBL's new CEO.

Since I am just beginning my third full week, I will limit my comments to a higher level look of where we are and where we are headed. Then our CFO, Jim Brannen, will review the past year and FBL's financial results.

I've been in the insurance and financial services industry for more than 30 years and there are quite a few parallels between FBL Financial Group and companies where I have worked in the past. This gives me a lot of experience and insight to draw from as I work to advance FBL.

My first impression of FBL is that we have great opportunities. We have a strong heritage, the great Farm Bureau niche, and a solid track record, all of which create a unique position in the marketplace. However, like all financial services companies in the current environment, FBL has its challenges. But within most challenges, there is opportunity and I have confidence in our ability to meet those challenges and ultimately seize the opportunities before us.

I can tell you that FBL's high level strategic objectives are sound; however, I will focus my attention on selecting the best way to achieve our objectives.

In today's business environment, capital management is more critical than ever. So in the short term, we're working to conserve and strengthen our capital position in order to maintain security while fueling profitable growth. This is a priority and we've already begun work focused on our investment and product portfolios.

Just last week EquiTrust Life announced a variety of changes to the product portfolio. We did this by balancing customer needs, capital efficiency and increased profitability. We expect a continued high level of interest from our sales force.

As we work to advance our companies through the complexities of the current economy and beyond, we are examining FBL's markets and strategic positions. We'll be moving forward with actions to build a stronger future for all of FBL's constituents - shareholders, customers, agents and employees.

If you listened to our earnings conference call a couple of weeks ago, you heard me say that we are seeing encouraging signs. Farm Bureau Life agents have sustained strong performance through this economic environment, and business retention at EquiTrust Life is improving.

So let me end my comments where I began. I am very happy to be here and to be leading FBL. As we address the challenges before us, I am confident that we will come out of this recessionary period with strength and momentum.

With that, let me 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.

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

2008 was the most challenging year financially since FBL's inception as a public company. We still have our challenges in 2009, but today we are much more optimistic than we were just a few months ago. Today, I'll walk you through some of FBL's most significant financial metrics.

Let me start with net income or loss per share. Here you can see solid earnings in 2004 through 2007, but a loss in 2008 and the first quarter of 2009. The losses in 2008 and 2009 are due to realized investment losses from the non-cash other-than-temporary impairments. These impairments, and investment valuations generally, reflect the unprecedented market conditions we have been experiencing. Recently, pricing in several sectors of our investment portfolio has been improving and I'm optimistic valuations will be improving further going forward.

Our operating results for 2008 declined from the previous year. Following steady growth for several years and record operating income in 2007, results for 2008 were negatively impacted by several items. We incurred a significant charge due to an increase in surrenders at EquiTrust Life. In addition, in 2008 we had unfavorable mortality experience and higher amortization due to lower expected profitability on certain blocks of business. These negative items were partially offset by continued solid results from our Farm Bureau Life business.

As Jim mentioned, just a week and a half ago we reported first quarter 2009 results. Operating income of $0.26 per share was an improvement over the fourth quarter of 2008, but was lower than our expectations. This was primarily due to increased DAC amortization as a result of the increased surrenders at EquiTrust Life. Surrenders peaked in January and have been declining steadily since that time. Given that the surrender issue is now better understood and manageable, I'm much more confident about returning this block to profitability at this time.

FBL Financial Group has total capitalization, excluding accumulated other comprehensive loss, of nearly $1.3 billion. Taking into account accumulated other comprehensive loss, total capitalization is $643 million. During the past year we obtained $100 million of debt financing from affiliated Farm Bureau entities, which bolstered our capital position. We also paid off our line of credit, which increased our financial flexibility. Our debt-to-total capitalization ratio was 21.2% at March 31, 2009, with securities at cost, a level we're quite comfortable with.

Our companies are adequately capitalized and we are working to strengthen our capital position. At first quarter end Farm Bureau Life had statutory adjusted capital of $381 million and EquiTrust Life had $390 million. We estimate that company action level risk based capital, or RBC, was 357 for Farm Bureau Life and 304 for EquiTrust Life. I am pleased to say that despite the surrender issues EquiTrust Life did see a slight increase during the past quarter.

Our book value per share is shown here both with and without accumulated other comprehensive income/loss, or AOCI. For us, AOCI is largely the marking of fixed income securities to market value. The decline in book value per share over the past year reflects a decrease in the market value of investments caused by the distressed and volatile financial markets. You'll note here the improvement in the first quarter in book value, both with and without AOCI.

Total premiums collected are broken down here between our two major life insurance subsidiaries. Farm Bureau Life's 2008 premiums collected were up 22% over 2007 and first quarter of 2009 sales increased 34%. Farm Bureau Life's business is strong and our Farm Bureau agents are assisting their customers during this time of market volatility and economic stress.

EquiTrust Life's 2008 premiums collected were down slightly for the year and reflect a significant increase in the first half of 2008 followed by a move in the second half of 2008 to slow growth in order to preserve capital.

Next, I'll turn to our investment portfolio. As of March 31, 2009, we had total investments of $10.9 billion. Our investments are managed internally and are well diversified by individual issue, industry and asset class. We manage our credit exposure on an enterprise-wide basis and have limits in place for each credit exposure. We have over 96% of our fixed maturity securities being rated investment grade.

To conclude, 2009 remains challenging, but we are becoming more optimistic. Our Farm Bureau Life channel remains strong, surrenders at EquiTrust Life have declined, investment valuations are improving and our capital levels are solid.

Led by our new CEO, and our guiding principles of integrity, financial strength and operational excellence, we are focused on addressing the challenges before us and working to ensure the long term success of FBL Financial Group.