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Exhibit 10.3 Management Performance Plan 2006.




MANAGEMENT PERFORMANCE PLAN




2006 PAYABLE IN 2007





	I.	 	SPONSOR
	 
	 	 	FBL Financial Group, Inc. is the sponsor of the Management Performance Plan.
	 
	II.	 	PARTICIPANTS
	 
	 	 	Participants in the plan include the senior executive group and executive group of FBL’s
Tier I participants. Tier II participants include FBL’s department heads (salary grade
45). Tier III participants include FBL’s managers (salary grade 44).
	 
	III.	 	FEATURES






	 	A.	 	Each year the board of directors of the sponsoring companies approve five to
eight corporate goals. These performance goals would include significant areas of
achievement such as property/casualty accounts, property/casualty and life insurance
new business production, expense management and earnings.
	 
	 	B.	 	Each goal will be given equal weight but may be split between life and
property/casualty performance.
	 
	 	C.	 	Each goal will be measured separately in the determination of the attainment
level. Generally goals for insurance management will be based on the performance over
the entire marketing area. Participants whose responsibilities are limited to a single
state or sales region will be measured according to the performance of that particular
territory.
	 
	 	D.	 	Percentage of incentives to be paid will be calculated separately for each
performance goal and no incentive will be paid on a goal until at least 75% of goal
level is attained.
	 
	 	E.	 	The applicable performance incentive percentage for each goal will increase
proportionately for achievement above 75% of goal level to a maximum of 150% of goal.
	 
	 	F.	 	For Tier I, Groups 1, 2, 3 and 4, achievement of 75% of goal will result in 50%
of the performance incentive percentage, and achievement of 150% of goal will result in
200% of the performance incentive percentage. For Tier I, Group 5, and Tiers II and
III, achievement of 75% of goal will result in 75% of the performance incentive
percentage, and achievement of 150% of goal will result in 150% of the performance
incentive percentage.




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	 	G.	 	The performance incentive percentage will be applied to the participant’s base
salary paid during the plan year.
	 
	 	H.	 	The performance incentive percentage payable varies by tier and in some cases
by employee group within a tier as follows:
	 
	 	 	 	Tier I

Group 1 Target – 80% of base pay

Chief Executive Officer
	 
	 	 	 	Tier I

Group 2 Target – 55% of base pay

Chief Financial Officer
	 
	 	 	 	Tier I

Group 3 Target – 50% of base pay

E.V.P. Farm Bureau Life

E.V.P. P/C Companies

E.V.P. EquiTrust Life
	 
	 	 	 	Tier I

Group 4 Target– 35% of base pay

Balance of FBL management team
	 
	 	 	 	Tier I

Group 5 Target – 20% of base pay

Executive Group – Grade 50 employees
	 
	 	 	 	Tier II Target – All participants – 10% of base pay

Grade 45
	 
	 	 	 	Tier III Target – All participants – 8% of base pay

Grade 44
	 
	 	I.	 	Payments of the performance incentive will be made annually to each participant
in a single, separate, lump sum payment on or before February 14 for the prior plan
year.
	 
	 	J.	 	The Committee will review the plan annually and make appropriate adjustments
and changes.




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	 	K.	 	Based on changing circumstances and resulting inequities during the year,
management will make recommendations to the Committee for appropriate revisions or
adjustments to the goals; revisions or adjustments are expected to be rare.






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