|            |
|------------|
|            |  |  |
| (Mark one) |   |   |
| [X]        |   | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|       |   |   |
|       |   | For the quarterly period ended March 31, 2011 |
|       |   |   |
| or         |
|       |   |   |
| [  ]       |   | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|       |   |   |
|       |   | For the transition period from____________________ to____________________ |
|       |   |   |

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |
| (Exact name of registrant as specified in its charter)                             |
|                                                                               |   |   |
| Iowa                                                                               |   | 42-1411715 |
| (State of incorporation)                                                           |   | (I.R.S. Employer Identification No.) |
|                                                                               |   |   |
| 5400 University Avenue, West Des Moines, Iowa                                      |   | 50266-5997 |
| (Address of principal executive offices)                                           |   | (Zip Code) |
|                                                                               |   |   |
| (515) 225-5400                                                                     |
| (Registrant's telephone number, including area code)                               |
|                                                                               |   |   |
|                                                                               |
| (Former name, former address and former fiscal year, if changed since last report) |
|                                                                               |   |   |

|                             |
|-----------------------------|
|                             |  |  |  |
| Large accelerated filer [ ] | Accelerated filer [X] | Non-accelerated filer [ ] | Smaller reporting company [ ] |

|                                                                                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                     |  |  |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   [ ] Yes   [X] No |
|                                                                                                                                |
| Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the last practicable date:         |
|  Title of each class                                                                                                           |   | Outstanding at May 5, 2011 |
| Class A Common Stock, without par value                                                                                             |   | 29,940,315 |
| Class B Common Stock, without par value                                                                                             |   | 1,192,990 |

----

|            |
|------------|
|            |  |  |
| PART I.    | FINANCIAL INFORMATION |   |
|       |   |   |
| Item 1.    | Financial Statements (Unaudited) |   |
|       | Consolidated Balance Sheets | 2 |
|       | Consolidated Statements of Operations | 4 |
|       | Consolidated Statements of Changes in Stockholders' Equity | 5 |
|       | Consolidated Statements of Cash Flows | 6 |
|       | Notes to Consolidated Financial Statements | 8 |
|       |   |   |
| Item 2.    | Management's Discussion and Analysis of Financial Condition and Results of Operations | 29 |
|       |   |   |
| Item 3.    | Quantitative and Qualitative Disclosures About Market Risk | 54 |
|       |   |   |
| Item 4.    | Controls and Procedures | 54 |
|       |   |   |
| PART II.   | OTHER INFORMATION | 55 |
|       |   |   |
| Item 6.    | Exhibits | 55 |
|       |   |   |
| SIGNATURES |   | 56 |

----

|                                                                                                                        |
|------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                        |  |  |  |  |  |  |  |
|                                                                                                                   | March 31, 2011 |   | December 31, 2010 |
| Assets                                                                                                                 |   |   |   |
| Investments:                                                                                                           |   |   |   |
| Fixed maturity securities - available for sale, at fair value (amortized cost: 2011 - $11,229,423; 2010 - $10,974,330) | $ | 11,458,999 |   |   | $ | 11,128,524 |   |
| Equity securities - available for sale, at fair value (cost: 2011 - $77,936; 2010 - $77,689)                           | 80,613 |   |   | 78,656 |   |
| Mortgage loans                                                                                                         | 1,249,905 |   |   | 1,254,437 |   |
| Derivative instruments                                                                                                 | 40,924 |   |   | 40,729 |   |
| Real estate                                                                                                            | 13,500 |   |   | 13,554 |   |
| Policy loans                                                                                                           | 169,498 |   |   | 170,341 |   |
| Other long-term investments                                                                                            | 125 |   |   | 132 |   |
| Short-term investments                                                                                                 | 226,653 |   |   | 383,369 |   |
| Total investments                                                                                                      | 13,240,217 |   |   | 13,069,742 |   |
|                                                                                                                   |   |   |   |
| Cash and cash equivalents                                                                                              | 116,994 |   |   | 4,794 |   |
| Securities and indebtedness of related parties                                                                         | 65,143 |   |   | 57,832 |   |
| Accrued investment income                                                                                              | 150,259 |   |   | 135,384 |   |
| Amounts receivable from affiliates                                                                                     | 3,526 |   |   | 2,025 |   |
| Reinsurance recoverable                                                                                                | 124,461 |   |   | 122,326 |   |
| Deferred policy acquisition costs                                                                                      | 777,688 |   |   | 812,025 |   |
| Deferred sales inducements                                                                                             | 246,748 |   |   | 259,148 |   |
| Value of insurance in force acquired                                                                                   | 24,887 |   |   | 27,706 |   |
| Current income taxes recoverable                                                                                       | — |   |   | 17,914 |   |
| Other assets                                                                                                           | 75,355 |   |   | 72,154 |   |
| Assets held in separate accounts                                                                                       | 774,774 |   |   | 753,050 |   |
|                                                                                                                   |   |   |   |
|                                                                                                                   |   |   |   |
|                                                                                                                   |   |   |   |
|                                                                                                                   |   |   |   |
|                                                                                                                   |   |   |   |
|                                                                                                                   |   |   |   |
|                                                                                                                   |   |   |   |
| Total assets                                                                                                           | $ | 15,600,052 |   |   | $ | 15,334,100 |   |

----

|                                                                                                                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                        |  |  |  |  |  |  |  |
|                                                                                                                                                   | March 31, 2011 |   | December 31, 2010 |
| Liabilities and stockholders' equity                                                                                                                   |   |   |   |
| Liabilities:                                                                                                                                           |   |   |   |
| Policy liabilities and accruals:                                                                                                                       |   |   |   |
| Future policy benefits:                                                                                                                                |   |   |   |
| Interest sensitive and index products                                                                                                                  | $ | 10,854,119 |   |   | $ | 10,645,927 |   |
| Traditional life insurance and accident and health products                                                                                            | 1,370,771 |   |   | 1,362,410 |   |
| Other policy claims and benefits                                                                                                                       | 51,395 |   |   | 51,393 |   |
| Supplementary contracts without life contingencies                                                                                                     | 499,827 |   |   | 506,167 |   |
| Advance premiums and other deposits                                                                                                                    | 195,449 |   |   | 188,577 |   |
| Amounts payable to affiliates                                                                                                                          | 2,706 |   |   | 573 |   |
| Short-term debt payable to affiliates                                                                                                                  | 100,000 |   |   | 100,000 |   |
| Long-term debt payable to non-affiliates                                                                                                               | 271,191 |   |   | 271,168 |   |
| Current income taxes                                                                                                                                   | 8,281 |   |   | — |   |
| Deferred income taxes                                                                                                                                  | 135,646 |   |   | 131,174 |   |
| Other liabilities                                                                                                                                      | 145,711 |   |   | 177,247 |   |
| Liabilities related to separate accounts                                                                                                               | 774,774 |   |   | 753,050 |   |
| Total liabilities                                                                                                                                      | 14,409,870 |   |   | 14,187,686 |   |
|                                                                                                                                                   |   |   |   |
| Stockholders' equity:                                                                                                                                  |   |   |   |
| FBL Financial Group, Inc. stockholders' equity:                                                                                                        |   |   |   |
| Preferred stock, without par value, at liquidation value - authorized 10,000,000 shares, issued and outstanding 5,000,000 Series B shares              | 3,000 |   |   | 3,000 |   |
| Class A common stock, without par value - authorized 88,500,000 shares, issued and outstanding 29,941,672 shares in 2011 and 29,749,068 shares in 2010 | 123,084 |   |   | 118,165 |   |
| Class B common stock, without par value - authorized 1,500,000 shares, issued and outstanding 1,192,990 shares                                         | 7,522 |   |   | 7,522 |   |
| Accumulated other comprehensive income                                                                                                                 | 54,194 |   |   | 39,895 |   |
| Retained earnings                                                                                                                                      | 1,002,292 |   |   | 977,740 |   |
| Total FBL Financial Group, Inc. stockholders' equity                                                                                                   | 1,190,092 |   |   | 1,146,322 |   |
| Noncontrolling interest                                                                                                                                | 90 |   |   | 92 |   |
| Total stockholders' equity                                                                                                                             | 1,190,182 |   |   | 1,146,414 |   |
| Total liabilities and stockholders' equity                                                                                                             | $ | 15,600,052 |   |   | $ | 15,334,100 |   |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |
|                                                  | Three months ended March 31, |
|                                                  | 2011 |   | 2010 |
| Revenues:                                             |   |   |   |
| Interest sensitive and index product charges          | $ | 30,803 |   |   | $ | 30,003 |   |
| Traditional life insurance premiums                   | 41,387 |   |   | 39,245 |   |
| Net investment income                                 | 186,519 |   |   | 178,089 |   |
| Derivative income                                     | 35,540 |   |   | 22,336 |   |
| Net realized capital gains on sales of investments    | 4,384 |   |   | 4,729 |   |
|                                                  |   |   |   |
| Total other-than-temporary impairment losses          | (18,062 | ) |   | (27,154 | ) |
| Non-credit portion in other comprehensive income      | 5,738 |   |   | 19,132 |   |
| Net impairment loss recognized in earnings            | (12,324 | ) |   | (8,022 | ) |
|                                                  |   |   |   |
| Other income                                          | 4,999 |   |   | 3,019 |   |
| Total revenues                                        | 291,308 |   |   | 269,399 |   |
|                                                  |   |   |   |
| Benefits and expenses:                                |   |   |   |
| Interest sensitive and index product benefits         | 136,286 |   |   | 122,184 |   |
| Change in value of index product embedded derivatives | 12,251 |   |   | 26,056 |   |
| Traditional life insurance benefits                   | 36,598 |   |   | 37,309 |   |
| Policyholder dividends                                | 4,300 |   |   | 4,673 |   |
| Underwriting, acquisition and insurance expenses      | 53,984 |   |   | 43,938 |   |
| Interest expense                                      | 6,109 |   |   | 6,118 |   |
| Other expenses                                        | 4,900 |   |   | 4,254 |   |
| Total benefits and expenses                           | 254,428 |   |   | 244,532 |   |
|                                                  | 36,880 |   |   | 24,867 |   |
| Income taxes                                          | (11,788 | ) |   | (7,955 | ) |
| Equity income, net of related income taxes            | 1,399 |   |   | 1,095 |   |
| Net income                                            | 26,491 |   |   | 18,007 |   |
| Net loss attributable to noncontrolling interest      | 2 |   |   | 14 |   |
| Net income attributable to FBL Financial Group, Inc.  | $ | 26,493 |   |   | $ | 18,021 |   |
|                                                  |   |   |   |
| Earnings per common share                             | $ | 0.86 |   |   | $ | 0.59 |   |
| Earnings per common share - assuming dilution         | $ | 0.85 |   |   | $ | 0.59 |   |
|                                                  |   |   |   |
| Cash dividends per common share                       | $ | 0.0625 |   |   | $ | 0.0625 |   |

----

|                                                                                                             |
|-------------------------------------------------------------------------------------------------------------|
|                                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                        | FBL Financial Group, Inc. Stockholders' Equity |   |   |   |   |
|                                                                                                        | Series B Preferred Stock |   | Class A and Class B Common Stock (a) |   | Accumulated Other Comprehensive Income (Loss) |   | Retained Earnings |   | Non- controlling Interest |   | Total Stockholders' Equity |
| Balance at January 1, 2010                                                              | $ | 3,000 |   |   | $ | 117,399 |   |   | $ | (118,730 | ) |   | $ | 869,487 |   |   | $ | 121 |   |   | $ | 871,277 |   |
| Comprehensive income:                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| Net income - three months ended March 31, 2010                                                              | — |   |   | — |   |   | — |   |   | 18,021 |   |   | (14 | ) |   | 18,007 |   |
| Change in net unrealized investment gains/losses                                                            | — |   |   | — |   |   | 91,190 |   |   | — |   |   | — |   |   | 91,190 |   |
|           Non-credit impairment losses                    | — |   |   | — |   |   | (8,084 | ) |   | — |   |   | — |   |   | (8,084 | ) |
| Change in underfunded status of other postretirement benefit plans                                          | — |   |   | — |   |   | 112 |   |   | — |   |   | — |   |   | 112 |   |
| Total comprehensive income (b)                                                                              |   |   |   |   |   |   |   |   |   |   | 101,225 |   |
| Stock-based compensation, including the net issuance of 226,872 common shares under compensation plans      | — |   |   | 1,913 |   |   | — |   |   | — |   |   | — |   |   | 1,913 |   |
| Dividends on preferred stock                                                                                | — |   |   | — |   |   | — |   |   | (38 | ) |   | — |   |   | (38 | ) |
| Dividends on common stock                                                                                   | — |   |   | — |   |   | — |   |   | (1,884 | ) |   | — |   |   | (1,884 | ) |
| Receipts related to noncontrolling interest                                                                 | — |   |   | — |   |   | — |   |   | — |   |   | 22 |   |   | 22 |   |
| Balance at March 31, 2010                                                                                   | $ | 3,000 |   |   | $ | 119,312 |   |   | $ | (35,512 | ) |   | $ | 885,586 |   |   | $ | 129 |   |   | $ | 972,515 |   |
|                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Balance at January 1, 2011                                                              | $ | 3,000 |   |   | $ | 125,687 |   |   | $ | 39,895 |   |   | $ | 977,740 |   |   | $ | 92 |   |   | $ | 1,146,414 |   |
| Comprehensive income:                                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| Net income - three months ended March 31, 2011                                                              | — |   |   | — |   |   | — |   |   | 26,493 |   |   | (2 | ) |   | 26,491 |   |
| Change in net unrealized investment gains/losses                                                            | — |   |   | — |   |   | 16,448 |   |   | — |   |   | — |   |   | 16,448 |   |
| Non-credit impairment losses                                                                                | — |   |   | — |   |   | (2,144 | ) |   | — |   |   | — |   |   | (2,144 | ) |
| Change in underfunded status of other postretirement benefit plans                                          | — |   |   | — |   |   | (5 | ) |   | — |   |   | — |   |   | (5 | ) |
| Total comprehensive income (b)                                                                              |   |   |   |   |   |   |   |   |   |   | 40,790 |   |
| Stock-based compensation, including the net issuance of 192,604 common shares under compensation plans | — |   |   | 4,919 |   |   | — |   |   | — |   |   | — |   |   | 4,919 |   |
| Dividends on preferred stock                                                                                | — |   |   | — |   |   | — |   |   | (38 | ) |   | — |   |   | (38 | ) |
| Dividends on common stock                                                                                   | — |   |   | — |   |   | — |   |   | (1,903 | ) |   | — |   |   | (1,903 | ) |
| Balance at March 31, 2011                                                                                   | $ | 3,000 |   |   | $ | 130,606 |   |   | $ | 54,194 |   |   | $ | 1,002,292 |   |   | $ | 90 |   |   | $ | 1,190,182 |   |

|        |
|--------|
|        |  |  |  |  |
| (a)    | All activity for the periods shown relates to Class A Common Stock. |
|   |   |   |   |   |
| (b)    | Comprehensive income attributable to FBL Financial Group, Inc. aggregated $40,792 for the three months ended March 31, 2011 and $101,239 for the 2010 period. |

----

|                                                                                                               |
|---------------------------------------------------------------------------------------------------------------|
|                                                                                                               |  |  |  |  |  |  |  |
|                                                                                                          | Three months ended March 31, |
|                                                                                                          | 2011 |   | 2010 |
| Operating activities                                                                                          |   |   |   |
| Net income                                                                                                    | $ | 26,491 |   |   | $ | 18,007 |   |
| Adjustments to reconcile net income to net cash provided by operating activities:                             |   |   |   |
| Interest credited/index credits to account balances, excluding deferred sales inducements                     | 111,326 |   |   | 108,019 |   |
| Charges for mortality, surrenders and administration                                                          | (28,808 | ) |   | (28,221 | ) |
| Net realized losses on investments                                                                            | 7,940 |   |   | 3,293 |   |
| Change in fair value of derivatives                                                                           | (18,103 | ) |   | 7,943 |   |
| Increase in traditional life and accident and health benefit accruals                                         | 8,361 |   |   | 11,530 |   |
| Deferral of policy acquisition costs                                                                          | (36,616 | ) |   | (18,819 | ) |
| Amortization of deferred policy acquisition costs, deferred sales inducements and value of insurance in force | 43,891 |   |   | 25,744 |   |
| Change in reinsurance recoverable                                                                             | (2,135 | ) |   | (1,399 | ) |
| Provision for deferred income taxes                                                                           | (3,433 | ) |   | 1,004 |   |
| Other                                                                                                         | (10,809 | ) |   | 4,080 |   |
| Net cash provided by operating activities                                                                     | 98,105 |   |   | 131,181 |   |
|                                                                                                          |   |   |   |
| Investing activities                                                                                          |   |   |   |
| Sales, maturities or repayments:                                                                              |   |   |   |
| Fixed maturity securities - available for sale                                                                | 287,393 |   |   | 175,854 |   |
| Mortgage loans                                                                                                | 21,570 |   |   | 11,903 |   |
| Derivative instruments                                                                                        | 45,064 |   |   | 16,678 |   |
| Policy loans                                                                                                  | 11,038 |   |   | 11,014 |   |
| Securities and indebtedness of related parties                                                                | — |   |   | 169 |   |
| Acquisitions:                                                                                                 |   |   |   |
| Fixed maturity securities - available for sale                                                                | (565,554 | ) |   | (375,586 | ) |
| Equity securities - available for sale                                                                        | (247 | ) |   | (7,854 | ) |
| Mortgage loans                                                                                                | (17,050 | ) |   | (2,700 | ) |
| Derivative instruments                                                                                        | (12,318 | ) |   | (13,437 | ) |
| Policy loans                                                                                                  | (10,193 | ) |   | (10,313 | ) |
| Securities and indebtedness of related parties                                                                | (5,223 | ) |   | — |   |
| Short-term investments, net change                                                                            | 156,716 |   |   | (15,101 | ) |
| Disposals of property and equipment, net                                                                      | (1,565 | ) |   | (449 | ) |
| Net cash used in investing activities                                                                         | (90,369 | ) |   | (209,822 | ) |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |
|                                              | Three months ended March 31, |
|                                              | 2011 |   | 2010 |
| Financing activities                              |   |   |   |
| Contract holder account deposits                  | $ | 393,377 |   |   | $ | 380,478 |   |
| Contract holder account withdrawals               | (290,651 | ) |   | (268,284 | ) |
| Receipts related to noncontrolling interests, net | — |   |   | 22 |   |
| Excess tax deductions on stock-based compensation | 223 |   |   | 581 |   |
| Issuance of common stock                          | 3,456 |   |   | 762 |   |
| Dividends paid                                    | (1,941 | ) |   | (1,922 | ) |
| Net cash provided by financing activities         | 104,464 |   |   | 111,637 |   |
| Increase in cash and cash equivalents             | 112,200 |   |   | 32,996 |   |
| Cash and cash equivalents at beginning of period  | 4,794 |   |   | 11,690 |   |
| Cash and cash equivalents at end of period        | $ | 116,994 |   |   | $ | 44,686 |   |
|                                              |   |   |   |
| Supplemental disclosures of cash flow information |   |   |   |
| Cash paid (received) during the period for:       |   |   |   |
| Interest                                          | $ | 6,463 |   |   | $ | 6,463 |   |
| Income taxes                                      | (10,431 | ) |   | (3,893 | ) |
| Non-cash operating activity:                      |   |   |   |
| Deferral of sales inducements                     | 13,463 |   |   | 2,978 |   |

----

Table of Contents

----

Table of Contents

|                                                                                |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Available-For-Sale Fixed Maturity and Equity Securities by Investment Category |
|                                                                           |   |
|                                                                           | March 31, 2011 |
|                                                                           | Amortized Cost |   | Gross Unrealized Gains |   | Gross Unrealized Losses (1) |   | Estimated Fair Value |
|                                                                           | (Dollars in thousands) |
| Fixed maturity securities:                                                     |   |   |   |   |   |   |   |
| Corporate (2)                                                                  | $ | 5,425,881 |   |   | $ | 345,777 |   |   | $ | (62,673 | ) |   | $ | 5,708,985 |   |
| Residential mortgage-backed                                                    | 1,942,305 |   |   | 64,324 |   |   | (32,846 | ) |   | 1,973,783 |   |
| Commercial mortgage-backed (3)                                                 | 1,065,345 |   |   | 48,666 |   |   | (49,739 | ) |   | 1,064,272 |   |
| Other asset-backed                                                             | 547,579 |   |   | 5,686 |   |   | (50,504 | ) |   | 502,761 |   |
| Collateralized debt obligation                                                 | 3,127 |   |   | — |   |   | — |   |   | 3,127 |   |
| United States Government and agencies                                          | 123,655 |   |   | 6,148 |   |   | (2,831 | ) |   | 126,972 |   |
| State, municipal and other governments (3)                                     | 2,121,531 |   |   | 27,032 |   |   | (69,464 | ) |   | 2,079,099 |   |
| Total fixed maturity securities                                                | $ | 11,229,423 |   |   | $ | 497,633 |   |   | $ | (268,057 | ) |   | $ | 11,458,999 |   |
|                                                                           |   |   |   |   |   |   |   |
| Equity securities:                                                             |   |   |   |   |   |   |   |
| Non-redeemable preferred stocks                                                | $ | 40,649 |   |   | $ | 2,871 |   |   | $ | (916 | ) |   | $ | 42,604 |   |
| Common stocks                                                                  | 37,287 |   |   | 726 |   |   | (4 | ) |   | 38,009 |   |
| Total equity securities                                                        | $ | 77,936 |   |   | $ | 3,597 |   |   | $ | (920 | ) |   | $ | 80,613 |   |

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                       | December 31, 2010 |
|                                       | Amortized Cost |   | Gross Unrealized Gains |   | Gross Unrealized Losses (1) |   | Estimated Fair Value |
|                                       | (Dollars in thousands) |
| Fixed maturity securities:                 |   |   |   |   |   |   |   |
| Corporate (2)                              | $ | 5,216,022 |   |   | $ | 347,490 |   |   | $ | (94,313 | ) |   | $ | 5,469,199 |   |
| Residential mortgage-backed                | 1,961,458 |   |   | 57,313 |   |   | (49,533 | ) |   | 1,969,238 |   |
| Commercial mortgage-backed (3)             | 1,034,478 |   |   | 54,158 |   |   | (57,574 | ) |   | 1,031,062 |   |
| Other asset-backed                         | 535,844 |   |   | 5,178 |   |   | (60,553 | ) |   | 480,469 |   |
| Collateralized debt obligations            | 2,745 |   |   | — |   |   | — |   |   | 2,745 |   |
| United States Government and agencies      | 127,251 |   |   | 7,059 |   |   | (225 | ) |   | 134,085 |   |
| State, municipal and other governments (3) | 2,096,532 |   |   | 21,121 |   |   | (75,927 | ) |   | 2,041,726 |   |
| Total fixed maturity securities            | $ | 10,974,330 |   |   | $ | 492,319 |   |   | $ | (338,125 | ) |   | $ | 11,128,524 |   |
|                                       |   |   |   |   |   |   |   |
| Equity securities:                         |   |   |   |   |   |   |   |
| Non-redeemable preferred stocks            | $ | 40,649 |   |   | $ | 2,403 |   |   | $ | (2,031 | ) |   | $ | 41,021 |   |
| Common stocks                              | 37,040 |   |   | 595 |   |   | — |   |   | 37,635 |   |
| Total equity securities                    | $ | 77,689 |   |   | $ | 2,998 |   |   | $ | (2,031 | ) |   | $ | 78,656 |   |

----

Table of Contents

|        |
|--------|
|        |  |
| (1)    | Gross unrealized losses include non-credit losses on other-than-temporarily impaired corporate securities totaling $15.5 million at March 31, 2011 and $20.5 million at December 31, 2010, other asset-backed securities totaling $32.3 million at March 31, 2011 and $33.4 million at December 31, 2010, and residential mortgage-backed securities totaling $10.5 million at March 31, 2011 and $12.4 million at December 31, 2010. |
|   |   |
| (2)    | Corporate securities include certain hybrid preferred securities with a carrying value of $246.7 million at March 31, 2011 and $239.8 million at December 31, 2010. Corporate securities also include redeemable preferred stock with a carrying value of $5.1 million at March 31, 2011 and $5.2 million at December 31, 2010. |
|   |   |
| (3)    | Military housing fixed maturity securities with characteristics similar to commercial mortgage-backed securities and an estimated fair value of $215.2 million were reclassified as such during the first quarter 2011. These securities were previously included within the state, municipal and other governments category at December 31, 2010. Prior year amounts have been reclassified to conform to current period presentation. This classification change only impacts our notes to the consolidated financial statements. |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |
| Available-For-Sale Fixed Maturity Securities by Maturity Date |   |   |   |
|                                                          |   |   |   |
|                                                          | March 31, 2011 |
|                                                          | Amortized Cost |   | Estimated Fair Value |
|                                                          | (Dollars in thousands) |
| Due in one year or less                                       | $ | 153,158 |   |   | $ | 156,941 |   |
| Due after one year through five years                         | 1,331,166 |   |   | 1,416,862 |   |
| Due after five years through ten years                        | 2,385,866 |   |   | 2,564,998 |   |
| Due after ten years                                           | 3,804,004 |   |   | 3,779,382 |   |
|                                                          | 7,674,194 |   |   | 7,918,183 |   |
| Mortgage-backed and other asset-backed                        | 3,555,229 |   |   | 3,540,816 |   |
| Total fixed maturity securities                               | $ | 11,229,423 |   |   | $ | 11,458,999 |   |

|                                                                                        |
|----------------------------------------------------------------------------------------|
|                                                                                        |  |  |  |  |  |  |  |
| Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income |
|                                                                                   |   |   |   |
|                                                                                   | March 31, 2011 |   | December 31, 2010 |
|                                                                                   | (Dollars in thousands) |
| Unrealized appreciation (depreciation) on:                                             |   |   |   |
| Fixed maturity securities - available for sale                                         | $ | 229,576 |   |   | $ | 154,194 |   |
| Equity securities - available for sale                                                 | 2,677 |   |   | 967 |   |
| Interest rate swaps                                                                    | (61 | ) |   | (121 | ) |
|                                                                                   | 232,192 |   |   | 155,040 |   |
| Adjustments for assumed changes in amortization pattern of:                            |   |   |   |
| Deferred policy acquisition costs                                                      | (130,595 | ) |   | (90,704 | ) |
| Deferred sales inducements                                                             | (12,122 | ) |   | 1,297 |   |
| Value of insurance in force acquired                                                   | (8,133 | ) |   | (5,697 | ) |
| Unearned revenue reserve                                                               | 1,876 |   |   | 1,283 |   |
| Provision for deferred income taxes                                                    | (29,115 | ) |   | (21,414 | ) |
|                                                                                   | 54,103 |   |   | 39,805 |   |
| Proportionate share of net unrealized investment losses of equity investees            | (8 | ) |   | (14 | ) |
| Net unrealized investment gains                                                        | $ | 54,095 |   |   | $ | 39,791 |   |

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|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Fixed Maturity and Equity Securities with Unrealized Losses by Length of Time |
|                                                                          |   |   |
|                                                                          |   | March 31, 2011 |
|                                                                          |   | Less than one year |   | One year or more |   | Total |
| Description of Securities                                                     |   | Estimated Fair Value |   | Unrealized Losses |   | Estimated Fair Value |   | Unrealized Losses |   | Estimated Fair Value |   | Unrealized Losses |
|                                                                          |   | (Dollars in thousands) |
| Fixed maturity securities:                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate                                                                     |   | $ | 450,738 |   |   | $ | (12,534 | ) |   | $ | 552,890 |   |   | $ | (50,139 | ) |   | $ | 1,003,628 |   |   | $ | (62,673 | ) |
| Residential mortgage-backed                                                   |   | 90,193 |   |   | (658 | ) |   | 204,197 |   |   | (32,188 | ) |   | 294,390 |   |   | (32,846 | ) |
| Commercial mortgage-backed                                                    |   | 40,255 |   |   | (786 | ) |   | 282,920 |   |   | (48,953 | ) |   | 323,175 |   |   | (49,739 | ) |
| Other asset-backed                                                            |   | 91,331 |   |   | (627 | ) |   | 107,461 |   |   | (49,877 | ) |   | 198,792 |   |   | (50,504 | ) |
| Unites States Government and agencies                                         |   | 55,346 |   |   | (2,831 | ) |   | — |   |   | — |   |   | 55,346 |   |   | (2,831 | ) |
| State, municipal and other governments                                        |   | 693,467 |   |   | (21,387 | ) |   | 327,929 |   |   | (48,077 | ) |   | 1,021,396 |   |   | (69,464 | ) |
| Total fixed maturity securities                                               |   | $ | 1,421,330 |   |   | $ | (38,823 | ) |   | $ | 1,475,397 |   |   | $ | (229,234 | ) |   | $ | 2,896,727 |   |   | $ | (268,057 | ) |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity securities:                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-redeemable preferred stocks                                               |   | $ | — |   |   | $ | — |   |   | $ | 19,084 |   |   | $ | (916 | ) |   | $ | 19,084 |   |   | $ | (916 | ) |
| Common stock                                                                  |   | 20 |   |   | (4 | ) |   | — |   |   | — |   |   | 20 |   |   | (4 | ) |
| Total equities securities                                                     |   | $ | 20 |   |   | $ | (4 | ) |   | $ | 19,084 |   |   | $ | (916 | ) |   | $ | 19,104 |   |   | $ | (920 | ) |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                   |   | December 31, 2010 |
|                                   |   | Less than one year |   | One year or more |   | Total |
| Description of Securities              |   | Estimated Fair Value |   | Unrealized Losses |   | Estimated Fair Value |   | Unrealized Losses |   | Estimated Fair Value |   | Unrealized Losses |
|                                   |   | (Dollars in thousands) |
| Fixed maturity securities:             |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate                              |   | $ | 404,154 |   |   | $ | (15,847 | ) |   | $ | 607,032 |   |   | $ | (78,466 | ) |   | $ | 1,011,186 |   |   | $ | (94,313 | ) |
| Residential mortgage-backed            |   | 70,706 |   |   | (793 | ) |   | 395,140 |   |   | (48,740 | ) |   | 465,846 |   |   | (49,533 | ) |
| Commercial mortgage-backed             |   | 31,012 |   |   | (379 | ) |   | 324,170 |   |   | (57,195 | ) |   | 355,182 |   |   | (57,574 | ) |
| Other asset-backed                     |   | 90,806 |   |   | (529 | ) |   | 100,358 |   |   | (60,024 | ) |   | 191,164 |   |   | (60,553 | ) |
| Unites States Government and agencies  |   | 40,787 |   |   | (225 | ) |   | — |   |   | — |   |   | 40,787 |   |   | (225 | ) |
| State, municipal and other governments |   | 808,147 |   |   | (25,364 | ) |   | 328,678 |   |   | (50,563 | ) |   | 1,136,825 |   |   | (75,927 | ) |
| Total fixed maturity securities        |   | $ | 1,445,612 |   |   | $ | (43,137 | ) |   | $ | 1,755,378 |   |   | $ | (294,988 | ) |   | $ | 3,200,990 |   |   | $ | (338,125 | ) |
|                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity securities:                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-redeemable preferred stocks        |   | $ | — |   |   | $ | — |   |   | $ | 17,969 |   |   | $ | (2,031 | ) |   | $ | 17,969 |   |   | $ | (2,031 | ) |
| Total equity securities                |   | $ | — |   |   | $ | — |   |   | $ | 17,969 |   |   | $ | (2,031 | ) |   | $ | 17,969 |   |   | $ | (2,031 | ) |

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----

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|         |
|---------|
|         |  |
| • | historical operating trends; |
| • | business prospects; |
| • | status of the industry in which the company operates; |
| • | analyst ratings on the issuer and sector; |
| • | quality of management; |
| • | level of current market interest rates compared to market interest rates when the security was purchased; |
| • | length of time the security has been in an unrealized loss position; |
| • | for fixed maturity securities, our intent to sell and whether it is more likely than not that we would be required to sell prior to recovery; and |
| • | for equity securities, our ability and intent to hold the security for a period of time that allows for the recovery in value. |

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |
|                                                                                    | Three months ended March 31, |
|                                                                                    | 2011 |   | 2010 |
|                                                                                    | (Dollars in thousands) |
| Balance at beginning of period                                                          | $ | (54,710 | ) |   | $ | (72,388 | ) |
| Increases for which an impairment was not previously recognized                         | — |   |   | (6,548 | ) |
| Increases to previously impaired investments                                            | (912 | ) |   | (1,374 | ) |
| Reductions for credit losses previously recognized due to inability to hold investments | 2,864 |   |   | — |   |
| Reductions due to investments sold                                                      | 382 |   |   | 10,326 |   |
| Balance at end of period                                                                | $ | (52,376 | ) |   | $ | (69,984 | ) |

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|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |
| Realized Gains (Losses) - Recorded in Income         |   |   |   |
|                                                      |   |   |   |
|                                                      | Three months ended March 31, |
|                                                      | 2011 |   | 2010 |
|                                                      | (Dollars in thousands) |
| Realized gains (losses) on sales of investments           |   |   |   |
| Fixed maturity securities - available for sale:           |   |   |   |
| Gross gains                                               | $ | 4,519 |   |   | $ | 5,057 |   |
| Gross losses                                              | (146 | ) |   | (70 | ) |
| Real estate                                               | — |   |   | (274 | ) |
| Securities and indebtedness of related parties            | 11 |   |   | 16 |   |
| Net impairment loss recognized in earnings                | (12,324 | ) |   | (8,022 | ) |
| Realized gains (losses) on investments recorded in income | $ | (7,940 | ) |   | $ | (3,293 | ) |

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mortgage Loans by Collateral Type |   |   |   |   |   |   |   |   |
|                              |   |   |   |   |   |   |   |   |
|                              |   | March 31, 2011 |   | December 31, 2010 |
| Collateral Type                   |   | Carrying Value |   | Percent of Total |   | Carrying Value |   | Percent of Total |
|                              |   | (Dollars in thousands) |
| Retail                            |   | $ | 438,235 |   |   | 35.1 | % |   | $ | 441,181 |   |   | 35.2 | % |
| Office                            |   | 401,867 |   |   | 32.1 |   |   | 395,648 |   |   | 31.5 |   |
| Industrial                        |   | 374,661 |   |   | 30.0 |   |   | 384,481 |   |   | 30.6 |   |
| Other                             |   | 35,142 |   |   | 2.8 |   |   | 33,127 |   |   | 2.7 |   |
| Total                             |   | $ | 1,249,905 |   |   | 100.0 | % |   | $ | 1,254,437 |   |   | 100.0 | % |

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|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mortgage Loans by Geographic Location within the United States |   |   |
|                                                           |   |   |   |   |   |   |   |   |
|                                                           |   | March 31, 2011 |   | December 31, 2010 |
| Region of the United States                                    |   | Carrying Value |   | Percent of Total |   | Carrying Value |   | Percent of Total |
|                                                           |   | (Dollars in thousands) |
| South Atlantic                                                 |   | $ | 348,232 |   |   | 28.0 | % |   | $ | 344,580 |   |   | 27.5 | % |
| Pacific                                                        |   | 236,322 |   |   | 18.9 |   |   | 238,516 |   |   | 19.0 |   |
| East North Central                                             |   | 232,966 |   |   | 18.6 |   |   | 235,179 |   |   | 18.7 |   |
| West North Central                                             |   | 153,856 |   |   | 12.3 |   |   | 156,797 |   |   | 12.5 |   |
| Mountain                                                       |   | 104,274 |   |   | 8.3 |   |   | 103,290 |   |   | 8.2 |   |
| West South Central                                             |   | 60,113 |   |   | 4.8 |   |   | 61,064 |   |   | 4.9 |   |
| Other                                                          |   | 114,142 |   |   | 9.1 |   |   | 115,011 |   |   | 9.2 |   |
| Total                                                          |   | $ | 1,249,905 |   |   | 100.0 | % |   | $ | 1,254,437 |   |   | 100.0 | % |

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mortgage Loans by Loan-to-Value Ratio (1) |   |   |   |   |   |   |   |
|                                      |   |   |   |   |   |   |   |
|                                      | March 31, 2011 |   | December 31, 2010 |
|                                      |  Carrying Value |   | Percent of Total |   | Carrying Value |   | Percent of Total |
|                                      | (Dollars in thousands) |
| 0% - 50%                                  | $ | 386,623 |   |   | 30.9 | % |   | $ | 383,513 |   |   | 30.6 | % |
| 51% - 60%                                 | 313,472 |   |   | 25.1 |   |   | 316,625 |   |   | 25.2 |   |
| 61% - 70%                                 | 429,762 |   |   | 34.4 |   |   | 422,042 |   |   | 33.6 |   |
| 71% - 80%                                 | 102,621 |   |   | 8.2 |   |   | 117,573 |   |   | 9.4 |   |
| 81% - 90%                                 | 17,427 |   |   | 1.4 |   |   | 14,684 |   |   | 1.2 |   |
| Total                                     | $ | 1,249,905 |   |   | 100.0 | % |   | $ | 1,254,437 |   |   | 100.0 | % |

|    |
|----|
|    |  |  |
| (1 | ) | Loan-to-value ratio using most recent appraised value. Appraisals are updated periodically including when there is indication of a possible significant collateral decline or loan modification and refinance requests. |

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mortgage Loans by Year of Origination |   |   |   |   |   |   |   |
|                                  |   |   |   |   |   |   |   |
|                                  | March 31, 2011 |   | December 31, 2010 |
|                                  | Carrying Value |   | Percent of Total |   | Carrying Value |   | Percent of Total |
|                                  | (Dollars in thousands) |
| 2011                                  | $ | 17,050 |   |   | 1.4 | % |   | $ | — |   |   | — | % |
| 2010                                  | 33,734 |   |   | 2.7 |   |   | 39,843 |   |   | 3.2 |   |
| 2008                                  | 195,904 |   |   | 15.7 |   |   | 197,106 |   |   | 15.7 |   |
| 2007                                  | 267,892 |   |   | 21.4 |   |   | 271,506 |   |   | 21.6 |   |
| 2006 and prior                        | 735,325 |   |   | 58.8 |   |   | 745,982 |   |   | 59.5 |   |
| Total                                 | $ | 1,249,905 |   |   | 100.0 | % |   | $ | 1,254,437 |   |   | 100.0 | % |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |
|  Impaired Mortgage Loans |
|                          |   |
|                          | March 31, 2011 |   | December 31, 2010 |
|                          | (Dollars in thousands) |
| Unpaid principal balance      | $ | 8,053 |   |   | $ | 8,060 |   |
| Related allowance             | (1,759 | ) |   | (1,759 | ) |
| Recorded investment           | $ | 6,294 |   |   | $ | 6,301 |   |

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|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |
|  Allowance on Mortgage Loans |
|                              | Three months ended March 31, |
|                              | 2011 |   | 2010 |
|                              | (Dollars in thousands) |
| Balance at beginning of period    | $ | 1,759 |   |   | $ | 725 |   |
| Allowances established            | — |   |   | — |   |
| Charge offs                       | — |   |   | — |   |
| Balance at end of period          | $ | 1,759 |   |   | $ | 725 |   |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                             | March 31, 2011 |   | December 31, 2010 |
|                             | Carrying Value |   | Maximum Exposure to Loss |   | Carrying Value |   | Maximum Exposure to Loss |
|                             | (Dollars in thousands) |
| Commercial real estate project   | $ | 700 |   |   | $ | 700 |   |   | $ | 2,000 |   |   | $ | 2,000 |   |
| Real estate limited partnerships | 17,951 |   |   | 17,951 |   |   | 16,900 |   |   | 16,900 |   |
| Total                            | $ | 18,651 |   |   | $ | 18,651 |   |   | $ | 18,900 |   |   | $ | 18,900 |   |

----

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|                  |
|------------------|
|                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summary of Swaps |   |   |   |   |
|             |   |   |   |   |   |   |   | Carrying and Fair Value |
| Maturity Date    |   | NotionalAmount |   | Receive Rate |   | PayRate |   | March 31, 2011 |   | December 31, 2010 |
|             |   |   |   |   |   |   |   | (Dollars in thousands) |
| 6/1/2011         |   | $ | 50,000 |   |   | 1 month LIBOR* |   | 5.519 | % |   | $ | (438 | ) |   | $ | (1,088 | ) |

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|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Fair Values and Carrying Values                |
|                                           |   |   |   |   |   |   |   |
|                                           | March 31, 2011 |   | December 31, 2010 |
|                                           | Carrying Value |   | Fair Value |   | Carrying Value |   | Fair Value |
|                                           | (Dollars in thousands) |
| Assets                                         |   |   |   |   |   |   |   |
| Fixed maturity securities - available for sale | $ | 11,458,999 |   |   | $ | 11,458,999 |   |   | $ | 11,128,524 |   |   | $ | 11,128,524 |   |
| Equity securities - available for sale         | 80,613 |   |   | 80,613 |   |   | 78,656 |   |   | 78,656 |   |
| Mortgage loans                                 | 1,249,905 |   |   | 1,296,846 |   |   | 1,254,437 |   |   | 1,301,340 |   |
| Derivative instruments                         | 40,924 |   |   | 40,924 |   |   | 40,729 |   |   | 40,729 |   |
| Policy loans                                   | 169,498 |   |   | 205,856 |   |   | 170,341 |   |   | 209,912 |   |
| Cash and short-term investments                | 343,647 |   |   | 343,647 |   |   | 388,163 |   |   | 388,163 |   |
| Reinsurance recoverable                        | 31,416 |   |   | 31,416 |   |   | 27,788 |   |   | 27,788 |   |
| Assets held in separate accounts               | 774,774 |   |   | 774,774 |   |   | 753,050 |   |   | 753,050 |   |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Liabilities                                       |   |   |   |   |   |   |   |
| Future policy benefits                            | $ | 10,081,001 |   |   | $ | 9,208,435 |   |   | $ | 9,882,400 |   |   | $ | 9,070,167 |   |
| Supplemental contracts without life contingencies | 499,827 |   |   | 445,334 |   |   | 506,167 |   |   | 457,350 |   |
| Advance premiums and other deposits               | 185,066 |   |   | 185,066 |   |   | 178,575 |   |   | 178,575 |   |
| Short-term debt                                   | 100,000 |   |   | 103,160 |   |   | 100,000 |   |   | 104,070 |   |
| Long-term debt                                    | 271,191 |   |   | 231,248 |   |   | 271,168 |   |   | 222,375 |   |
| Other liabilities                                 | 509 |   |   | 509 |   |   | 1,172 |   |   | 1,172 |   |
| Liabilities related to separate accounts          | 774,774 |   |   | 757,947 |   |   | 753,050 |   |   | 735,678 |   |

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|                                                                                          |
|------------------------------------------------------------------------------------------|
|                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels |
|                                                                                     |   |
|                                                                                     | March 31, 2011 |
|                                                                                     | Quoted prices in active markets for identical assets (Level 1) |   | Significant other observable inputs (Level 2) |   | Significant unobservable inputs (Level 3) |   | Total |
|                                                                                     | (Dollars in thousands) |
| Assets                                                                                   |   |   |   |   |   |   |   |
| Corporate securities                                                                     | $ | — |   |   | $ | 5,520,557 |   |   | $ | 188,428 |   |   | $ | 5,708,985 |   |
| Residential mortgage-backed securities                                                   | — |   |   | 1,938,189 |   |   | 35,594 |   |   | 1,973,783 |   |
| Commercial mortgage-backed securities                                                    | — |   |   | 968,520 |   |   | 95,752 |   |   | 1,064,272 |   |
| Other asset-backed securities                                                            | — |   |   | 395,856 |   |   | 106,905 |   |   | 502,761 |   |
| Collateralized debt obligation                                                           | — |   |   | — |   |   | 3,127 |   |   | 3,127 |   |
| United States Government and agencies                                                    | 69,250 |   |   | 42,554 |   |   | 15,168 |   |   | 126,972 |   |
| State, municipal and other governments                                                   | — |   |   | 2,058,208 |   |   | 20,891 |   |   | 2,079,099 |   |
| Non-redeemable preferred stocks                                                          | — |   |   | 28,553 |   |   | 14,051 |   |   | 42,604 |   |
| Common stocks                                                                            | 3,352 |   |   | 34,657 |   |   | — |   |   | 38,009 |   |
| Derivative instruments                                                                   | — |   |   | 40,924 |   |   | — |   |   | 40,924 |   |
| Cash and short-term investments                                                          | 343,647 |   |   | — |   |   | — |   |   | 343,647 |   |
| Reinsurance recoverable                                                                  | — |   |   | 31,416 |   |   | — |   |   | 31,416 |   |
| Assets held in separate accounts                                                         | 774,774 |   |   | — |   |   | — |   |   | 774,774 |   |
| Total assets                                                                             | $ | 1,191,023 |   |   | $ | 11,059,434 |   |   | $ | 479,916 |   |   | $ | 12,730,373 |   |
|                                                                                     |   |   |   |   |   |   |   |
| Liabilities                                                                              |   |   |   |   |   |   |   |
| Future policy benefits - index annuity embedded derivatives                              | $ | — |   |   | $ | — |   |   | $ | 603,951 |   |   | $ | 603,951 |   |
| Other liabilities                                                                        | — |   |   | 509 |   |   | — |   |   | 509 |   |
| Total liabilities                                                                        | $ | — |   |   | $ | 509 |   |   | $ | 603,951 |   |   | $ | 604,460 |   |

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|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        | December 31, 2010 |
|                                                        | Quoted prices in active markets for identical assets (Level 1) |   | Significant other observable inputs (Level 2) |   | Significant unobservable inputs (Level 3) |   | Total |
|                                                        | (Dollars in thousands) |
| Assets                                                      |   |   |   |   |   |   |   |
| Corporate securities                                        | $ | — |   |   | $ | 5,283,133 |   |   | $ | 186,066 |   |   | $ | 5,469,199 |   |
| Residential mortgage-backed securities                      | — |   |   | 1,938,537 |   |   | 30,701 |   |   | 1,969,238 |   |
| Commercial mortgage-backed securities                       | — |   |   | 935,145 |   |   | 95,917 |   |   | 1,031,062 |   |
| Other asset-backed securities                               | — |   |   | 395,081 |   |   | 85,388 |   |   | 480,469 |   |
| Collateralized debt obligations                             | — |   |   | — |   |   | 2,745 |   |   | 2,745 |   |
| United States Government and agencies                       | 70,588 |   |   | 48,145 |   |   | 15,352 |   |   | 134,085 |   |
| State, municipal and other governments                      | — |   |   | 2,020,898 |   |   | 20,828 |   |   | 2,041,726 |   |
| Non-redeemable preferred stocks                             | — |   |   | 28,710 |   |   | 12,311 |   |   | 41,021 |   |
| Common stocks                                               | 3,201 |   |   | 34,434 |   |   | — |   |   | 37,635 |   |
| Derivative instruments                                      | — |   |   | 40,729 |   |   | — |   |   | 40,729 |   |
| Cash and short-term investments                             | 388,163 |   |   | — |   |   | — |   |   | 388,163 |   |
| Reinsurance recoverable                                     | — |   |   | 27,788 |   |   | — |   |   | 27,788 |   |
| Assets held in separate accounts                            | 753,050 |   |   | — |   |   | — |   |   | 753,050 |   |
| Total assets                                                | $ | 1,215,002 |   |   | $ | 10,752,600 |   |   | $ | 449,308 |   |   | $ | 12,416,910 |   |
|                                                        |   |   |   |   |   |   |   |
| Liabilities                                                 |   |   |   |   |   |   |   |
| Future policy benefits - index annuity embedded derivatives | $ | — |   |   | $ | — |   |   | $ | 567,223 |   |   | $ | 567,223 |   |
| Other liabilities                                           | — |   |   | 1,172 |   |   | — |   |   | 1,172 |   |
| Total liabilities                                           | $ | — |   |   | $ | 1,172 |   |   | $ | 567,223 |   |   | $ | 568,395 |   |

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |
| Level 3 Fixed Maturity Securities on a Recurring Basis by Valuation Source |
|                                                                       |   |
|                                                                       | March 31, 2011 |
|                                                                       | Third-party vendors |   | Priced internally |   | Total |
|                                                                       | (Dollars in thousands) |
| Corporate securities                                                       | $ | 134,959 |   |   | $ | 53,469 |   |   | $ | 188,428 |   |
| Residential mortgage-backed securities                                     | 35,594 |   |   | — |   |   | 35,594 |   |
| Commercial mortgage-backed securities                                      | 95,752 |   |   | — |   |   | 95,752 |   |
| Other asset-backed securities                                              | 106,547 |   |   | 358 |   |   | 106,905 |   |
| Collateralized debt obligation                                             | 3,127 |   |   | — |   |   | 3,127 |   |
| United States Government and agencies                                      | 15,168 |   |   | — |   |   | 15,168 |   |
| State, municipal and other governments                                     | 15,529 |   |   | 5,362 |   |   | 20,891 |   |
| Total                                                                      | $ | 406,676 |   |   | $ | 59,189 |   |   | $ | 465,865 |   |
| Percent of total                                                           | 87.3 | % |   | 12.7 | % |   | 100.0 | % |

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|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |
|                                   | December 31, 2010 |
|                                   | Third-party vendors |   | Priced internally |   | Total |
|                                   | (Dollars in thousands) |
| Corporate securities                   | $ | 135,318 |   |   | $ | 50,748 |   |   | $ | 186,066 |   |
| Residential mortgage-backed securities | 30,701 |   |   | — |   |   | 30,701 |   |
| Commercial mortgage-backed securities  | 92,661 |   |   | 3,256 |   |   | 95,917 |   |
| Other asset-backed securities          | 85,030 |   |   | 358 |   |   | 85,388 |   |
| Collateralized debt obligations        | 2,745 |   |   | — |   |   | 2,745 |   |
| United States Government and agencies  | 15,352 |   |   | — |   |   | 15,352 |   |
| State, municipal and other governments | 15,516 |   |   | 5,312 |   |   | 20,828 |   |
| Total                                  | $ | 377,323 |   |   | $ | 59,674 |   |   | $ | 436,997 |   |
| Percent of total                       | 86.3 | % |   | 13.7 | % |   | 100.0 | % |

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Level 3 Financial Instruments Changes in Fair Value Recurring Basis - Assets |   |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                         | March 31, 2011 |
|                                                                         |   |   |   |   |   |   | Realized and unrealized gains (losses), net |   |   |   |   |   |   |
|                                                                         | Balance, December 31, 2010 |   | Purchases |   | Disposals |   | Included in net income (1) |   | Included in other compre-hensive income |   | Net transfers in (out) of Level 3 (2) |   | Amort-ization included in net income |   | Balance, March 31, 2011 |
|                                                                         | (Dollars in thousands) |
| Corporate securities                                                         | $ | 186,066 |   |   | $ | 19,863 |   |   | $ | (2,256 | ) |   | $ | (4,000 | ) |   | $ | 1,244 |   |   | $ | (12,491 | ) |   | $ | 2 |   |   | $ | 188,428 |   |
| Residential mortgage-backed securities                                       | 30,701 |   |   | 6,116 |   |   | (998 | ) |   | — |   |   | (182 | ) |   | — |   |   | (43 | ) |   | 35,594 |   |
| Commercial mortgage-backed securities                                        | 95,917 |   |   | 28,166 |   |   | (140 | ) |   | — |   |   | 1,960 |   |   | (30,127 | ) |   | (24 | ) |   | 95,752 |   |
| Other asset-backed securities                                                | 85,388 |   |   | 24,635 |   |   | (6,105 | ) |   | (667 | ) |   | 1,866 |   |   | 1,492 |   |   | 296 |   |   | 106,905 |   |
| Collateralized debt obligation                                               | 2,745 |   |   | — |   |   | — |   |   | 382 |   |   | — |   |   | — |   |   | — |   |   | 3,127 |   |
| United States Government and agencies                                        | 15,352 |   |   | — |   |   | — |   |   | — |   |   | (187 | ) |   | — |   |   | 3 |   |   | 15,168 |   |
| State, municipal and other governments                                       | 20,828 |   |   | — |   |   | (23 | ) |   | — |   |   | 84 |   |   | — |   |   | 2 |   |   | 20,891 |   |
| Non-redeemable preferred stocks                                              | 12,311 |   |   | — |   |   | — |   |   | — |   |   | 1,740 |   |   | — |   |   | — |   |   | 14,051 |   |
| Total                                                                        | $ | 449,308 |   |   | $ | 78,780 |   |   | $ | (9,522 | ) |   | $ | (4,285 | ) |   | $ | 6,525 |   |   | $ | (41,126 | ) |   | $ | 236 |   |   | $ | 479,916 |   |

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|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Level 3 Financial Instruments Changes in Fair Value Recurring Basis - Assets |   |   |   |
|                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                         | March 31, 2010 |
|                                                                         |   |   |   |   |   |   | Realized and unrealized gains (losses), net |   |   |   |   |   |   |
|                                                                         | Balance, December 31, 2009 |   | Purchases |   | Disposals |   | Included in net income (1) |   | Included in other compre-hensive income |   | Net transfers in (out) of Level 3 (3) |   | Amort-ization included in net income |   | Balance, March 31, 2010 |
|                                                                         | (Dollars in thousands) |
| Corporate securities                                                         | $ | 188,480 |   |   | $ | 3,500 |   |   | $ | (5,251 | ) |   | $ | — |   |   | $ | 6,998 |   |   | $ | (8,350 | ) |   | $ | 40 |   |   | $ | 185,417 |   |
| Residential mortgage-backed securities                                       | — |   |   | 5,925 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 5,925 |   |
| Commercial mortgage-backed securities                                        | 126,115 |   |   | — |   |   | (422 | ) |   | (120 | ) |   | 6,661 |   |   | (9,500 | ) |   | (94 | ) |   | 122,640 |   |
| Other asset-backed securities                                                | 22,948 |   |   | — |   |   | (377 | ) |   | (3,854 | ) |   | 4,922 |   |   | (4,322 | ) |   | 196 |   |   | 19,513 |   |
| Collateralized debt obligation                                               | 12,892 |   |   | — |   |   | (10,200 | ) |   | 659 |   |   | (44 | ) |   | — |   |   | — |   |   | 3,307 |   |
| United States Government and agencies                                        | 14,683 |   |   | — |   |   | — |   |   | — |   |   | (4 | ) |   | — |   |   | 3 |   |   | 14,682 |   |
| State, municipal and other governments                                       | 16,079 |   |   | 5,000 |   |   | (23 | ) |   | — |   |   | 166 |   |   | — |   |   | 2 |   |   | 21,224 |   |
| Non-redeemable preferred stocks                                              | 7,399 |   |   | — |   |   | — |   |   | — |   |   | (107 | ) |   | — |   |   | — |   |   | 7,292 |   |
| Other long-term investments                                                  | 1,882 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | (7 | ) |   | 1,875 |   |
| Total                                                                        | $ | 390,478 |   |   | $ | 14,425 |   |   | $ | (16,273 | ) |   | $ | (3,315 | ) |   | $ | 18,592 |   |   | $ | (22,172 | ) |   | $ | 140 |   |   | $ | 381,875 |   |

|    |
|----|
|    |  |  |
| (1 | ) | The change in unrealized gains (losses) included in net income relating to positions still held on collateral debt obligations was $0.4 million for the three month period ended March 31, 2011. There were no amounts included in net income relating to positions held on collateral debt obligations for the 2010 period. |
| (2 | ) | Included in the net transfers in (out) line is $58.8 million of securities that were priced using a broker only quote at December 31, 2010 that were transferred to a pricing service that uses observable market data in the prices and $17.7 million that were transferred into Level 3 that did not have enough observable data to include in Level 2 at March 31, 2011. |
| (3 | ) | Included in the net transfers in (out) line is $22.2 million of securities that were priced using a broker only quote at December 31, 2009 that were transferred to a pricing service that uses observable market data in the prices at March 31, 2010. |

|                                                                                              |
|----------------------------------------------------------------------------------------------|
|                                                                                              |  |  |  |  |  |  |  |
| Level 3 Financial Instruments Changes in Fair Value Recurring Basis - Future Policy Benefits |
|                                                                                         |   |   |   |
|                                                                                         | Three months ended March 31, |
|                                                                                         | 2011 |   | 2010 |
|                                                                                         | (Dollars in thousands) |
| Index Product Embedded Derivatives:                                                          |   |   |   |
|    Balance, beginning of period                                               | $ | 567,223 |   |   | $ | 502,067 |   |
| Premiums inflows                                                                             | 21,285 |   |   | 21,107 |   |
| Benefit outflows                                                                             | (19,802 | ) |   | (29,976 | ) |
| Impact of unrealized gains (losses), net                                                     | 35,245 |   |   | 45,144 |   |
|    Balance, end of period                                                     | $ | 603,951 |   |   | $ | 538,342 |   |
|                                                                                         |   |   |   |
| Change in unrealized gains/losses on embedded derivatives held at end of period (1)          | $ | 35,245 |   |   | $ | 45,144 |   |

|     |
|-----|
|     |  |
| (1) | Excludes host accretion and the timing of posting index credits, which are included with the change in value of index product embedded derivatives in the consolidated statements of operations. |

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|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |
| Components of Net Periodic Pension Cost for FBL and Affiliates Combined |
|                                                                    |   |   |   |
|                                                                    | Three months ended March 31, |
|                                                                    | 2011 |   | 2010 |
|                                                                    | (Dollars in thousands) |
| Service cost                                                            | $ | 2,049 |   |   | $ | 1,828 |   |
| Interest cost                                                           | 3,459 |   |   | 3,558 |   |
| Expected return on assets                                               | (3,461 | ) |   | (3,166 | ) |
| Amortization of prior service cost                                      | 375 |   |   | 182 |   |
| Amortization of actuarial loss                                          | 1,973 |   |   | 1,741 |   |
| Settlement expense                                                      | — |   |   | (148 | ) |
| Net periodic pension cost                                               | $ | 4,395 |   |   | $ | 3,995 |   |

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|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |
| Computation of Earnings Per Common Share                                              |
|                                                                                  | Three months ended March 31, |
|                                                                                  | 2011 |   | 2010 |
|                                                                                  | (Dollars in thousands, except per share data) |
| Numerator:                                                                            |   |   |   |
| Net income attributable to FBL Financial Group, Inc.                                  | $ | 26,493 |   |   | $ | 18,021 |   |
| Dividends on Series B preferred stock                                                 | (38 | ) |   | (38 | ) |
| Numerator for earnings per common share - income available to common stockholders     | $ | 26,455 |   |   | $ | 17,983 |   |
|                                                                                  |   |   |   |
| Denominator:                                                                          |   |   |   |
| Weighted average shares                                                               | 30,412,327 |   |   | 30,104,281 |   |
| Deferred common stock units relating to deferred compensation plans                   | 199,634 |   |   | 174,796 |   |
| Denominator for earnings per common share - weighted average shares                   | 30,611,961 |   |   | 30,279,077 |   |
| Effect of dilutive securities - stock based compensation                              | 510,446 |   |   | 252,509 |   |
| Denominator for dilutive earnings per common share - adjusted weighted-average shares | 31,122,407 |   |   | 30,531,586 |   |
|                                                                                  |   |   |   |
| Earnings per common share                                                             | $ | 0.86 |   |   | $ | 0.59 |   |
| Earnings per common share - assuming dilution                                         | $ | 0.85 |   |   | $ | 0.59 |   |
|                                                                                  |   |   |   |
| Antidilutive stock options excluded from diluted earnings per share                   | 1,125,521 |   |   | 2,033,294 |   |

----

Table of Contents

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |
| Financial Information Concerning our Operating Segments           |
|                                                              |   |   |   |
|                                                              | Three months ended March 31, |
|                                                              | 2011 |   | 2010 |
|                                                              | (Dollars in thousands) |
| Operating revenues:                                               |   |   |   |
| Traditional Annuity - Exclusive Distribution                      | $ | 44,037 |   |   | $ | 40,774 |   |
| Traditional Annuity - Independent Distribution                    | 122,718 |   |   | 112,263 |   |
| Traditional and Universal Life Insurance                          | 87,890 |   |   | 83,547 |   |
| Variable                                                          | 17,964 |   |   | 16,915 |   |
| Corporate and Other                                               | 6,618 |   |   | 4,999 |   |
|                                                              | 279,227 |   |   | 258,498 |   |
| Realized gains (losses) on investments (A)                        | (7,923 | ) |   | (3,291 | ) |
| Change in net unrealized gains/losses on derivatives (A)          | 20,004 |   |   | 14,192 |   |
| Consolidated revenues                                             | $ | 291,308 |   |   | $ | 269,399 |   |
|                                                              |   |   |   |
| Pre-tax operating income (loss):                                  |   |   |   |
| Traditional Annuity - Exclusive Distribution                      | $ | 14,863 |   |   | $ | 11,890 |   |
| Traditional Annuity - Independent Distribution                    | 13,191 |   |   | 7,643 |   |
| Traditional and Universal Life Insurance                          | 11,492 |   |   | 11,111 |   |
| Variable                                                          | 5,188 |   |   | 3,540 |   |
| Corporate and Other                                               | (2,415 | ) |   | (4,116 | ) |
|                                                              | 42,319 |   |   | 30,068 |   |
| Income taxes on operating income                                  | (13,691 | ) |   | (9,770 | ) |
| Realized gains/losses on investments (A)                          | (2,686 | ) |   | (1,319 | ) |
| Change in net unrealized gains/losses on derivatives (A)          | 551 |   |   | (958 | ) |
| Consolidated net income attributable to FBL Financial Group, Inc. | $ | 26,493 |   |   | $ | 18,021 |   |

|     |
|-----|
|     |  |  |  |  |
| (A) | Amounts are net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred policy acquisition costs, deferred sales inducements, value of insurance in force acquired and income taxes attributable to these items. |

----

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|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |
| Reconciliation of Traditional Life Insurance Premiums, Net of Reinsurance |
|                                                                      |   |   |   |
|                                                                      | Three months ended March 31, |
|                                                                      | 2011 |   | 2010 |
|                                                                      | (Dollars in thousands) |
| Traditional and universal life insurance premiums collected               | $ | 59,089 |   |   | $ | 52,051 |   |
| Premiums collected on interest sensitive products                         | (17,695 | ) |   | (12,690 | ) |
| Traditional life insurance premiums collected                             | 41,394 |   |   | 39,361 |   |
| Change in due premiums and other                                          | (7 | ) |   | (116 | ) |
| Traditional life insurance premiums                                       | $ | 41,387 |   |   | $ | 39,245 |   |

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |
| Interest Sensitive and Index Product Charges by Segment   |
|                                                      |   |   |   |
|                                                      | Three months ended March 31, |
|                                                      | 2011 |   | 2010 |
|                                                      | (Dollars in thousands) |
| Traditional Annuity - Exclusive Distribution              |   |   |   |
| Administration charges                                    | $ | 3 |   |   | $ | 6 |   |
| Surrender charges                                         | 158 |   |   | 119 |   |
| Total                                                     | $ | 161 |   |   | $ | 125 |   |
|                                                      |   |   |   |
| Traditional Annuity - Independent Distribution            |   |   |   |
| Surrender charges                                         | $ | 6,302 |   |   | $ | 6,267 |   |
|                                                      |   |   |   |
| Traditional and Universal Life Insurance                  |   |   |   |
| Administration charges                                    | $ | 2,692 |   |   | $ | 2,334 |   |
| Cost of insurance charges                                 | 9,054 |   |   | 8,517 |   |
| Surrender charges                                         | 156 |   |   | 242 |   |
| Amortization of policy initiation fees                    | 440 |   |   | 322 |   |
| Total                                                     | $ | 12,342 |   |   | $ | 11,415 |   |
|                                                      |   |   |   |
| Variable                                                  |   |   |   |
| Administration charges                                    | $ | 1,659 |   |   | $ | 1,771 |   |
| Cost of insurance charges                                 | 7,507 |   |   | 7,367 |   |
| Surrender charges                                         | 273 |   |   | 565 |   |
| Separate account charges                                  | 2,297 |   |   | 2,100 |   |
| Amortization of policy initiation fees                    | 262 |   |   | 393 |   |
| Total                                                     | $ | 11,998 |   |   | $ | 12,196 |   |
|                                                      |   |   |   |
| Consolidated interest sensitive and index product charges | $ | 30,803 |   |   | $ | 30,003 |   |

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Table of Contents

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |
|                                                 |   |   |   |
|                                                 | Three months ended March 31, |
|                                                 | 2011 |   | 2010 |
|                                                 | (Dollars in thousands, except per share data) |
| Revenues                                             | $ | 291,308 |   |   | $ | 269,399 |   |
| Benefits and expenses                                | 254,428 |   |   | 244,532 |   |
|                                                 | 36,880 |   |   | 24,867 |   |
| Income taxes                                         | (11,788 | ) |   | (7,955 | ) |
| Equity income                                        | 1,399 |   |   | 1,095 |   |
| Net income                                           | 26,491 |   |   | 18,007 |   |
| Net loss attributable to noncontrolling interest     | 2 |   |   | 14 |   |
| Net income attributable to FBL Financial Group, Inc. | $ | 26,493 |   |   | $ | 18,021 |   |
|                                                 |   |   |   |
| Earnings per common share                            | $ | 0.86 |   |   | $ | 0.59 |   |
| Earnings per common share - assuming dilution        | $ | 0.85 |   |   | $ | 0.59 |   |

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |
| Other data                                                   |   |   |   |
| Direct premiums collected, net of reinsurance                | $ | 385,231 |   |   | $ | 208,911 |   |
|                                                         |   |   |   |
| Direct life insurance in force, end of quarter (in millions) | 48,670 |   |   | 46,582 |   |
| Life insurance lapse rates                                   | 7.4 | % |   | 6.9 | % |
| Withdrawal rates - individual traditional annuity:           |   |   |   |
| Exclusive Distribution                                       | 5.4 | % |   | 4.1 | % |
| Independent Distribution                                     | 7.2 | % |   | 6.8 | % |

----

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|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |
| Spreads Earned on our Universal Life and Individual Annuity Products |   |   |   |
|                                                                 |   |   |   |
|                                                                 | Three months ended March 31, |
|                                                                 | 2011 |   | 2010 |
| Weighted average yield on cash and invested assets                   | 6.19 | % |   | 6.09 | % |
| Weighted average interest crediting rate/index cost                  | 3.44 | % |   | 3.72 | % |
| Spread                                                               | 2.75 | % |   | 2.37 | % |

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |
|                                                 | Three months ended March 31, |
|                                                 | 2011 |   | 2010 |
|                                                 | (Dollars in thousands) |
| Realized gains/losses on investments                 | $ | (7,940 | ) |   | $ | (3,293 | ) |
| Change in net unrealized gains/losses on derivatives | 7,753 |   |   | (11,864 | ) |
| Change in amortization of:                           |   |   |   |
| Deferred policy acquisition costs                    | (1,297 | ) |   | 6,680 |   |
| Deferred sales inducements                           | (1,793 | ) |   | 4,996 |   |
| Value of insurance in force acquired                 | (24 | ) |   | (24 | ) |
| Unearned revenue reserve                             | 17 |   |   | 2 |   |
| Income tax offset                                    | 1,149 |   |   | 1,226 |   |
| Net impact of operating income adjustments           | $ | (2,135 | ) |   | $ | (2,277 | ) |

|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |
| Summary of adjustments noted above after offsets and income taxes: |   |   |   |
| Realized gains/losses on investments                               | $ | (2,686 | ) |   | $ | (1,319 | ) |
| Change in net unrealized gains/losses on derivatives               | 551 |   |   | (958 | ) |
| Net impact of operating income adjustments                         | $ | (2,135 | ) |   | $ | (2,277 | ) |
| Net impact per share - basic                                       | $ | (0.07 | ) |   | $ | (0.08 | ) |
| Net impact per share - assuming dilution                           | $ | (0.07 | ) |   | $ | (0.07 | ) |

----

Table of Contents

|                                                                                                          |
|----------------------------------------------------------------------------------------------------------|
|                                                                                                          |  |  |  |
| Changes in FBL Net Income                                                                                |   |
|                                                                                                     | Three months ended |
|                                                                                                     | March 31, |
|                                                                                                     | 2011 vs. 2010 |
|                                                                                                     | (Dollars in thousands) |
| Premiums and product charges                                                                             | $ | 2,942 |   |
| Net investment income                                                                                    | 8,430 |   |
| Derivative income                                                                                        | 13,204 |   |
| Realized gains/losses on investments                                                                     | (4,647 | ) |
| Other income and other expenses                                                                          | 1,334 |   |
| Interest sensitive and index products benefits and change in value of index product embedded derivatives | (297 | ) |
| Traditional life insurance policy benefits                                                               | 1,084 |   |
| Underwriting, acquisition and insurance expenses                                                         | (10,046 | ) |
| Interest expense                                                                                         | 9 |   |
| Income taxes                                                                                             | (3,833 | ) |
| Noncontrolling interest and equity income                                                                | 292 |   |
| Total change in FBL Net Income                                                                           | $ | 8,472 |   |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |
|                                         | Three months ended March 31, |
|                                         | 2011 |   | 2010 |
|                                         | (Dollars in thousands) |
| Premiums and product charges:                |   |   |   |
| Interest sensitive and index product charges | $ | 30,803 |   |   | $ | 30,003 |   |
| Traditional life insurance premiums          | 41,387 |   |   | 39,245 |   |
| Total                                        | $ | 72,190 |   |   | $ | 69,248 |   |

----

Table of Contents

|                                                                                                    |
|----------------------------------------------------------------------------------------------------|
|                                                                                                    |  |  |  |  |  |  |  |
| Impact of EquiTrust Life Direct Annuity Surrenders on Interest Sensitive and Index Product Charges |
|                                                                                               |   |
|                                                                                               | Three months ended March 31, |
|                                                                                               | 2011 |   | 2010 |
|                                                                                               | (Dollars in thousands) |
| Gross surrender charges                                                                            | $ | 8,220 |   |   | $ | 6,637 |   |
| Market value adjustments                                                                           | (3,192 | ) |   | (1,759 | ) |
| Net impact of surrender charges                                                                    | $ | 5,028 |   |   | $ | 4,878 |   |

|                                                                                                      |
|------------------------------------------------------------------------------------------------------|
|                                                                                                      |  |  |  |  |  |  |  |
| Derivative Income                                                                                    |   |   |   |
|                                                                                                 |   |   |   |
|                                                                                                 | Three months ended March 31, |
|                                                                                                 | 2011 |   | 2010 |
|                                                                                                 | (Dollars in thousands) |
| Derivative income:                                                                                   |   |   |   |
| Components of derivative income from call options:                                                   |   |   |   |
| Gains received at expiration                                                                         | $ | 35,644 |   |   | $ | 31,304 |   |
| Change in the difference between fair value and remaining option cost at beginning and end of period | 20,874 |   |   | 13,733 |   |
| Cost of money for call options                                                                       | (20,538 | ) |   | (22,018 | ) |
|                                                                                                 | 35,980 |   |   | 23,019 |   |
| Other                                                                                                | (440 | ) |   | (683 | ) |
| Total                                                                                                | $ | 35,540 |   |   | $ | 22,336 |   |

----

Table of Contents

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |
| Realized Gains (Losses) on Investments                   |   |   |   |
|                                                     |   |   |   |
|                                                     | Three months ended March 31, |
|                                                     | 2011 |   | 2010 |
|                                                     | (Dollars in thousands) |
| Realized gains (losses) on investments:                  |   |   |   |
| Realized gains on sales                                  | $ | 4,530 |   |   | $ | 5,073 |   |
| Realized losses on sales                                 | (146 | ) |   | (344 | ) |
| Total other-than-temporary impairment charges            | (18,062 | ) |   | (27,154 | ) |
| Net realized investment losses                           | (13,678 | ) |   | (22,425 | ) |
| Non-credit losses included in other comprehensive income | 5,738 |   |   | 19,132 |   |
| Total reported in statements of operations               | $ | (7,940 | ) |   | $ | (3,293 | ) |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |
| Investment Credit Impairment Losses Recognized in Net Income        |
|                                                                |   |   |   |
|                                                                | Three months ended March 31, |
|                                                                | 2011 |   | 2010 |
|                                                                | (Dollars in thousands) |
| Corporate securities:                                               |   |   |   |
| Manufacturing                                                       | $ | 4,000 |   |   | $ | — |   |
| Finance                                                             | 4,665 |   |   | — |   |
| Residential mortgage-backed                                         | 245 |   |   | — |   |
| Commercial mortgage-backed                                          | 2,611 |   |   | 120 |   |
| Other asset-backed                                                  | 667 |   |   | 7,139 |   |
| State, municipal and other government                               | 136 |   |   | — |   |
| Collateralized debt obligations                                     | — |   |   | 763 |   |
| Total other-than-temporary impairment losses reported in net income | $ | 12,324 |   |   | $ | 8,022 |   |

----

Table of Contents

|                                                                                                                |
|----------------------------------------------------------------------------------------------------------------|
|                                                                                                                |  |  |  |  |  |  |  |
| Interest Sensitive and Index Product Benefits and Change in Value of Index Product Embedded Derivatives   |
|                                                                                                           |   |
|                                                                                                           | Three months ended March 31, |
|                                                                                                           | 2011 |   | 2010 |
|                                                                                                           | (Dollars in thousands) |
| Interest sensitive and index product benefits:                                                                 |   |   |   |
| Interest credited                                                                                              | $ | 78,234 |   |   | $ | 75,557 |   |
| Index credits                                                                                                  | 33,525 |   |   | 32,566 |   |
| Amortization of deferred sales inducements                                                                     | 12,386 |   |   | 4,338 |   |
| Interest sensitive death benefits                                                                              | 12,141 |   |   | 9,723 |   |
|                                                                                                           | 136,286 |   |   | 122,184 |   |
| Change in value of index product embedded derivatives                                                          | 12,251 |   |   | 26,056 |   |
| Total                                                                                                          | $ | 148,537 |   |   | $ | 148,240 |   |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |
|                                                | Three months ended March 31, |
|                                                | 2011 |   | 2010 |
|                                                | (Dollars in thousands) |
| Traditional life insurance policy benefits:         |   |   |   |
| Death and surrender benefits                        | $ | 27,929 |   |   | $ | 27,568 |   |
| Increase in traditional life future policy benefits | 8,669 |   |   | 9,741 |   |
| Policyholder dividends                              | 4,300 |   |   | 4,673 |   |
| Total                                               | $ | 40,898 |   |   | $ | 41,982 |   |

----

Table of Contents

|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |
| Underwriting, Acquisition and Insurance Expenses                         |   |   |   |
|                                                                     |   |   |   |
|                                                                     | Three months ended March 31, |
|                                                                     | 2011 |   | 2010 |
|                                                                     | (Dollars in thousands) |
| Underwriting, acquisition and insurance expenses:                        |   |   |   |
| Commission expense, net of deferrals                                     | $ | 3,923 |   |   | $ | 3,767 |   |
| Amortization of deferred policy acquisition costs                        | 31,062 |   |   | 20,776 |   |
| Amortization of value of insurance in force acquired                     | 384 |   |   | 576 |   |
| Other underwriting, acquisition and insurance expenses, net of deferrals | 18,615 |   |   | 18,819 |   |
| Total                                                                    | $ | 53,984 |   |   | $ | 43,938 |   |

----

Table of Contents

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |
| Reconciliation of Net Income to Pre-tax Operating Income |
|                                                     |   |   |   |
|                                                     | Three months ended March 31, |
|                                                     | 2011 |   | 2010 |
|                                                     | (Dollars in thousands) |
| Net income attributable to FBL Financial Group, Inc.     | $ | 26,493 |   |   | $ | 18,021 |   |
| Net impact of operating income adjustments (1)           | 2,135 |   |   | 2,277 |   |
| Income taxes on operating income                         | 13,691 |   |   | 9,770 |   |
| Pre-tax operating income                                 | $ | 42,319 |   |   | $ | 30,068 |   |
|                                                     |   |   |   |
| Pre-tax operating income (loss) by segment:              |   |   |   |
| Traditional Annuity - Exclusive Distribution             | $ | 14,863 |   |   | $ | 11,890 |   |
| Traditional Annuity - Independent Distribution           | 13,191 |   |   | 7,643 |   |
| Traditional and Universal Life Insurance                 | 11,492 |   |   | 11,111 |   |
| Variable                                                 | 5,188 |   |   | 3,540 |   |
| Corporate and Other                                      | (2,415 | ) |   | (4,116 | ) |
|                                                     | $ | 42,319 |   |   | $ | 30,068 |   |

|     |
|-----|
|     |  |  |  |  |
| (1) | See "Net Income Attributable to FBL Financial Group, Inc." above for additional details on our operating income adjustments. |

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |
| Traditional Annuity - Exclusive Distribution Segment |   |   |   |
|                                                 |   |   |   |
|                                                 | Three months ended March 31, |
|                                                 | 2011 |   | 2010 |
|                                                 | (Dollars in thousands) |
| Pre-tax operating income                             |   |   |   |
| Operating revenues:                                  |   |   |   |
| Interest sensitive and index product charges         | $ | 161 |   |   | $ | 125 |   |
| Net investment income                                | 44,421 |   |   | 41,151 |   |
| Derivative loss                                      | (545 | ) |   | (502 | ) |
|                                                 | 44,037 |   |   | 40,774 |   |
| Benefits and expenses                                | 29,174 |   |   | 28,884 |   |
| Pre-tax operating income                             | $ | 14,863 |   |   | $ | 11,890 |   |
|                                                 |   |   |   |
| Other data                                           |   |   |   |
| Annuity premiums collected, direct                   | $ | 119,474 |   |   | $ | 78,684 |   |
| Policy liabilities and accruals, end of period       | 3,044,248 |   |   | 2,763,681 |   |
|                                                 |   |   |   |
| Individual annuity spread:                           |   |   |   |
| Weighted average yield on cash and invested assets   | 6.19 | % |   | 6.26 | % |
| Weighted average interest crediting rate/index costs | 3.40 | % |   | 3.69 | % |
| Spread                                               | 2.79 | % |   | 2.57 | % |
|                                                 |   |   |   |
| Individual annuity withdrawal rate                   | 5.4 | % |   | 4.1 | % |

----

Table of Contents

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |
| Traditional Annuity - Independent Distribution Segment |
|                                                   |   |   |   |
|                                                   | Three months ended March 31, |
|                                                   | 2011 |   | 2010 |
|                                                   | (Dollars in thousands) |
| Pre-tax operating income                               |   |   |   |
| Operating revenues:                                    |   |   |   |
| Interest sensitive and index product charges           | $ | 6,302 |   |   | $ | 6,267 |   |
| Net investment income                                  | 100,335 |   |   | 96,831 |   |
| Derivative income                                      | 16,081 |   |   | 9,165 |   |
|                                                   | 122,718 |   |   | 112,263 |   |
| Benefits and expenses                                  | 109,527 |   |   | 104,620 |   |
| Pre-tax operating income                               | $ | 13,191 |   |   | $ | 7,643 |   |
|                                                   |   |   |   |
| Other data                                             |   |   |   |
| Annuity premiums collected, independent channel        |   |   |   |
| Fixed rate annuities                                   | $ | 25,143 |   |   | $ | 18,648 |   |
| Index annuities                                        | 157,306 |   |   | 28,688 |   |
| Total annuity premiums collected, independent channel  | 182,449 |   |   | 47,336 |   |
| Annuity premiums collected, assumed                    | 328 |   |   | 320 |   |
| Policy liabilities and accruals, end of period         | 7,433,695 |   |   | 7,260,128 |   |
|                                                   |   |   |   |
| Individual deferred annuity spread:                    |   |   |   |
| Weighted average yield on cash and invested assets     | 6.14 | % |   | 5.97 | % |
| Weighted average interest crediting rate/index cost    | 3.39 | % |   | 3.67 | % |
| Spread                                                 | 2.75 | % |   | 2.30 | % |
|                                                   |   |   |   |
| Individual traditional annuity withdrawal rate         | 7.2 | % |   | 6.8 | % |

----

Table of Contents

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |
| Traditional and Universal Life Insurance Segment            |   |   |   |
|                                                        |   |   |   |
|                                                        | Three months ended March 31, |
|                                                        | 2011 |   | 2010 |
|                                                        | (Dollars in thousands) |
| Pre-tax operating income                                    |   |   |   |
| Operating revenues:                                         |   |   |   |
| Interest sensitive product charges and other income         | $ | 12,414 |   |   | $ | 11,439 |   |
| Traditional life insurance premiums                         | 41,387 |   |   | 39,245 |   |
| Net investment income                                       | 34,089 |   |   | 32,863 |   |
|                                                        | 87,890 |   |   | 83,547 |   |
| Benefits and expenses                                       | 76,398 |   |   | 72,436 |   |
| Pre-tax operating income                                    | $ | 11,492 |   |   | $ | 11,111 |   |
|                                                        |   |   |   |
| Other data                                                  |   |   |   |
| Life premiums collected, net of reinsurance                 | $ | 59,089 |   |   | $ | 52,051 |   |
| Policy liabilities and accruals, end of period              | 2,144,052 |   |   | 2,076,628 |   |
| Direct life insurance in force, end of period (in millions) | 41,794 |   |   | 39,312 |   |
|                                                        |   |   |   |
| Interest sensitive life insurance spread:                   |   |   |   |
| Weighted average yield on cash and invested assets          | 6.67 | % |   | 6.59 | % |
| Weighted average interest crediting rate                    | 4.20 | % |   | 4.26 | % |
| Spread                                                      | 2.47 | % |   | 2.33 | % |

----

Table of Contents

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |
| Variable Segment                                            |   |   |   |
|                                                        |   |   |   |
|                                                        | Three months ended March 31, |
|                                                        | 2011 |   | 2010 |
|                                                        | (Dollars in thousands) |
| Pre-tax operating income                                    |   |   |   |
| Operating revenues:                                         |   |   |   |
| Interest sensitive product charges                          | $ | 12,006 |   |   | $ | 12,196 |   |
| Net investment income                                       | 4,555 |   |   | 4,026 |   |
| Other income                                                | 1,403 |   |   | 693 |   |
|                                                        | 17,964 |   |   | 16,915 |   |
| Benefits and expenses                                       | 12,776 |   |   | 13,375 |   |
| Pre-tax operating income                                    | $ | 5,188 |   |   | $ | 3,540 |   |
|                                                        |   |   |   |
| Other data                                                  |   |   |   |
| Variable premiums collected, net of reinsurance             | $ | 23,822 |   |   | $ | 30,450 |   |
| Policy liabilities and accruals, end of period              | 291,233 |   |   | 268,630 |   |
| Separate account assets, end of period                      | 774,774 |   |   | 726,825 |   |
| Direct life insurance in force, end of period (in millions) | 6,876 |   |   | 7,270 |   |

----

Table of Contents

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |
| Corporate and Other Segment |   |   |   |
|                        |   |   |   |
|                        | Three months ended March 31, |
|                        | 2011 |   | 2010 |
|                        | (Dollars in thousands) |
| Pre-tax operating loss      |   |   |   |
| Operating revenues:         |   |   |   |
| Net investment income       | $ | 3,119 |   |   | $ | 3,218 |   |
| Derivative loss             | — |   |   | (519 | ) |
| Other income                | 3,499 |   |   | 2,300 |   |
|                        | 6,618 |   |   | 4,999 |   |
| Interest expense            | 6,109 |   |   | 6,118 |   |
| Benefits and other expenses | 5,079 |   |   | 4,695 |   |
|                        | (4,570 | ) |   | (5,814 | ) |
| Noncontrolling interest     | 2 |   |   | 14 |   |
| Equity income, before tax   | 2,153 |   |   | 1,684 |   |
| Pre-tax operating loss      | $ | (2,415 | ) |   | $ | (4,116 | ) |

----

Table of Contents

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |
| Fixed Maturity Securities Acquisitions Selected Information |   |   |   |   |
|                                                        |   |   |   |   |
|                                                        |   | Three months ended |
|                                                        |   | March 31, 2011 |   | March 31, 2010 |
|                                                        |   | (Dollars in thousands) |
| Cost of acquisitions:                                       |   |   |   |   |
| Corporate investment grade                                  |   | $ | 323,482 |   |   | $ | 165,767 |   |
| Mortgage and asset-backed                                   |   | 179,175 |   |   | 181,573 |   |
| United States Government and agencies                       |   | 3,110 |   |   | — |   |
| Tax-exempt municipals                                       |   | 12,464 |   |   | — |   |
| Taxable municipals                                          |   | 33,187 |   |   | 39,128 |   |
| Total                                                       |   | $ | 551,418 |   |   | $ | 386,468 |   |
| Effective annual yield                                      |   | 5.23 | % |   | 3.82 | % |
| Credit quality                                              |   |   |   |   |
| NAIC 1 designation                                          |   | 61.0 | % |   | 86.2 | % |
| NAIC 2 designation                                          |   | 39.0 | % |   | 13.8 | % |
| Weighted-average life in years                              |   | 8.3 |   |   | 12.7 |

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment Portfolio Summary                    |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |
|                                                 | March 31, 2011 |   | December 31, 2010 |
|                                                 | Carrying Value |   | Percent |   | Carrying Value |   | Percent |
|                                                 | (Dollars in thousands) |
| Fixed maturity securities - available for sale:      |   |   |   |   |   |   |   |
| Public                                               | $ | 8,990,172 |   |   | 67.9 | % |   | $ | 8,812,951 |   |   | 67.5 | % |
| 144A private placement                               | 1,887,892 |   |   | 14.3 |   |   | 1,771,383 |   |   | 13.6 |   |
| Private placement                                    | 580,935 |   |   | 4.4 |   |   | 544,190 |   |   | 4.2 |   |
| Total fixed maturity securities - available for sale | 11,458,999 |   |   | 86.6 |   |   | 11,128,524 |   |   | 85.3 |   |
| Equity securities                                    | 80,613 |   |   | 0.6 |   |   | 78,656 |   |   | 0.6 |   |
| Mortgage loans                                       | 1,249,905 |   |   | 9.3 |   |   | 1,254,437 |   |   | 9.5 |   |
| Derivative instruments                               | 40,924 |   |   | 0.3 |   |   | 40,729 |   |   | 0.3 |   |
| Real estate                                          | 13,500 |   |   | 0.1 |   |   | 13,554 |   |   | 0.1 |   |
| Policy loans                                         | 169,498 |   |   | 1.3 |   |   | 170,341 |   |   | 1.3 |   |
| Other long-term investments                          | 125 |   |   | — |   |   | 132 |   |   | — |   |
| Short-term investments                               | 226,653 |   |   | 1.8 |   |   | 383,369 |   |   | 2.9 |   |
| Total investments                                    | $ | 13,240,217 |   |   | 100.0 | % |   | $ | 13,069,742 |   |   | 100.0 | % |

----

Table of Contents

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit Quality by NAIC Designation and Equivalent Rating |
|                                                     |   |   |   |   |   |   |
|                                                     |   |   |   | March 31, 2011 |   | December 31, 2010 |
| NAIC Designation                                         |   | Equivalent Rating (1) |   | Carrying Value |   | Percent |   | Carrying Value |   | Percent |
|                                                     |   |   |   | (Dollars in thousands) |
| 1                                                        |   | AAA, AA, A |   | $ | 7,150,792 |   |   | 62.4 | % |   | $ | 6,988,040 |   |   | 62.8 | % |
| 2                                                        |   | BBB |   | 3,535,752 |   |   | 30.9 |   |   | 3,444,502 |   |   | 31.0 |   |
|                                                     |   | Total investment grade |   | 10,686,544 |   |   | 93.3 |   |   | 10,432,542 |   |   | 93.8 |   |
| 3                                                        |   | BB |   | 469,748 |   |   | 4.1 |   |   | 438,497 |   |   | 3.9 |   |
| 4                                                        |   | B |   | 199,893 |   |   | 1.7 |   |   | 164,474 |   |   | 1.5 |   |
| 5                                                        |   | CCC |   | 63,852 |   |   | 0.6 |   |   | 65,869 |   |   | 0.6 |   |
| 6                                                        |   | In or near default |   | 38,962 |   |   | 0.3 |   |   | 27,142 |   |   | 0.2 |   |
|                                                     |   | Total below investment grade |   | 772,455 |   |   | 6.7 |   |   | 695,982 |   |   | 6.2 |   |
|                                                     |   | Total fixed maturity securities - available for sale |   | $ | 11,458,999 |   |   | 100.0 | % |   | $ | 11,128,524 |   |   | 100.0 | % |

|     |
|-----|
|     |  |
| (1) | Equivalent ratings are generally based on those provided by nationally recognized rating agencies with some exceptions for certain residential mortgage and asset-backed securities where they are based on the expected loss of the security rather than the probability of default. |

----

Table of Contents

|                                                                                        |
|----------------------------------------------------------------------------------------|
|                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross Unrealized Gains and Gross Unrealized Losses by Internal Industry Classification |
|                                                                                   |   |
|                                                                                   | March 31, 2011 |
|                                                                                   | Total Carrying Value |   | Carrying Value of Securities with Gross Unrealized Gains |   | Gross Unrealized Gains |   | Carrying Value of Securities with Gross Unrealized Losses |   | Gross Unrealized Losses |
|                                                                                   | (Dollars in thousands) |
| Corporate securities:                                                                  |   |   |   |   |   |   |   |   |   |
| Basic industrial                                                                       | $ | 484,180 |   |   | $ | 394,912 |   |   | $ | 31,143 |   |   | $ | 89,268 |   |   | $ | (6,103 | ) |
| Capital goods                                                                          | 342,591 |   |   | 299,674 |   |   | 22,876 |   |   | 42,917 |   |   | (4,424 | ) |
| Communications                                                                         | 228,355 |   |   | 199,642 |   |   | 14,683 |   |   | 28,713 |   |   | (328 | ) |
| Consumer cyclical                                                                      | 314,717 |   |   | 282,630 |   |   | 20,439 |   |   | 32,087 |   |   | (2,249 | ) |
| Consumer noncyclical                                                                   | 443,193 |   |   | 403,297 |   |   | 33,198 |   |   | 39,896 |   |   | (935 | ) |
| Energy                                                                                 | 669,651 |   |   | 530,966 |   |   | 38,785 |   |   | 138,685 |   |   | (5,804 | ) |
| Finance                                                                                | 1,648,370 |   |   | 1,217,494 |   |   | 74,463 |   |   | 430,876 |   |   | (31,908 | ) |
| Transportation                                                                         | 173,214 |   |   | 145,427 |   |   | 12,712 |   |   | 27,787 |   |   | (810 | ) |
| Utilities                                                                              | 1,241,565 |   |   | 1,087,628 |   |   | 86,524 |   |   | 153,937 |   |   | (8,049 | ) |
| Other                                                                                  | 163,149 |   |   | 143,687 |   |   | 10,954 |   |   | 19,462 |   |   | (2,063 | ) |
| Total corporate securities                                                             | 5,708,985 |   |   | 4,705,357 |   |   | 345,777 |   |   | 1,003,628 |   |   | (62,673 | ) |
| Collateralized debt obligation                                                         | 3,127 |   |   | 3,127 |   |   | — |   |   | — |   |   | — |   |
| Mortgage and asset-backed securities                                                   | 3,540,816 |   |   | 2,724,459 |   |   | 118,676 |   |   | 816,357 |   |   | (133,089 | ) |
| United States Government and agencies                                                  | 126,972 |   |   | 71,626 |   |   | 6,148 |   |   | 55,346 |   |   | (2,831 | ) |
| State, municipal and other governments                                                 | 2,079,099 |   |   | 1,057,703 |   |   | 27,032 |   |   | 1,021,396 |   |   | (69,464 | ) |
| Total                                                                                  | $ | 11,458,999 |   |   | $ | 8,562,272 |   |   | $ | 497,633 |   |   | $ | 2,896,727 |   |   | $ | (268,057 | ) |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                   | December 31, 2010 |
|                                   | Total Carrying Value |   | Carrying Value of Securities with Gross Unrealized Gains |   | Gross Unrealized Gains |   | Carrying Value of Securities with Gross Unrealized Losses |   | Gross Unrealized Losses |
|                                   | (Dollars in thousands) |
| Corporate securities:                  |   |   |   |   |   |   |   |   |   |
| Basic industrial                       | $ | 460,491 |   |   | $ | 374,658 |   |   | $ | 31,318 |   |   | $ | 85,833 |   |   | $ | (8,871 | ) |
| Capital goods                          | 329,229 |   |   | 284,160 |   |   | 23,760 |   |   | 45,069 |   |   | (10,278 | ) |
| Communications                         | 214,962 |   |   | 206,979 |   |   | 14,965 |   |   | 7,983 |   |   | (182 | ) |
| Consumer cyclical                      | 295,336 |   |   | 250,864 |   |   | 19,694 |   |   | 44,472 |   |   | (3,192 | ) |
| Consumer noncyclical                   | 436,122 |   |   | 404,867 |   |   | 35,918 |   |   | 31,255 |   |   | (960 | ) |
| Energy                                 | 652,011 |   |   | 537,306 |   |   | 42,672 |   |   | 114,705 |   |   | (6,068 | ) |
| Finance                                | 1,550,930 |   |   | 1,054,067 |   |   | 60,322 |   |   | 496,863 |   |   | (54,792 | ) |
| Transportation                         | 174,969 |   |   | 167,667 |   |   | 15,223 |   |   | 7,302 |   |   | (161 | ) |
| Utilities                              | 1,207,759 |   |   | 1,054,920 |   |   | 92,636 |   |   | 152,839 |   |   | (7,322 | ) |
| Other                                  | 147,390 |   |   | 122,525 |   |   | 10,982 |   |   | 24,865 |   |   | (2,487 | ) |
| Total corporate securities             | 5,469,199 |   |   | 4,458,013 |   |   | 347,490 |   |   | 1,011,186 |   |   | (94,313 | ) |
| Collateralized debt obligations        | 2,745 |   |   | 2,745 |   |   | — |   |   | — |   |   | — |   |
| Mortgage and asset-backed securities   | 3,480,769 |   |   | 2,468,577 |   |   | 116,649 |   |   | 1,012,192 |   |   | (167,660 | ) |
| United States Government and agencies  | 134,085 |   |   | 93,298 |   |   | 7,059 |   |   | 40,787 |   |   | (225 | ) |
| State, municipal and other governments | 2,041,726 |   |   | 904,901 |   |   | 21,121 |   |   | 1,136,825 |   |   | (75,927 | ) |
| Total                                  | $ | 11,128,524 |   |   | $ | 7,927,534 |   |   | $ | 492,319 |   |   | $ | 3,200,990 |   |   | $ | (338,125 | ) |

----

Table of Contents

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit Quality of Available-for-Sale Fixed Maturity Securities with Unrealized Losses |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |
|                                                                                  |   |   |   | March 31, 2011 |
| NAIC Designation                                                                      |   | Equivalent Rating |   | Carrying Value of Securities with Gross Unrealized Losses |   | Percent of Total |   | Gross Unrealized Losses |   | Percent of Total |
|                                                                                  |   |   |   | (Dollars in thousands) |
| 1                                                                                     |   | AAA, AA, A |   | $ | 1,870,651 |   |   | 64.6 | % |   | $ | (113,389 | ) |   | 42.3 | % |
| 2                                                                                     |   | BBB |   | 561,063 |   |   | 19.4 |   |   | (38,426 | ) |   | 14.3 |   |
|                                                                                  |   | Total investment grade |   | 2,431,714 |   |   | 84.0 |   |   | (151,815 | ) |   | 56.6 |   |
| 3                                                                                     |   | BB |   | 216,544 |   |   | 7.5 |   |   | (32,394 | ) |   | 12.1 |   |
| 4                                                                                     |   | B |   | 157,031 |   |   | 5.3 |   |   | (35,212 | ) |   | 13.1 |   |
| 5                                                                                     |   | CCC |   | 60,511 |   |   | 2.1 |   |   | (31,225 | ) |   | 11.6 |   |
| 6                                                                                     |   | In or near default |   | 30,927 |   |   | 1.1 |   |   | (17,411 | ) |   | 6.6 |   |
|                                                                                  |   | Total below investment grade |   | 465,013 |   |   | 16.0 |   |   | (116,242 | ) |   | 43.4 |   |
|                                                                                  |   | Total |   | $ | 2,896,727 |   |   | 100.0 | % |   | $ | (268,057 | ) |   | 100.0 | % |

|                  |
|------------------|
|                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|             |   |   |   | December 31, 2010 |
| NAIC Designation |   | Equivalent Rating |   | Carrying Value of Securities with Gross Unrealized Losses |   | Percent of Total |   | Gross Unrealized Losses |   | Percent of Total |
|             |   |   |   | (Dollars in thousands) |
| 1                |   | AAA, AA, A |   | $ | 2,156,789 |   |   | 67.4 | % |   | $ | (145,143 | ) |   | 42.9 | % |
| 2                |   | BBB |   | 604,127 |   |   | 18.9 |   |   | (54,296 | ) |   | 16.1 |   |
|             |   | Total investment grade |   | 2,760,916 |   |   | 86.3 |   |   | (199,439 | ) |   | 59.0 |   |
| 3                |   | BB |   | 210,968 |   |   | 6.6 |   |   | (30,740 | ) |   | 9.1 |   |
| 4                |   | B |   | 142,756 |   |   | 4.5 |   |   | (37,971 | ) |   | 11.2 |   |
| 5                |   | CCC |   | 59,928 |   |   | 1.9 |   |   | (47,992 | ) |   | 14.2 |   |
| 6                |   | In or near default |   | 26,422 |   |   | 0.7 |   |   | (21,983 | ) |   | 6.5 |   |
|             |   | Total below investment grade |   | 440,074 |   |   | 13.7 |   |   | (138,686 | ) |   | 41.0 |   |
|             |   | Total |   | $ | 3,200,990 |   |   | 100.0 | % |   | $ | (338,125 | ) |   | 100.0 | % |

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Available-For-Sale Fixed Maturity Securities with Unrealized Losses by Length of Time |
|                                                                                  |   |   |   |
|                                                                                  | March 31, 2011 |
|                                                                                  |   |   | Amortized Cost |   | Gross Unrealized Losses |
|                                                                                  | Number of Issuers |   | Market Valueis Less than 75% of Cost |   | Market Value is 75% or Greater than Cost |   | Market Value is Less than 75% of Cost |   | Market Value is75% or Greaterthan Cost |
|                                                                                  | (Dollars in thousands) |
| Three months or less                                                                  | 64 |   |   | $ | — |   |   | $ | 351,172 |   |   | $ | — |   |   | $ | (3,345 | ) |
| Greater than three months to six months                                               | 203 |   |   | — |   |   | 1,092,265 |   |   | — |   |   | (34,541 | ) |
| Greater than six months to nine months                                                | 4 |   |   | — |   |   | 14,459 |   |   | — |   |   | (880 | ) |
| Greater than nine months to twelve months                                             | 2 |   |   | — |   |   | 2,257 |   |   | — |   |   | (57 | ) |
| Greater than twelve months                                                            | 208 |   |   | 191,534 |   |   | 1,513,097 |   |   | (81,779 | ) |   | (147,455 | ) |
| Total                                                                                 |   |   | $ | 191,534 |   |   | $ | 2,973,250 |   |   | $ | (81,779 | ) |   | $ | (186,278 | ) |

----

Table of Contents

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                      | December 31, 2010 |
|                                      |   |   | Amortized Cost |   | Gross Unrealized Losses |
|                                      | Number of Issuers |   | Market Valueis Less than 75% of Cost |   | Market Value is 75% or Greater than Cost |   | Market Value is Less than 75% of Cost |   | Market Value is75% or Greaterthan Cost |
|                                      | (Dollars in thousands) |
| Three months or less                      | 258 |   | $ | — |   |   | $ | 1,448,149 |   |   | $ | — |   |   | $ | (37,190 | ) |
| Greater than three months to six months   | 7 |   | 24,069 |   |   | 8,000 |   |   | (979 | ) |   | (4,720 | ) |
| Greater than six months to nine months    | 2 |   | — |   |   | 5,544 |   |   | — |   |   | (43 | ) |
| Greater than nine months to twelve months | 2 |   | — |   |   | 2,987 |   |   | — |   |   | (205 | ) |
| Greater than twelve months                | 232 |   | 295,272 |   |   | 1,755,094 |   |   | (123,979 | ) |   | (171,009 | ) |
| Total                                     |   |   | $ | 319,341 |   |   | $ | 3,219,774 |   |   | $ | (124,958 | ) |   | $ | (213,167 | ) |

|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Available-For-Sale Fixed Maturity Securities with Unrealized Losses by Maturity Date |
|                                                                                 |   |   |   |   |   |   |   |
|                                                                                 | March 31, 2011 |   | December 31, 2010 |
|                                                                                 | Carrying Value of Securities with Gross Unrealized Losses |   | GrossUnrealizedLosses |   | Carrying Value of Securities with Gross Unrealized Losses |   | GrossUnrealizedLosses |
|                                                                                 | (Dollars in thousands) |
| Due in one year or less                                                              | $ | 5,492 |   |   | $ | (72 | ) |   | $ | 94 |   |   | $ | (26 | ) |
| Due after one year through five years                                                | 67,089 |   |   | (5,988 | ) |   | 110,891 |   |   | (15,476 | ) |
| Due after five years through ten years                                               | 289,785 |   |   | (14,001 | ) |   | 286,568 |   |   | (21,562 | ) |
| Due after ten years                                                                  | 1,718,004 |   |   | (114,907 | ) |   | 1,791,245 |   |   | (133,401 | ) |
|                                                                                 | 2,080,370 |   |   | (134,968 | ) |   | 2,188,798 |   |   | (170,465 | ) |
| Mortgage and asset-backed                                                            | 816,357 |   |   | (133,089 | ) |   | 1,012,192 |   |   | (167,660 | ) |
| Total                                                                                | $ | 2,896,727 |   |   | $ | (268,057 | ) |   | $ | 3,200,990 |   |   | $ | (338,125 | ) |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mortgage and Asset-Backed Securities by Type |
|                                         |   |   |   |   |   |   |   |
|                                         | March 31, 2011 |
|                                         | Amortized Cost |   | Par Value |   | Carrying Value |   | Percent of Fixed Maturity Securities |
|                                         | (Dollars in thousands) |
| Residential mortgage-backed securities:      |   |   |   |   |   |   |   |
| Sequential                                   | $ | 1,214,627 |   |   | $ | 1,228,652 |   |   | $ | 1,229,695 |   |   | 10.7 | % |
| Pass-through                                 | 224,832 |   |   | 217,431 |   |   | 229,004 |   |   | 2.0 |   |
| Planned and targeted amortization class      | 466,725 |   |   | 470,871 |   |   | 478,494 |   |   | 4.2 |   |
| Other                                        | 36,121 |   |   | 36,206 |   |   | 36,590 |   |   | 0.3 |   |
| Total residential mortgage-backed securities | 1,942,305 |   |   | 1,953,160 |   |   | 1,973,783 |   |   | 17.2 |   |
| Commercial mortgage-backed securities        | 1,065,345 |   |   | 1,083,968 |   |   | 1,064,272 |   |   | 9.3 |   |
| Other asset-backed securities                | 547,579 |   |   | 638,154 |   |   | 502,761 |   |   | 4.4 |   |
| Total                                        | $ | 3,555,229 |   |   | $ | 3,675,282 |   |   | $ | 3,540,816 |   |   | 30.9 | % |

----

Table of Contents

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                         | December 31, 2010 |
|                                         | Amortized Cost |   | Par Value |   | Carrying Value |   | Percent of Fixed Maturity Securities |
|                                         | (Dollars in thousands) |
| Residential mortgage-backed securities:      |   |   |   |   |   |   |   |
| Sequential                                   | $ | 1,219,828 |   |   | $ | 1,232,133 |   |   | $ | 1,219,618 |   |   | 11.0 | % |
| Pass-through                                 | 238,425 |   |   | 230,475 |   |   | 243,371 |   |   | 2.2 |   |
| Planned and targeted amortization class      | 465,353 |   |   | 469,559 |   |   | 468,052 |   |   | 4.2 |   |
| Other                                        | 37,852 |   |   | 37,942 |   |   | 38,197 |   |   | 0.3 |   |
| Total residential mortgage-backed securities | 1,961,458 |   |   | 1,970,109 |   |   | 1,969,238 |   |   | 17.7 |   |
| Commercial mortgage-backed securities        | 1,034,478 |   |   | 1,046,609 |   |   | 1,031,062 |   |   | 9.3 |   |
| Other asset-backed securities                | 535,844 |   |   | 622,267 |   |   | 480,469 |   |   | 4.3 |   |
| Total                                        | $ | 3,531,780 |   |   | $ | 3,638,985 |   |   | $ | 3,480,769 |   |   | 31.3 | % |

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mortgage and Asset-Backed Securities by Collateral Type |
|                                                    |   |
|                                                    | March 31, 2011 |   | December 31, 2010 |
|                                                    | Amortized Cost |   | Carrying Value |   | Percent of Fixed Maturity Securities |   | Amortized Cost |   | Carrying Value |   | Percent of Fixed Maturity Securities |
|                                                    | (Dollars in thousands) |   | (Dollars in thousands) |
| Government agency                                       | $ | 813,950 |   |   | $ | 852,655 |   |   | 7.4 | % |   | $ | 748,345 |   |   | $ | 787,188 |   |   | 7.1 | % |
| Prime                                                   | 766,186 |   |   | 771,372 |   |   | 6.7 |   |   | 843,921 |   |   | 837,231 |   |   | 7.5 |   |
| Alt-A                                                   | 483,212 |   |   | 441,231 |   |   | 3.9 |   |   | 492,355 |   |   | 430,786 |   |   | 3.9 |   |
| Subprime                                                | 30,124 |   |   | 23,308 |   |   | 0.2 |   |   | 30,117 |   |   | 23,540 |   |   | 0.2 |   |
| Commercial mortgage                                     | 1,065,345 |   |   | 1,064,272 |   |   | 9.3 |   |   | 1,034,478 |   |   | 1,031,062 |   |   | 9.3 |   |
| Non-mortgage                                            | 396,412 |   |   | 387,978 |   |   | 3.4 |   |   | 382,564 |   |   | 370,962 |   |   | 3.3 |   |
| Total                                                   | $ | 3,555,229 |   |   | $ | 3,540,816 |   |   | 30.9 | % |   | $ | 3,531,780 |   |   | $ | 3,480,769 |   |   | 31.3 | % |

----

Table of Contents

|                                                                                |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential Mortgage-Backed Securities by Collateral Type and Origination Year |   |   |
|                                                                           |   |
|                                                                           | March 31, 2011 |
|                                                                           | Government & Prime |   | Alt-A |   | Total |
|                                                                           | Amortized Cost (1) |   | Carrying Value |   | Amortized Cost (1) |   | Carrying Value |   | AmortizedCost |   | Carrying Value |
|                                                                           | (Dollars in thousands) |
| 2011                                                                           | $ | 75,569 |   |   | $ | 77,597 |   |   | $ | — |   |   | $ | — |   |   | $ | 75,569 |   |   | $ | 77,597 |   |
| 2010                                                                           | 241,330 |   |   | 244,606 |   |   | 12,704 |   |   | 12,645 |   |   | 254,034 |   |   | 257,251 |   |
| 2009                                                                           | 74,384 |   |   | 76,801 |   |   | — |   |   | — |   |   | 74,384 |   |   | 76,801 |   |
| 2008                                                                           | 124,125 |   |   | 131,386 |   |   | — |   |   | — |   |   | 124,125 |   |   | 131,386 |   |
| 2007                                                                           | 65,905 |   |   | 68,469 |   |   | 56,628 |   |   | 41,520 |   |   | 122,533 |   |   | 109,989 |   |
| 2006 and prior                                                                 | 978,084 |   |   | 1,013,466 |   |   | 313,576 |   |   | 307,293 |   |   | 1,291,660 |   |   | 1,320,759 |   |
| Total                                                                          | $ | 1,559,397 |   |   | $ | 1,612,325 |   |   | $ | 382,908 |   |   | $ | 361,458 |   |   | $ | 1,942,305 |   |   | $ | 1,973,783 |   |

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|           | December 31, 2010 |
|           | Government & Prime |   | Alt-A |   | Total |
|           | Amortized Cost (1) |   | Carrying Value |   | Amortized Cost (1) |   | Carrying Value |   | AmortizedCost |   | Carrying Value |
|           | (Dollars in thousands) |
| 2010           | $ | 241,634 |   |   | $ | 244,746 |   |   | $ | 13,602 |   |   | $ | 13,602 |   |   | $ | 255,236 |   |   | $ | 258,348 |   |
| 2009           | 75,581 |   |   | 78,289 |   |   | — |   |   | — |   |   | 75,581 |   |   | 78,289 |   |
| 2008           | 128,842 |   |   | 136,355 |   |   | — |   |   | — |   |   | 128,842 |   |   | 136,355 |   |
| 2007           | 66,159 |   |   | 69,029 |   |   | 57,723 |   |   | 39,470 |   |   | 123,882 |   |   | 108,499 |   |
| 2006           | 77,234 |   |   | 72,666 |   |   | 22,071 |   |   | 15,369 |   |   | 99,305 |   |   | 88,035 |   |
| 2005 and prior | 981,997 |   |   | 1,013,159 |   |   | 296,615 |   |   | 286,553 |   |   | 1,278,612 |   |   | 1,299,712 |   |
| Total          | $ | 1,571,447 |   |   | $ | 1,614,244 |   |   | $ | 390,011 |   |   | $ | 354,994 |   |   | $ | 1,961,458 |   |   | $ | 1,969,238 |   |

|     |
|-----|
|     |  |
| (1) | Insurance on 2006 Alt-A issues is provided by MBIA Insurance Corporation (79% in 2011 and 2010). Insurance on 2007 Alt-A issues is provided by Assured Guaranty Ltd. (32% in 2011 and 2010) and MBIA Insurance Corporation (27% in 2011 and 26% in 2010). There is no insurance coverage on Government & Prime investments or Alt-A investments with collateral originating prior to 2006 or after 2007. |

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential Mortgage-Backed Securities by NAIC Designation and Equivalent Rating |
|                                                                             |   |   |   |   |   |   |   |   |   |   |
|                                                                             |   |   |   | March 31, 2011 |   | December 31, 2010 |
| NAICDesignation                                                                  |   | Equivalent Rating |   | Carrying Value |   | Percent ofTotal |   | Carrying Value |   | Percent ofTotal |
|                                                                             |   |   |   | (Dollars in thousands) |
| 1                                                                                |   | AAA, AA, A |   | $ | 1,907,311 |   |   | 96.6 | % |   | $ | 1,905,909 |   |   | 96.8 | % |
| 3                                                                                |   | BB |   | 24,834 |   |   | 1.3 |   |   | 26,850 |   |   | 1.3 |   |
| 4                                                                                |   | B |   | 41,621 |   |   | 2.1 |   |   | 36,462 |   |   | 1.9 |   |
| 5                                                                                |   | CCC |   | 17 |   |   | — |   |   | 17 |   |   | — |   |
|                                                                             |   | Total |   | $ | 1,973,783 |   |   | 100.0 | % |   | $ | 1,969,238 |   |   | 100.0 | % |

----

Table of Contents

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Commercial Mortgage-Backed Securities by Origination Year |
|                                                      |   |   |   |   |   |
|                                                      | March 31, 2011 |   | December 31, 2010 |
|                                                      | Amortized Cost |   | Carrying Value |   | Amortized Cost |   | Carrying Value |
|                                                      | (Dollars in thousands) |
| 2011                                                      | $ | 56,832 |   |   | $ | 57,004 |   |   | $ | — |   |   | $ | — |   |
| 2010                                                      | 22,900 |   |   | 23,218 |   |   | 23,039 |   |   | 23,212 |   |
| 2009                                                      | 41,490 |   |   | 48,721 |   |   | 41,341 |   |   | 47,799 |   |
| 2008                                                      | 209,594 |   |   | 229,385 |   |   | 209,474 |   |   | 232,797 |   |
| 2007                                                      | 257,741 |   |   | 247,370 |   |   | 260,349 |   |   | 244,603 |   |
| 2006 and prior                                            | 476,788 |   |   | 458,574 |   |   | 500,275 |   |   | 482,651 |   |
| Total                                                     | $ | 1,065,345 |   |   | $ | 1,064,272 |   |   | $ | 1,034,478 |   |   | $ | 1,031,062 |   |

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Commercial Mortgage-Backed Securities by NAIC Designation and Equivalent Rating |
|                                                                            |   |   |   |   |   |   |   |   |   |   |
|                                                                            |   |   |   | March 31, 2011 |   | December 31, 2010 |
| NAICDesignation                                                                 |   | Equivalent Rating |   | Carrying Value |   | Percent of Total |   | Carrying Value |   | Percent of Total |
|                                                                            |   |   |   | (Dollars in thousands) |
| 1                                                                               |   | GNMA |   | $ | 325,632 |   |   | 30.6 | % |   | $ | 306,724 |   |   | 29.8 | % |
| 1                                                                               |   | FNMA |   | 16,092 |   |   | 1.5 |   |   | 16,334 |   |   | 1.6 |   |
| 1                                                                               |   | AAA, AA, A |   |   |   |   |   |   |   |   |
|                                                                            |   | Generic |   | 244,262 |   |   | 23.0 |   |   | 227,623 |   |   | 22.1 |   |
|                                                                            |   | Super Senior |   | 204,279 |   |   | 19.2 |   |   | 213,922 |   |   | 20.7 |   |
|                                                                            |   | Mezzanine |   | 8,242 |   |   | 0.8 |   |   | 8,320 |   |   | 0.8 |   |
|                                                                            |   | Junior |   | 72,862 |   |   | 6.9 |   |   | 70,810 |   |   | 6.9 |   |
|                                                                            |   | Total AAA, AA, A |   | 529,645 |   |   | 49.9 |   |   | 520,675 |   |   | 50.5 |   |
| 2                                                                               |   | BBB |   | 82,311 |   |   | 7.7 |   |   | 90,548 |   |   | 8.8 |   |
| 3                                                                               |   | BB |   | 56,584 |   |   | 5.3 |   |   | 44,833 |   |   | 4.3 |   |
| 4                                                                               |   | B |   | 45,101 |   |   | 4.2 |   |   | 44,670 |   |   | 4.3 |   |
| 5                                                                               |   | CCC |   | 8,907 |   |   | 0.8 |   |   | 7,278 |   |   | 0.7 |   |
|                                                                            |   | Total |   | $ | 1,064,272 |   |   | 100.0 | % |   | $ | 1,031,062 |   |   | 100.0 | % |

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|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other Asset-Backed Securities by Collateral Type and Origination Year |
|                                                                  |   |
|                                                                  | March 31, 2011 |
|                                                                  | Government & Prime |   | Alt-A |   | Subprime |   | Non-Mortgage |   | Total |
|                                                                  | Amortized Cost (1) |   | Carrying  Value |   | Amortized Cost (1) |   | Carrying  Value |   | Amortized Cost (1) |   | Carrying  Value |   | Amortized Cost |   | Carrying Value |   | Amortized Cost |   | Carrying  Value |
|                                                                  | (Dollars in thousands) |
| 2011                                                                  | $ | — |   |   | $ | — |   |   | $ | — |   |   | $ | — |   |   | $ | — |   |   | $ | — |   |   | $ | 12,878 |   |   | $ | 12,902 |   |   | $ | 12,878 |   |   | $ | 12,902 |   |
| 2010                                                                  | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 164,512 |   |   | 165,270 |   |   | 164,512 |   |   | 165,270 |   |
| 2009                                                                  | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 61,688 |   |   | 62,174 |   |   | 61,688 |   |   | 62,174 |   |
| 2007                                                                  | 9,974 |   |   | 5,405 |   |   | 15,776 |   |   | 7,749 |   |   | — |   |   | — |   |   | 63,360 |   |   | 64,033 |   |   | 89,110 |   |   | 77,187 |   |
| 2006 and prior                                                        | 10,765 |   |   | 6,297 |   |   | 84,528 |   |   | 72,024 |   |   | 30,124 |   |   | 23,308 |   |   | 93,974 |   |   | 83,599 |   |   | 219,391 |   |   | 185,228 |   |
| Total                                                                 | $ | 20,739 |   |   | $ | 11,702 |   |   | $ | 100,304 |   |   | $ | 79,773 |   |   | $ | 30,124 |   |   | $ | 23,308 |   |   | $ | 396,412 |   |   | $ | 387,978 |   |   | $ | 547,579 |   |   | $ | 502,761 |   |

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|           | December 31, 2010 |
|           | Government & Prime |   | Alt-A |   | Subprime |   | Non-Mortgage |   | Total |
|           | Amortized Cost (1) |   | Carrying  Value |   | Amortized Cost (1) |   | Carrying  Value |   | Amortized Cost (1) |   | Carrying  Value |   | Amortized Cost |   | Carrying  Value |   | Amortized Cost |   | Carrying  Value |
|           | (Dollars in thousands) |
| 2010           | $ | — |   |   | $ | — |   |   | $ | — |   |   | $ | — |   |   | $ | — |   |   | $ | — |   |   | $ | 169,631 |   |   | $ | 170,212 |   |   | $ | 169,631 |   |   | $ | 170,212 |   |
| 2009           | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 61,791 |   |   | 62,415 |   |   | 61,791 |   |   | 62,415 |   |
| 2007           | 9,976 |   |   | 3,840 |   |   | 15,864 |   |   | 6,940 |   |   | — |   |   | — |   |   | 61,843 |   |   | 62,211 |   |   | 87,683 |   |   | 72,991 |   |
| 2006           | 8,630 |   |   | 4,011 |   |   | 58,456 |   |   | 43,587 |   |   | — |   |   | — |   |   | 32,242 |   |   | 33,077 |   |   | 99,328 |   |   | 80,675 |   |
| 2005 and prior | 2,213 |   |   | 2,324 |   |   | 28,024 |   |   | 25,265 |   |   | 30,117 |   |   | 23,540 |   |   | 57,057 |   |   | 43,047 |   |   | 117,411 |   |   | 94,176 |   |
| Total          | $ | 20,819 |   |   | $ | 10,175 |   |   | $ | 102,344 |   |   | $ | 75,792 |   |   | $ | 30,117 |   |   | $ | 23,540 |   |   | $ | 382,564 |   |   | $ | 370,962 |   |   | $ | 535,844 |   |   | $ | 480,469 |   |

|     |
|-----|
|     |  |
| (1) | Insurance on 2006 Alt-A issues is provided by Financial Guaranty Insurance Co. (FGIC) (39% in 2011 and 40% in 2010) and AMBAC Assurance Corporation (Ambac) (34% in 2011 and 2010). Insurance on 2007 Alt-A issues is provided by Ambac (46% in 2011 and 2010), MBIA Insurance Corporation (32% in 2011 and 31% in 2010) and FGIC (22% in 2011 and 23% in 2010). The 2006 and 2007 Government & Prime issues are 100% insured by Ambac (2006 issues) and MBIA Insurance Corporation (2007 issues). There is no insurance coverage on other asset-backed securities with subprime or non-mortgage collateral or collateral originating prior to 2006 or after 2007. |

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other Asset-Backed Securities by NAIC Designation and Equivalent Rating |   |   |
|                                                                    |   |   |   |   |   |   |   |   |   |   |
|                                                                    |   |   |   | March 31, 2011 |   | December 31, 2010 |
| NAICDesignation                                                         |   | Equivalent Ratings |   | CarryingValue |   | Percent ofTotal |   | CarryingValue |   | Percent of Total |
|                                                                    |   |   |   | (Dollars in thousands) |
| 1                                                                       |   | AAA, AA, A |   | $ | 464,584 |   |   | 92.4 | % |   | $ | 449,230 |   |   | 93.5 | % |
| 2                                                                       |   | BBB |   | 9,762 |   |   | 1.9 |   |   | 8,251 |   |   | 1.7 |   |
| 3                                                                       |   | BB |   | 318 |   |   | 0.1 |   |   | 339 |   |   | 0.1 |   |
| 4                                                                       |   | B |   | 4,553 |   |   | 0.9 |   |   | 4,729 |   |   | 1.0 |   |
| 5                                                                       |   | CCC |   | 21,634 |   |   | 4.3 |   |   | 16,635 |   |   | 3.4 |   |
| 6                                                                       |   | In or near default |   | 1,910 |   |   | 0.4 |   |   | 1,285 |   |   | 0.3 |   |
|                                                                    |   | Total |   | $ | 502,761 |   |   | 100.0 | % |   | $ | 480,469 |   |   | 100.0 | % |

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|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential Mortgage-Backed Securities and Other Asset-Backed Securities by Insurance |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                  |   |   | March 31, 2011 |   | December 31, 2010 |
|                                                                                  | Insurers' S&PRating (1) |   | ResidentialMortgage-Backed |   | Other Asset-Backed |   | TotalCarryingValue |   | ResidentialMortgage-Backed |   | Other Asset-Backed |   | TotalCarryingValue |
| Insured:                                                                              |   |   | (Dollars in thousands) |
| Ambac                                                                                 | NR (2) |   | $ | — |   |   | $ | 18,684 |   |   | $ | 18,684 |   |   | $ | — |   |   | $ | 16,124 |   |   | $ | 16,124 |   |
| Assured Guaranty Ltd.                                                                 | AA+ |   | 13,733 |   |   | — |   |   | 13,733 |   |   | 14,182 |   |   | — |   |   | 14,182 |   |
| FGIC                                                                                  | NR (2) |   | — |   |   | 33,104 |   |   | 33,104 |   |   | — |   |   | 33,547 |   |   | 33,547 |   |
| MBIA Insurance Corporation                                                            | B |   | 19,203 |   |   | 15,664 |   |   | 34,867 |   |   | 17,414 |   |   | 13,492 |   |   | 30,906 |   |
| Total with insurance                                                                  |   | 32,936 |   |   | 67,452 |   |   | 100,388 |   |   | 31,596 |   |   | 63,163 |   |   | 94,759 |   |
| Uninsured:                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  GNMA                                                                            |   |   | 201,492 |   |   | — |   |   | 201,492 |   |   | 194,057 |   |   | — |   |   | 194,057 |   |
|  FHLMC                                                                           |   |   | 360,109 |   |   | 2,228 |   |   | 362,337 |   |   | 316,336 |   |   | 2,295 |   |   | 318,631 |   |
|  FNMA                                                                            |   |   | 288,789 |   |   | 26 |   |   | 288,815 |   |   | 274,459 |   |   | 28 |   |   | 274,487 |   |
|  Other                                                                           |   |   | 1,090,457 |   |   | 433,055 |   |   | 1,523,512 |   |   | 1,152,790 |   |   | 414,983 |   |   | 1,567,773 |   |
| Total                                                                                 |   |   | $ | 1,973,783 |   |   | $ | 502,761 |   |   | $ | 2,476,544 |   |   | $ | 1,969,238 |   |   | $ | 480,469 |   |   | $ | 2,449,707 |   |

|     |
|-----|
|     |  |
| (1) | Rating in effect as of March 31, 2011. |
| (2) | No formal published rating. |

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|           |
|-----------|
|           |  |
| 10.1*+    | 2006 Class A Common Stock Compensation Plan as amended through February 17, 2011 |
|      |   |
| 10.1(a)*+ | Form of Stock Option Agreement, pursuant to the FBL Financial Group, Inc. 2006 Class A Common Stock Compensation Plan |
|      |   |
| 10.4(a)+  | Forbearance letter agreement dated April 25, 2011 between FBL Financial Group, Inc. and Iowa Farm Bureau Federation. |
|      |   |
| 10.10*+   | Management Performance Plan (2011 payable 2012) |
|      |   |
| 10.21*+   | Form of Restricted Stock Agreement, dated as of February 17, 2011 between the Company and each of James P. Brannen, Charles T. Happel, Kevin R. Slawin and Russell J. Wiltgen |
|      |   |
| 10.22*+   | Form of Restricted Stock Agreement, dated February 17, 2011 between the Company and James E. Hohmann |
|      |   |
| 10.23*+   | Bonus Restricted Stock Agreement, dated February 17, 2011 between the Company and James E. Hohmann |
|      |   |
| 31.1+     | Certification Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|      |   |
| 31.2+     | Certification Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|      |   |
| 32+       | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|      |   |
| *         | exhibit relates to a compensatory plan for management or directors |
| +         | filed herewith |

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|        |
|--------|
|        |  |  |
|   | FBL FINANCIAL GROUP, INC. |
|   |   |   |
|   | By     | /s/ James E. Hohmann |
|   |   | James E. Hohmann |
|   |   | Chief Executive Officer (Principal Executive Officer) |
|   |   |   |
|   | By | /s/ James P. Brannen |
|   |   | James P. Brannen |
|   |   | Chief Financial Officer (Principal Financial and Accounting Officer) |