|            |        |                                                                                          |
|------------|--------|------------------------------------------------------------------------------------------|
| (Mark one) |   |                                                                                     |
| [X]        |   | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|       |   |                                                                                     |
|       |   | For the quarterly period ended  September 30, 2010                             |
|       |   |                                                                                     |
| or         |
|       |   |                                                                                     |
| [  ]       |   | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|       |   |                                                                                     |
|       |   | For the transition period from____________________ to____________________                |
|       |   |                                                                                     |

|                                                                                    |        |                                      |
|------------------------------------------------------------------------------------|--------|--------------------------------------|
|                                                                               |   |                                 |
| FBL Financial Group, Inc.                                                          |
| (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 November 2, 2010 |
| Class A Common Stock, without par value                                                                                             |   | 29,676,834                      |
| 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 | 27     |
|       |                                                                                  |   |
| Item 3.    | Quantitative and Qualitative Disclosures About Market Risk                            | 55     |
|       |                                                                                  |   |
| Item 4.    | Controls and Procedures                                                               | 57     |
|       |                                                                                  |   |
| PART II.   | OTHER INFORMATION                                                                     | 58     |
|       |                                                                                  |   |
| Item 6.    | Exhibits                                                                              | 58     |
|       |                                                                                  |   |
| SIGNATURES |                                                                                  | 59     |

----

|                                                                                                           |                         |            |                        |            |        |            |        |
|-----------------------------------------------------------------------------------------------------------|-------------------------|------------|------------------------|------------|--------|------------|--------|
|                                                                                                      | September 30, 2010 |       | December 31, 2009 |
| Assets                                                                                                    |                    |       |                   |
| Investments:                                                                                              |                    |       |                   |
| Fixed maturities - available for sale, at market (amortized cost: 2010 - $10,850,431; 2009 - $10,338,670) | $                       | 11,322,565 |                   |       | $      | 9,864,601  |   |
| Equity securities - available for sale, at market (cost: 2010 - $75,760; 2009 - $62,271)                  | 77,331                  |       |                   | 60,154     |   |
| Mortgage loans on real estate                                                                             | 1,269,829               |       |                   | 1,293,936  |   |
| Derivative instruments                                                                                    | 44,720                  |       |                   | 44,023     |   |
| Real estate                                                                                               | 16,114                  |       |                   | 16,563     |   |
| Policy loans                                                                                              | 170,045                 |       |                   | 168,736    |   |
| Other long-term investments                                                                               | 139                     |       |                   | 1,882      |   |
| Short-term investments                                                                                    | 238,692                 |       |                   | 203,142    |   |
| Total investments                                                                                         | 13,139,435              |       |                   | 11,653,037 |   |
|                                                                                                      |                    |       |                   |
| Cash and cash equivalents                                                                                 | 55,196                  |       |                   | 11,690     |   |
| Securities and indebtedness of related parties                                                            | 53,224                  |       |                   | 46,518     |   |
| Accrued investment income                                                                                 | 145,472                 |       |                   | 131,655    |   |
| Amounts receivable from affiliates                                                                        | 5,967                   |       |                   | 8,311      |   |
| Reinsurance recoverable                                                                                   | 113,118                 |       |                   | 126,918    |   |
| Deferred policy acquisition costs                                                                         | 690,949                 |       |                   | 1,101,233  |   |
| Deferred sales inducements                                                                                | 215,952                 |       |                   | 359,771    |   |
| Value of insurance in force acquired                                                                      | 20,028                  |       |                   | 38,781     |   |
| Property and equipment, less allowances for depreciation of $63,742 in 2010 and $62,895 in 2009      | 18,071                  |       |                   | 17,335     |   |
| Current income taxes recoverable                                                                          | 12,277                  |       |                   | 16,955     |   |
| Goodwill                                                                                                  | 11,170                  |       |                   | 11,170     |   |
| Other assets                                                                                              | 54,325                  |       |                   | 33,894     |   |
| Assets held in separate accounts                                                                          | 705,156                 |       |                   | 702,073    |   |
|                                                                                                      |                    |       |                   |
|                                                                                                      |                    |       |                   |
|                                                                                                      |                    |       |                   |
|                                                                                                      |                    |       |                   |
|                                                                                                      |                    |       |                   |
|                                                                                                      |                    |       |                   |
|                                                                                                      |                    |       |                   |
|                                                                                                      |                    |       |                   |
|                                                                                                      |                    |       |                   |
|                                                                                                      |                    |       |                   |
| Total assets                                                                                              | $                       | 15,240,340 |                   |       | $      | 14,259,341 |   |

----

|                                                                                                                                                        |                         |            |                        |            |        |            |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|------------|------------------------|------------|--------|------------|--------|
|                                                                                                                                                   | September 30, 2010 |       | December 31, 2009 |
| Liabilities and stockholders' equity                                                                                                                   |                    |       |                   |
| Liabilities:                                                                                                                                           |                    |       |                   |
| Policy liabilities and accruals:                                                                                                                       |                    |       |                   |
| Future policy benefits:                                                                                                                                |                    |       |                   |
| Interest sensitive and index products                                                                                                                  | $                       | 10,567,969 |                   |       | $      | 10,149,505 |   |
| Traditional life insurance and accident and health products                                                                                            | 1,349,864               |       |                   | 1,318,834  |   |
| Unearned revenue reserve                                                                                                                               | 22,544                  |       |                   | 27,500     |   |
| Other policy claims and benefits                                                                                                                       | 19,112                  |       |                   | 22,185     |   |
|                                                                                                                                                   | 11,959,489              |       |                   | 11,518,024 |   |
| Other policyholders' funds:                                                                                                                            |                    |       |                   |
| Supplementary contracts without life contingencies                                                                                                     | 507,216                 |       |                   | 502,553    |   |
| Advance premiums and other deposits                                                                                                                    | 177,571                 |       |                   | 169,108    |   |
| Accrued dividends                                                                                                                                      | 8,613                   |       |                   | 9,656      |   |
|                                                                                                                                                   | 693,400                 |       |                   | 681,317    |   |
|                                                                                                                                                   |                    |       |                   |
| Amounts payable to affiliates                                                                                                                          | 2,218                   |       |                   | 759        |   |
| Long-term debt payable to affiliates                                                                                                                   | 100,000                 |       |                   | 100,000    |   |
| Long-term debt                                                                                                                                         | 271,147                 |       |                   | 271,084    |   |
| Deferred income taxes                                                                                                                                  | 152,234                 |       |                   | 27,506     |   |
| Other liabilities                                                                                                                                      | 186,204                 |       |                   | 87,301     |   |
| Liabilities related to separate accounts                                                                                                               | 705,156                 |       |                   | 702,073    |   |
| Total liabilities                                                                                                                                      | 14,069,848              |       |                   | 13,388,064 |   |
|                                                                                                                                                   |                    |       |                   |
| 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 29,672,616 shares in 2010 and 29,282,989 shares in 2009 | 115,410                 |       |                   | 109,877    |   |
| 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 (loss)                                                                                                          | 116,453                 |       |                   | (118,730   | )      |
| Retained earnings                                                                                                                                      | 928,042                 |       |                   | 869,487    |   |
| Total FBL Financial Group, Inc. stockholders' equity                                                                                                   | 1,170,427               |       |                   | 871,156    |   |
| Noncontrolling interest                                                                                                                                | 65                      |       |                   | 121        |   |
| Total stockholders' equity                                                                                                                             | 1,170,492               |       |                   | 871,277    |   |
|                                                                                                                                                   |                    |       |                   |
| Total liabilities and stockholders' equity                                                                                                             | $                       | 15,240,340 |                   |       | $      | 14,259,341 |   |

----

|                                                       |                                  |        |                                 |         |        |        |         |        |        |         |        |        |   |         |        |
|-------------------------------------------------------|----------------------------------|--------|---------------------------------|---------|--------|--------|---------|--------|--------|---------|--------|--------|---|---------|--------|
|                                                  | Three months ended September 30, |   | Nine months ended September 30, |
|                                                  | 2010                             |   | 2009                            |    | 2010   |   | 2009    |
| Revenues:                                             |                             |   |                            |    |   |   |    |
| Interest sensitive and index product charges          | $                                | 28,371 |                            |    | $      | 34,915 |    |   | $      | 88,809  |   |   | $ | 129,046 |   |
| Traditional life insurance premiums                   | 38,721                           |   |                            | 37,576  |   |   | 120,757 |   |   | 116,484 |   |
| Net investment income                                 | 181,974                          |   |                            | 180,168 |   |   | 539,971 |   |   | 547,009 |   |
| Derivative income                                     | 39,826                           |   |                            | 49,426  |   |   | 7,877   |   |   | 41,825  |   |
| Net realized capital gains on sales of investments    | 6,532                            |   |                            | 2,494   |   |   | 13,448  |   |   | 37,973  |   |
|                                                  |                             |   |                            |    |   |   |    |
| Total other-than-temporary impairment losses          | (370                             | )      |                            | (8,581  | )      |   | (58,880 | )      |   | (88,432 | )      |
| Non-credit portion in other comprehensive income/loss | (1,063                           | )      |                            | 6,957   |   |   | 42,331  |   |   | 37,780  |   |
| Net impairment loss recognized in earnings            | (1,433                           | )      |                            | (1,624  | )      |   | (16,549 | )      |   | (50,652 | )      |
|                                                  |                             |   |                            |    |   |   |    |
| Other income                                          | 3,562                            |   |                            | 4,588   |   |   | 10,512  |   |   | 13,835  |   |
| Total revenues                                        | 297,553                          |   |                            | 307,543 |   |   | 764,825 |   |   | 835,520 |   |
|                                                  |                             |   |                            |    |   |   |    |
| Benefits and expenses:                                |                             |   |                            |    |   |   |    |
| Interest sensitive and index product benefits         | 117,282                          |   |                            | 95,360  |   |   | 367,920 |   |   | 319,198 |   |
| Change in value of index product embedded derivatives | 56,598                           |   |                            | 96,371  |   |   | 24,052  |   |   | 139,052 |   |
| Traditional life insurance benefits                   | 24,451                           |   |                            | 23,407  |   |   | 74,205  |   |   | 69,964  |   |
| Increase in traditional life future policy benefits   | 10,791                           |   |                            | 9,991   |   |   | 29,557  |   |   | 29,819  |   |
| Distributions to participating policyholders          | 4,193                            |   |                            | 4,760   |   |   | 13,253  |   |   | 14,738  |   |
| Underwriting, acquisition and insurance expenses      | 33,603                           |   |                            | 43,891  |   |   | 127,204 |   |   | 172,057 |   |
| Interest expense                                      | 6,099                            |   |                            | 6,116   |   |   | 18,334  |   |   | 19,164  |   |
| Other expenses                                        | 4,310                            |   |                            | 4,103   |   |   | 13,619  |   |   | 14,583  |   |
| Total benefits and expenses                           | 257,327                          |   |                            | 283,999 |   |   | 668,144 |   |   | 778,575 |   |
|                                                  | 40,226                           |   |                            | 23,544  |   |   | 96,681  |   |   | 56,945  |   |
| Income taxes                                          | (13,530                          | )      |                            | (7,802  | )      |   | (31,996 | )      |   | (18,528 | )      |
| Equity income, net of related income taxes            | 1,955                            |   |                            | 140     |   |   | 4,257   |   |   | 301     |   |
| Net income                                            | 28,651                           |   |                            | 15,882  |   |   | 68,942  |   |   | 38,718  |   |
| Net loss attributable to noncontrolling interest      | 26                               |   |                            | 33      |   |   | 79      |   |   | 125     |   |
| Net income attributable to FBL Financial Group, Inc.  | $                                | 28,677 |                            |    | $      | 15,915 |    |   | $      | 69,021  |   |   | $ | 38,843  |   |
|                                                  |                             |   |                            |    |   |   |    |
| Earnings per common share                             | $                                | 0.94   |                            |    | $      | 0.53   |    |   | $      | 2.27    |   |   | $ | 1.29    |   |
| Earnings per common share - assuming dilution         | $                                | 0.93   |                            |    | $      | 0.53   |    |   | $      | 2.25    |   |   | $ | 1.29    |   |
|                                                  |                             |   |                            |    |   |   |    |
| Cash dividends per common share                       | $                                | 0.0625 |                            |    | $      | 0.0625 |    |   | $      | 0.1875  |   |   | $ | 0.2500  |   |

----

|                                                                                                         |                                                |        |                                      |         |                                               |         |                   |        |                           |          |                            |        |         |         |        |         |        |     |        |        |   |           |        |
|---------------------------------------------------------------------------------------------------------|------------------------------------------------|--------|--------------------------------------|---------|-----------------------------------------------|---------|-------------------|--------|---------------------------|----------|----------------------------|--------|---------|---------|--------|---------|--------|-----|--------|--------|---|-----------|--------|
|                                                                                                    | 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, 2009                                                          | $                                              | 3,000  |                                 |    | $                                             | 111,612 |              |   | $                         | (649,758 | )                          |   | $       | 793,511 |   |    | $      | 96  |   |   | $ | 258,461   |   |
| Reclassification of non-credit impairment losses from prior periods                                     | —                                        |   |                                 | — |                                          |    | (15,641           | )      |                      | 15,641   |                       |   | — |    |   | — |   |
| Comprehensive income:                                                                                   |                                           |   |                                 |    |                                          |    |              |   |                      |     |                       |
| Net income - nine months ended September 30, 2009                                                       | —                                        |   |                                 | — |                                          |    | —           |   |                      | 38,843   |                       |   | (125    | )       |   | 38,718  |   |
| Change in net unrealized investment gains/losses                                                        | —                                        |   |                                 | — |                                          |    | 567,100           |   |                      | —  |                       |   | — |    |   | 567,100 |   |
|           Non-credit impairment losses                | —                                        |   |                                 | — |                                          |    | (18,707           | )      |                      | —  |                       |   | — |    |   | (18,707 | )      |
| Change in underfunded status of other postretirement benefit plans                                      | —                                        |   |                                 | — |                                          |    | 10                |   |                      | —  |                       |   | — |    |   | 10      |   |
| Total comprehensive income (b)                                                                          |                                           |   |                                 |    |                                          |    |              |   |                      |     | 587,121                    |   |
| Stock-based compensation, including the issuance of 283,144 common shares under compensation plans      | —                                        |   |                                 | 4,184   |                                          |    | —           |   |                      | —  |                       |   | — |    |   | 4,184   |   |
| Dividends on preferred stock                                                                            | —                                        |   |                                 | — |                                          |    | —           |   |                      | (112     | )                          |   | — |    |   | (112    | )      |
| Dividends on common stock                                                                               | —                                        |   |                                 | — |                                          |    | —           |   |                      | (7,473   | )                          |   | — |    |   | (7,473  | )      |
| Receipts related to noncontrolling interest                                                             | —                                        |   |                                 | — |                                          |    | —           |   |                      | —  |                       |   | 135     |    |   | 135     |   |
| Balance at September 30, 2009                                                                           | $                                              | 3,000  |                                 |    | $                                             | 115,796 |              |   | $                         | (116,996 | )                          |   | $       | 840,410 |   |    | $      | 106 |   |   | $ | 842,316   |   |
|                                                                                                    |                                           |   |                                 |    |                                          |    |              |   |                      |     |                       |
| Balance at January 1, 2010                                                          | $                                              | 3,000  |                                 |    | $                                             | 117,399 |              |   | $                         | (118,730 | )                          |   | $       | 869,487 |   |    | $      | 121 |   |   | $ | 871,277   |   |
| Reclassification of embedded credit derivative loss                                                     | —                                        |   |                                 | — |                                          |    | 4,691             |   |                      | (4,691   | )                          |   | — |    |   | — |   |
| Comprehensive income:                                                                                   |                                           |   |                                 |    |                                          |    |              |   |                      |     |                       |
| Net income - nine months ended September 30, 2010                                                       | —                                        |   |                                 | — |                                          |    | —           |   |                      | 69,021   |                       |   | (79     | )       |   | 68,942  |   |
| Change in net unrealized investment gains/losses                                                        | —                                        |   |                                 | — |                                          |    | 251,722           |   |                      | —  |                       |   | — |    |   | 251,722 |   |
| Non-credit impairment losses                                                                            | —                                        |   |                                 | — |                                          |    | (21,342           | )      |                      | —  |                       |   | — |    |   | (21,342 | )      |
| Change in underfunded status of other postretirement benefit plans                                      | —                                        |   |                                 | — |                                          |    | 112               |   |                      | —  |                       |   | — |    |   | 112     |   |
| Total comprehensive income (b)                                                                          |                                           |   |                                 |    |                                          |    |              |   |                      |     | 299,434                    |   |
| Stock-based compensation, including the issuance of 389,627 common shares under compensation plans | —                                        |   |                                 | 5,533   |                                          |    | —           |   |                      | —  |                       |   | — |    |   | 5,533   |   |
| Dividends on preferred stock                                                                            | —                                        |   |                                 | — |                                          |    | —           |   |                      | (112     | )                          |   | — |    |   | (112    | )      |
| Dividends on common stock                                                                               | —                                        |   |                                 | — |                                          |    | —           |   |                      | (5,663   | )                          |   | — |    |   | (5,663  | )      |
| Receipts related to noncontrolling interest                                                             | —                                        |   |                                 | — |                                          |    | —           |   |                      | —  |                       |   | 23      |    |   | 23      |   |
| Balance at September 30, 2010                                                                           | $                                              | 3,000  |                                 |    | $                                             | 122,932 |              |   | $                         | 116,453  |                       |   | $       | 928,042 |   |    | $      | 65  |   |   | $ | 1,170,492 |   |

|        |                                                                                     |        |        |        |
|--------|-------------------------------------------------------------------------------------|--------|--------|--------|
| (a)    | All activity for the periods shown relates to Class A Common Stock.                 |
|   |                                                                                |   |   |   |
| (b)    | Detail of comprehensive income for the three and nine-month periods is shown below: |

|                                                                |                                  |        |                                 |         |        |         |         |        |        |         |        |        |   |         |        |
|----------------------------------------------------------------|----------------------------------|--------|---------------------------------|---------|--------|---------|---------|--------|--------|---------|--------|--------|---|---------|--------|
|                                                           | Three months ended September 30, |   | Nine months ended September 30, |
|                                                           | 2010                             |   | 2009                            |    | 2010   |    | 2009    |
| Total comprehensive income                                     | $                                | 96,269 |                            |    | $      | 248,412 |    |   | $      | 299,434 |   |   | $ | 587,121 |   |
| Comprehensive income attributable to FBL Financial Group, Inc. | 96,295                           |   |                            | 248,445 |   |    | 299,513 |   |   | 587,246 |   |

----

|                                                                                           |                                 |        |        |            |        |        |        |
|-------------------------------------------------------------------------------------------|---------------------------------|--------|--------|------------|--------|--------|--------|
|                                                                                      | Nine months ended September 30, |
|                                                                                      | 2010                            |   | 2009   |
| Operating activities                                                                      |                            |   |   |
| Net income                                                                                | $                               | 68,942 |   |       | $      | 38,718 |   |
| Adjustments to reconcile net income to net cash provided by operating activities:         |                            |   |   |
| Adjustments related to interest sensitive and index products:                             |                            |   |   |
| Interest credited/index credits to account balances, excluding deferred sales inducements | 328,507                         |   |   | 247,902    |   |
| Change in fair value of embedded derivatives                                              | 24,052                          |   |   | 139,052    |   |
| Charges for mortality, surrenders and administration                                      | (83,833                         | )      |   | (125,502   | )      |
| Deferral of unearned revenues                                                             | 2,031                           |   |   | 1,514      |   |
| Amortization of unearned revenue reserve                                                  | (2,050                          | )      |   | (1,602     | )      |
| Provision for depreciation and amortization of property and equipment                     | 3,425                           |   |   | 4,995      |   |
| Provision for accretion and amortization of investments                                   | 880                             |   |   | (3,569     | )      |
| Realized losses on investments                                                            | 3,101                           |   |   | 12,679     |   |
| Change in fair value of derivatives                                                       | (5,462                          | )      |   | (38,428    | )      |
| Increase in traditional life and accident and health benefit accruals                     | 31,030                          |   |   | 32,021     |   |
| Policy acquisition costs deferred                                                         | (65,862                         | )      |   | (78,991    | )      |
| Amortization of deferred policy acquisition costs                                         | 58,299                          |   |   | 99,705     |   |
| Amortization of deferred sales inducements                                                | 9,230                           |   |   | 38,280     |   |
| Amortization of value of insurance in force                                               | 1,551                           |   |   | 2,178      |   |
| Change in accrued investment income                                                       | (13,817                         | )      |   | (4,279     | )      |
| Change in amounts receivable from/payable to affiliates                                   | 3,803                           |   |   | 3,911      |   |
| Change in reinsurance recoverable                                                         | 13,800                          |   |   | (20,488    | )      |
| Change in current income taxes                                                            | 4,678                           |   |   | 29,156     |   |
| Provision for deferred income taxes                                                       | 207                             |   |   | (9,006     | )      |
| Other                                                                                     | (9,317                          | )      |   | (26,506    | )      |
| Net cash provided by operating activities                                                 | 373,195                         |   |   | 341,740    |   |
|                                                                                      |                            |   |   |
| Investing activities                                                                      |                            |   |   |
| Sale, maturity or repayment of investments:                                               |                            |   |   |
| Fixed maturities - available for sale                                                     | 525,210                         |   |   | 1,364,783  |   |
| Equity securities - available for sale                                                    | 697                             |   |   | 88         |   |
| Mortgage loans on real estate                                                             | 58,992                          |   |   | 60,621     |   |
| Derivative instruments                                                                    | 53,826                          |   |   | 51,462     |   |
| Policy loans                                                                              | 29,091                          |   |   | 29,663     |   |
|     Other long-term investments                                       | 1,725                           |   |   | —    |   |
|                                                                                      | 669,541                         |   |   | 1,506,617  |   |
|                                                                                      |                            |   |   |
| Acquisition of investments:                                                               |                            |   |   |
| Fixed maturities - available for sale                                                     | (976,968                        | )      |   | (1,208,385 | )      |
| Equity securities - available for sale                                                    | (14,186                         | )      |   | (10,415    | )      |
| Mortgage loans on real estate                                                             | (36,140                         | )      |   | (511       | )      |
| Derivative instruments                                                                    | (46,611                         | )      |   | (50,063    | )      |
| Policy loans                                                                              | (30,400                         | )      |   | (33,042    | )      |
| Short-term investments - net                                                              | (35,550                         | )      |   | (63,439    | )      |
|                                                                                      | (1,139,855                      | )      |   | (1,365,855 | )      |

----

|                                                                                                           |                                 |        |        |            |        |        |        |
|-----------------------------------------------------------------------------------------------------------|---------------------------------|--------|--------|------------|--------|--------|--------|
|                                                                                                      | Nine months ended September 30, |
|                                                                                                      | 2010                            |   | 2009   |
| Investing activities - continued                                                                          |                            |   |   |
| Proceeds from disposal, repayments of advances and other distributions of capital from equity investees   | $                               | 1,622  |   |       | $      | 26     |   |
| Investments in equity investees                                                                           | (493                            | )      |   | —    |   |
| Purchases of property and equipment                                                                       | (4,657                          | )      |   | (3,975     | )      |
| Disposal of property and equipment                                                                        | 496                             |   |   | 2,633      |   |
| Net cash provided by (used in) investing activities                                                       | (473,346                        | )      |   | 139,446    |   |
|                                                                                                      |                            |   |   |
| Financing activities                                                                                      |                            |   |   |
| Receipts from interest sensitive and index products credited to policyholder account balances             | 991,122                         |   |   | 1,116,523  |   |
| Return of policyholder account balances on interest sensitive and index products                          | (844,816                        | )      |   | (1,556,889 | )      |
| Repayment of short-term debt                                                                              | —                         |   |   | (60,000    | )      |
| Receipts related to noncontrolling interests - net                                                        | 23                              |   |   | 135        |   |
| Excess tax deductions on stock-based compensation                                                         | 772                             |   |   | 96         |   |
| Issuance of common stock                                                                                  | 2,331                           |   |   | 1,716      |   |
| Dividends paid                                                                                            | (5,775                          | )      |   | (7,585     | )      |
| Net cash provided by (used in) financing activities                                                       | 143,657                         |   |   | (506,004   | )      |
| Increase (decrease) in cash and cash equivalents                                                          | 43,506                          |   |   | (24,818    | )      |
| Cash and cash equivalents at beginning of period                                                          | 11,690                          |   |   | 37,710     |   |
| Cash and cash equivalents at end of period                                                                | $                               | 55,196 |   |       | $      | 12,892 |   |
|                                                                                                      |                            |   |   |
| Supplemental disclosures of cash flow information                                                         |                            |   |   |
| Cash paid (received) during the period for:                                                               |                            |   |   |
| Interest                                                                                                  | $                               | 18,644 |   |       | $      | 19,546 |   |
| Income taxes                                                                                              | 28,631                          |   |   | (1,556     | )      |
| Non-cash operating activity:                                                                              |                            |   |   |
| Deferral of sales inducements                                                                             | 16,003                          |   |   | 27,463     |   |
| Non-cash investing activity:                                                                              |                            |   |   |
| Foreclosure of mortgage loans to real estate                                                              | 1,482                           |   |   | 14,173     |   |
| Exchange of real estate for mortgage loans                                                                | 1,507                           |   |   | —    |   |
| Exchange of fixed maturities for partnership investment in securities and indebtedness of related parties | 2,456                           |   |   | —    |   |

----

----

Table of Contents

|                                                                                |                         |            |                                  |         |                                       |         |                                |        |        |           |        |        |   |            |        |
|--------------------------------------------------------------------------------|-------------------------|------------|----------------------------------|---------|---------------------------------------|---------|--------------------------------|--------|--------|-----------|--------|--------|---|------------|--------|
| Available-For-Sale Fixed Maturity and Equity Securities by Investment Category |
|                                                                           |                    |
|                                                                           | September 30, 2010 |
|                                                                           | Amortized Cost     |       | Gross Unrealized Gains |    | Gross Unrealized Losses (1) |    | Estimated Fair Value |
|                                                                           | (Dollars in thousands)  |
| Fixed maturities:                                                              |                    |       |                             |    |                                  |    |                           |
| Corporate (2)                                                                  | $                       | 5,335,314  |                             |    | $                                     | 530,438 |                           |   | $      | (77,677   | )      |   | $ | 5,788,075  |   |
| Residential mortgage-backed                                                    | 1,941,108               |       |                             | 61,491  |                                  |    | (68,321                        | )      |   | 1,934,278 |   |
| Commercial mortgage-backed                                                     | 766,612                 |       |                             | 76,939  |                                  |    | (43,336                        | )      |   | 800,215   |   |
| Other asset-backed                                                             | 491,983                 |       |                             | 4,199   |                                  |    | (66,973                        | )      |   | 429,209   |   |
| Collateralized debt obligation                                                 | 3,037                   |       |                             | — |                                  |    | —                        |   |   | 3,037     |   |
| United States Government and agencies                                          | 127,051                 |       |                             | 20,335  |                                  |    | —                        |   |   | 147,386   |   |
| State, municipal and other governments                                         | 2,185,326               |       |                             | 88,218  |                                  |    | (53,179                        | )      |   | 2,220,365 |   |
| Total fixed maturities                                                         | $                       | 10,850,431 |                             |    | $                                     | 781,620 |                           |   | $      | (309,486  | )      |   | $ | 11,322,565 |   |
|                                                                           |                    |       |                             |    |                                  |    |                           |
| Equity securities:                                                             |                    |       |                             |    |                                  |    |                           |
| Non-redeemable preferred stocks                                                | $                       | 40,649     |                             |    | $                                     | 3,150   |                           |   | $      | (1,919    | )      |   | $ | 41,880     |   |
| Common stocks                                                                  | 35,111                  |       |                             | 341     |                                  |    | (1                             | )      |   | 35,451    |   |
| Total equity securities                                                        | $                       | 75,760     |                             |    | $                                     | 3,491   |                           |   | $      | (1,920    | )      |   | $ | 77,331     |   |

|                                        |                        |            |                                  |         |                                       |         |                                |        |        |           |        |        |   |           |        |
|----------------------------------------|------------------------|------------|----------------------------------|---------|---------------------------------------|---------|--------------------------------|--------|--------|-----------|--------|--------|---|-----------|--------|
|                                   | December 31, 2009 |
|                                   | Amortized Cost    |       | Gross Unrealized Gains |    | Gross Unrealized Losses (1) |    | Estimated Fair Value |
|                                   | (Dollars in thousands) |
| Fixed maturities:                      |                   |       |                             |    |                                  |    |                           |
| Corporate (2)                          | $                      | 5,125,925  |                             |    | $                                     | 195,581 |                           |   | $      | (226,923  | )      |   | $ | 5,094,583 |   |
| Residential mortgage-backed            | 1,993,086              |       |                             | 22,365  |                                  |    | (142,041                       | )      |   | 1,873,410 |   |
| Commercial mortgage-backed             | 785,729                |       |                             | 20,327  |                                  |    | (85,933                        | )      |   | 720,123   |   |
| Other asset-backed                     | 230,755                |       |                             | 351     |                                  |    | (98,233                        | )      |   | 132,873   |   |
| Collateralized debt obligations        | 27,541                 |       |                             | — |                                  |    | (14,649                        | )      |   | 12,892    |   |
| United States Government and agencies  | 137,390                |       |                             | 4,620   |                                  |    | (2,543                         | )      |   | 139,467   |   |
| State, municipal and other governments | 2,038,244              |       |                             | 8,509   |                                  |    | (155,500                       | )      |   | 1,891,253 |   |
| Total fixed maturities                 | $                      | 10,338,670 |                             |    | $                                     | 251,753 |                           |   | $      | (725,822  | )      |   | $ | 9,864,601 |   |
|                                   |                   |       |                             |    |                                  |    |                           |
| Equity securities:                     |                   |       |                             |    |                                  |    |                           |
| Non-redeemable preferred stocks        | $                      | 40,649     |                             |    | $                                     | 2,436   |                           |   | $      | (4,648    | )      |   | $ | 38,437    |   |
| Common stocks                          | 21,622                 |       |                             | 109     |                                  |    | (14                            | )      |   | 21,717    |   |
| Total equity securities                | $                      | 62,271     |                             |    | $                                     | 2,545   |                           |   | $      | (4,662    | )      |   | $ | 60,154    |   |

----

Table of Contents

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)    | Gross unrealized losses include non-credit losses on other-than-temporarily impaired corporate securities totaling $19.4 million at September 30, 2010 and $0.3 million at December 31, 2009, other asset-backed securities totaling $41.8 million at September 30, 2010 and $32.4 million at December 31, 2009, and residential mortgage-backed securities totaling $12.4 million at September 30, 2010 and $7.4 million at December 31, 2009.             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| (2)    | Corporate securities include certain hybrid nonreemable perpetual preferred securities that have characteristics similar to fixed maturity securities, with a carrying value of $239.5 million and $208.9 million at September 30, 2010 and December 31, 2009, respectively. Corporate securities also include redeemable preferred stock with a carrying value of $5.7 million and $4.7 million at September 30, 2010 and December 31, 2009, respectively. |

|                                                               |                         |            |                      |           |        |            |        |
|---------------------------------------------------------------|-------------------------|------------|----------------------|-----------|--------|------------|--------|
| Available-For-Sale Fixed Maturity Securities by Maturity Date |                    |       |                 |
|                                                          |                    |       |                 |
|                                                          | September 30, 2010 |
|                                                          | Amortized Cost     |       | Estimated Fair Value |
|                                                          | (Dollars in thousands)  |
| Due in one year or less                                       | $                       | 112,338    |                 |      | $      | 114,927    |   |
| Due after one year through five years                         | 1,300,867               |       |                 | 1,390,928 |   |
| Due after five years through ten years                        | 2,449,188               |       |                 | 2,735,991 |   |
| Due after ten years                                           | 3,788,335               |       |                 | 3,917,017 |   |
|                                                          | 7,650,728               |       |                 | 8,158,863 |   |
| Mortgage-backed and other asset-backed                        | 3,199,703               |       |                 | 3,163,702 |   |
| Total fixed maturities                                        | $                       | 10,850,431 |                 |      | $      | 11,322,565 |   |

|                                                                                               |                         |         |                        |          |        |          |   |
|-----------------------------------------------------------------------------------------------|-------------------------|---------|------------------------|----------|--------|----------|---|
| Net Unrealized Gains (Losses) on Investments in Accumulated Other Comprehensive Income (Loss) |
|                                                                                          |                    |    |                   |
|                                                                                          | September 30, 2010 |    | December 31, 2009 |
|                                                                                          | (Dollars in thousands)  |
| Unrealized appreciation (depreciation) on:                                                    |                    |    |                   |
| Fixed maturities - available for sale                                                         | $                       | 472,134 |                   |     | $      | (474,069 | ) |
| Equity securities - available for sale                                                        | 1,571                   |    |                   | (2,117   | )      |
| Interest rate swaps                                                                           | (183                    | )       |                   | (362     | )      |
|                                                                                          | 473,522                 |    |                   | (476,548 | )      |
| Adjustments for assumed changes in amortization pattern of:                                   |                    |    |                   |
| Deferred policy acquisition costs                                                             | (227,092                | )       |                   | 196,077  |   |
| Deferred sales inducements                                                                    | (57,047                 | )       |                   | 95,942   |   |
| Value of insurance in force acquired                                                          | (13,544                 | )       |                   | 3,657    |   |
| Unearned revenue reserve                                                                      | 3,448                   |    |                   | (1,492   | )      |
| Provision for deferred income taxes                                                           | (62,743                 | )       |                   | 63,837   |   |
|                                                                                          | 116,544                 |    |                   | (118,527 | )      |
| Proportionate share of net unrealized investment losses of equity investees                   | (3                      | )       |                   | (3       | )      |
| Net unrealized investment gains (losses)                                                      | $                       | 116,541 |                   |     | $      | (118,530 | ) |

----

Table of Contents

|                                                                                 |        |                           |         |                   |         |                           |         |                   |        |                      |           |                   |        |         |          |        |         |   |           |        |        |   |          |   |
|---------------------------------------------------------------------------------|--------|---------------------------|---------|-------------------|---------|---------------------------|---------|-------------------|--------|----------------------|-----------|-------------------|--------|---------|----------|--------|---------|---|-----------|--------|--------|---|----------|---|
| Fixed Maturities and Equity Securities with Unrealized Losses by Length of Time |
|                                                                            |   |                      |
|                                                                            |   | September 30, 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 maturities:                                                               |   |                      |    |              |    |                      |    |              |   |                 |      |              |
| Corporate                                                                       |   | $                         | 32,167  |              |    | $                         | (5,714  | )                 |   | $                    | 646,532   |              |   | $       | (71,963  | )      |    | $ | 678,699   |   |   | $ | (77,677  | ) |
| Residential mortgage-backed                                                     |   | 8,635                     |    |              | (8      | )                         |    | 598,917           |   |                 | (68,313   | )                 |   | 607,552 |     |   | (68,321 | ) |
| Commercial mortgage-backed                                                      |   | 4,129                     |    |              | (28     | )                         |    | 152,867           |   |                 | (43,308   | )                 |   | 156,996 |     |   | (43,336 | ) |
| Other asset-backed                                                              |   | 8,686                     |    |              | (17     | )                         |    | 116,112           |   |                 | (66,956   | )                 |   | 124,798 |     |   | (66,973 | ) |
| State, municipal and other governments                                          |   | 14,431                    |    |              | (790    | )                         |    | 521,077           |   |                 | (52,389   | )                 |   | 535,508 |     |   | (53,179 | ) |
| Total fixed maturities                                                          |   | $                         | 68,048  |              |    | $                         | (6,557  | )                 |   | $                    | 2,035,505 |              |   | $       | (302,929 | )      |    | $ | 2,103,553 |   |   | $ | (309,486 | ) |
|                                                                            |   |                      |    |              |    |                      |    |              |   |                 |      |              |
| Equities:                                                                       |   |                      |    |              |    |                      |    |              |   |                 |      |              |
| Non-redeemable preferred stocks                                                 |   | $                         | — |              |    | $                         | — |              |   | $                    | 18,081    |              |   | $       | (1,919   | )      |    | $ | 18,081    |   |   | $ | (1,919   | ) |
| Common stocks                                                                   |   | —                   |    |              | — |                      |    | 14                |   |                 | (1        | )                 |   | 14      |     |   | (1      | ) |
| Total equities                                                                  |   | $                         | — |              |    | $                         | — |              |   | $                    | 18,095    |              |   | $       | (1,920   | )      |    | $ | 18,095    |   |   | $ | (1,920   | ) |

|                                        |        |                           |           |                   |         |                           |         |                   |        |                      |           |                   |        |           |          |        |          |   |           |        |        |   |          |   |
|----------------------------------------|--------|---------------------------|-----------|-------------------|---------|---------------------------|---------|-------------------|--------|----------------------|-----------|-------------------|--------|-----------|----------|--------|----------|---|-----------|--------|--------|---|----------|---|
|                                   |   | December 31, 2009    |
|                                   |   | 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 maturities:                      |   |                      |      |              |    |                      |    |              |   |                 |      |              |
| Corporate                              |   | $                         | 314,304   |              |    | $                         | (13,717 | )                 |   | $                    | 1,581,834 |              |   | $         | (213,206 | )      |     | $ | 1,896,138 |   |   | $ | (226,923 | ) |
| Residential mortgage-backed            |   | 53,341                    |      |              | (1,807  | )                         |    | 1,025,010         |   |                 | (140,234  | )                 |   | 1,078,351 |     |   | (142,041 | ) |
| Commercial mortgage-backed             |   | 8,110                     |      |              | (521    | )                         |    | 242,414           |   |                 | (85,412   | )                 |   | 250,524   |     |   | (85,933  | ) |
| Other asset-backed                     |   | 18,386                    |      |              | (11,891 | )                         |    | 104,784           |   |                 | (86,342   | )                 |   | 123,170   |     |   | (98,233  | ) |
| Collateralized debt obligation         |   | —                   |      |              | — |                      |    | 3,351             |   |                 | (14,649   | )                 |   | 3,351     |     |   | (14,649  | ) |
| Unites States Government and agencies  |   | 63,528                    |      |              | (2,392  | )                         |    | 14,684            |   |                 | (151      | )                 |   | 78,212    |     |   | (2,543   | ) |
| State, municipal and other governments |   | 762,644                   |      |              | (21,139 | )                         |    | 777,542           |   |                 | (134,361  | )                 |   | 1,540,186 |     |   | (155,500 | ) |
| Total fixed maturities                 |   | $                         | 1,220,313 |              |    | $                         | (51,467 | )                 |   | $                    | 3,749,619 |              |   | $         | (674,355 | )      |     | $ | 4,969,932 |   |   | $ | (725,822 | ) |
|                                   |   |                      |      |              |    |                      |    |              |   |                 |      |              |
| Equities:                              |   |                      |      |              |    |                      |    |              |   |                 |      |              |
| Non-redeemable preferred stocks        |   | $                         | —   |              |    | $                         | — |              |   | $                    | 20,352    |              |   | $         | (4,648   | )      |     | $ | 20,352    |   |   | $ | (4,648   | ) |
| Common stocks                          |   | —                   |      |              | — |                      |    | 386               |   |                 | (14       | )                 |   | 386       |     |   | (14      | ) |
| Total equity securities                |   | $                         | —   |              |    | $                         | — |              |   | $                    | 20,738    |              |   | $         | (4,662   | )      |     | $ | 20,738    |   |   | $ | (4,662   | ) |

----

Table of Contents

----

Table of Contents

|        |                                                                                                                |
|--------|----------------------------------------------------------------------------------------------------------------|
| • | historical operating trends;                                                                                   |
| • | business prospects;                                                                                            |
| • | status of the industry in which the company operates;                                                          |
| • | analyst ratings on the issuer and sector;                                                                      |
| • | quality of management;                                                                                         |
| • | size of unrealized loss;                                                                                       |
| • | 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; and                                       |
| • | our intent to sell and whether it is more likely than not that we would be required to sell prior to recovery. |

|                                                                                        |                        |         |                    |        |                         |          |                         |        |        |         |        |        |   |          |   |
|----------------------------------------------------------------------------------------|------------------------|---------|--------------------|--------|-------------------------|----------|-------------------------|--------|--------|---------|--------|--------|---|----------|---|
| Credit Loss Component of Other-Than-Temporary Impairments on Fixed Maturity Securities |
|                                                                                   |                   |    |               |   |                    |     |                    |
|                                                                                   | Three months ended     |    | Nine months ended  |
|                                                                                   | September 30, 2010     |    | September 30, 2009 |   | September 30, 2010 |     | September 30, 2009 |
|                                                                                   | (Dollars in thousands) |
| Balance at beginning of period                                                         | $                      | (89,189 | )                  |   | $                       | (121,712 | )                       |   | $      | (98,545 | )      |   | $ | (106,421 | ) |
| Increases for which an impairment was not previously recognized                        | —                |    |               | (1,614 | )                       |     | (12,330                 | )      |   | (42,086 | )      |
| Increases to previously impaired investments                                           | (1,165                 | )       |               | (10    | )                       |     | (2,639                  | )      |   | (7,701  | )      |
| Reductions due to investments sold                                                     | 12,477                 |    |               | 14,986 |                    |     | 35,637                  |   |   | 47,858  |   |
| Balance at end of period                                                               | $                      | (77,877 | )                  |   | $                       | (108,350 | )                       |   | $      | (77,877 | )      |   | $ | (108,350 | ) |

----

Table of Contents

|                                                                                              |        |                                          |         |                                       |         |        |         |                                          |        |        |         |        |        |         |         |        |         |        |         |        |        |   |           |        |
|----------------------------------------------------------------------------------------------|--------|------------------------------------------|---------|---------------------------------------|---------|--------|---------|------------------------------------------|--------|--------|---------|--------|--------|---------|---------|--------|---------|--------|---------|--------|--------|---|-----------|--------|
| Sales, Maturities and Principal Repayments on Fixed Maturity Securities - Available for Sale |
|                                                                                         |   |                                     |
|                                                                                         |   | Three months ended September 30, 2010    |    | Three months ended September 30, 2009 |
|                                                                                         |   | Scheduled principal repayments and calls |    | Sales                                 |    | Total  |    | Scheduled principal repayments and calls |   | Sales  |    | Total  |
|                                                                                         |   | (Dollars in thousands)                   |
| Amortized cost                                                                               |   | $                                        | 88,460  |                                  |    | $      | 108,252 |                                     |   | $      | 196,712 |   |   | $       | 140,848 |   |    | $      | 180,390 |   |   | $ | 321,238   |   |
| Gross realized gains                                                                         |   | —                                  |    |                                  | 6,526   |   |    | 6,526                                    |   |   | — |   |   | 8,905   |    |   | 8,905   |   |
| Gross realized losses                                                                        |   | —                                  |    |                                  | — |   |    | —                                  |   |   | — |   |   | (6,400  | )       |   | (6,400  | )      |
| Change in unsettled sales                                                                    |   | —                                  |    |                                  | (10,174 | )      |    | (10,174                                  | )      |   | — |   |   | — |    |   | — |   |
| Proceeds                                                                                     |   | $                                        | 88,460  |                                  |    | $      | 104,604 |                                     |   | $      | 193,064 |   |   | $       | 140,848 |   |    | $      | 182,895 |   |   | $ | 323,743   |   |
|                                                                                         |   |                                     |    |                                  |    |   |    |                                     |   |   |    |   |
|                                                                                         |   |                                     |    |                                  |    |   |    |                                     |   |   |    |   |
|                                                                                         |   | Nine months ended September 30, 2010     |    | Nine months ended September 30, 2009  |
|                                                                                         |   | Scheduled principal repayments and calls |    | Sales                                 |    | Total  |    | Scheduled principal repayments and calls |   | Sales  |    | Total  |
|                                                                                         |   | (Dollars in thousands)                   |
| Amortized cost                                                                               |   | $                                        | 304,981 |                                  |    | $      | 218,749 |                                     |   | $      | 523,730 |   |   | $       | 396,810 |   |    | $      | 932,174 |   |   | $ | 1,328,984 |   |
| Gross realized gains                                                                         |   | —                                  |    |                                  | 13,749  |   |    | 13,749                                   |   |   | — |   |   | 45,453  |    |   | 45,453  |   |
| Gross realized losses                                                                        |   | —                                  |    |                                  | (70     | )      |    | (70                                      | )      |   | — |   |   | (9,654  | )       |   | (9,654  | )      |
| Change in unsettled sales                                                                    |   | —                                  |    |                                  | (12,199 | )      |    | (12,199                                  | )      |   | — |   |   | — |    |   | — |   |
| Proceeds                                                                                     |   | $                                        | 304,981 |                                  |    | $      | 220,229 |                                     |   | $      | 525,210 |   |   | $       | 396,810 |   |    | $      | 967,973 |   |   | $ | 1,364,783 |   |

|                                       |                         |        |                         |        |        |         |        |
|---------------------------------------|-------------------------|--------|-------------------------|--------|--------|---------|--------|
| Valuation Allowance on Mortgage Loans |
|                                  | Nine months ended       |
|                                  | September 30, 2010 |   | September 30, 2009 |
|                                  | (Dollars in thousands)  |
| Balance at beginning of period        | $                       | 725    |                    |   | $      | — |   |
| Allowances established                | 1,295                   |   |                    | 865    |   |
| Charge offs                           | (325                    | )      |                    | (465   | )      |
| Balance at end of period              | $                       | 1,695  |                    |   | $      | 400     |   |

----

Table of Contents

|                  |        |                |        |              |                |                |        |                         |        |                   |        |         |        |        |   |     |   |
|------------------|--------|----------------|--------|--------------|----------------|----------------|--------|-------------------------|--------|-------------------|--------|---------|--------|--------|---|-----|---|
| Summary of Swaps |   |           |   |         |
|             |   |           |   |         |           |           |   | Carrying and Fair Value |
| Maturity Date    |   | NotionalAmount |   | Receive Rate |           | PayRate        |   | September 30, 2010 |   | December 31, 2009 |
|             |   |           |   |         |           |           |   | (Dollars in thousands)  |
| 1/1/2010         |   | $              | 50,000 |         |           | 3 month LIBOR* |   | 4.858                   | %      |              | $      | — |   |   | $ | (18 | ) |
| 10/7/2010        |   | 46,000         |   |         | 3 month LIBOR* |           | 4.760  | %                       |   | (32               | )      |    | (1,521 | )      |
| 6/1/2011         |   | 50,000         |   |         | 1 month LIBOR* |           | 5.519  | %                       |   | (1,734            | )      |    | (3,241 | )      |
|             |   |           |   |         |           |           |   | $                       | (1,766 | )                 |   | $       | (4,780 | )      |

----

Table of Contents

----

Table of Contents

|                                        |                         |            |                        |           |                |            |            |        |        |           |        |        |   |           |        |
|----------------------------------------|-------------------------|------------|------------------------|-----------|----------------|------------|------------|--------|--------|-----------|--------|--------|---|-----------|--------|
| Fair Values and Carrying Values        |
|                                   |                    |       |                   |      |           |       |       |
|                                   | September 30, 2010 |       | December 31, 2009 |
|                                   | Carrying Value          |       | Fair Value             |      | Carrying Value |       | Fair Value |
|                                   | (Dollars in thousands)  |
| Assets                                 |                    |       |                   |      |           |       |       |
| Fixed maturities - available for sale  | $                       | 11,322,565 |                   |      | $              | 11,322,565 |       |   | $      | 9,864,601 |   |   | $ | 9,864,601 |   |
| Equity securities - available for sale | 77,331                  |       |                   | 77,331    |           |       | 60,154     |   |   | 60,154    |   |
| Mortgage loans on real estate          | 1,269,829               |       |                   | 1,333,956 |           |       | 1,293,936  |   |   | 1,257,980 |   |
| Derivative instruments                 | 44,720                  |       |                   | 44,720    |           |       | 44,023     |   |   | 44,023    |   |
| Policy loans                           | 170,045                 |       |                   | 222,469   |           |       | 168,736    |   |   | 205,453   |   |
| Other long-term investments            | 139                     |       |                   | 139       |           |       | 1,882      |   |   | 1,882     |   |
| Cash and short-term investments        | 293,888                 |       |                   | 293,888   |           |       | 214,832    |   |   | 214,832   |   |
| Reinsurance recoverable                | 21,934                  |       |                   | 21,934    |           |       | 31,080     |   |   | 31,080    |   |
| Assets held in separate accounts       | 705,156                 |       |                   | 705,156   |           |       | 702,073    |   |   | 702,073   |   |

----

Table of Contents

|                                          |                        |           |                   |         |                |           |            |        |        |           |        |        |   |           |        |
|------------------------------------------|------------------------|-----------|-------------------|---------|----------------|-----------|------------|--------|--------|-----------|--------|--------|---|-----------|--------|
|                                     | September 30, 2010     |      | December 31, 2009 |
|                                     | Carrying Value         |      | Fair Value        |    | Carrying Value |      | Fair Value |
|                                     | (Dollars in thousands) |
| Liabilities                              |                   |      |              |    |           |      |       |
| Future policy benefits                   | $                      | 9,804,666 |              |    | $              | 9,587,034 |       |   | $      | 9,392,402 |   |   | $ | 8,397,026 |   |
| Other policyholders' funds               | 683,669                |      |              | 675,798 |           |      | 670,653    |   |   | 645,995   |   |
| Long-term debt                           | 371,147                |      |              | 312,792 |           |      | 371,084    |   |   | 280,828   |   |
| Other liabilities                        | 1,796                  |      |              | 1,796   |           |      | 4,780      |   |   | 4,780     |   |
| Liabilities related to separate accounts | 705,156                |      |              | 687,525 |           |      | 702,073    |   |   | 682,438   |   |

----

Table of Contents

|                                                                                          |                                                                     |           |                                                    |           |                                                |            |         |        |        |           |        |        |   |            |        |
|------------------------------------------------------------------------------------------|---------------------------------------------------------------------|-----------|----------------------------------------------------|-----------|------------------------------------------------|------------|---------|--------|--------|-----------|--------|--------|---|------------|--------|
| Valuation of our Financial Instruments Measured on a Recurring Basis by Hierarchy Levels |
|                                                                                     |                                                                |
|                                                                                     | September 30, 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                                                                     | $                                                                   | —   |                                               |      | $                                              | 5,585,233  |    |   | $      | 202,842   |   |   | $ | 5,788,075  |   |
| Residential mortgage-backed securities                                                   | —                                                             |      |                                               | 1,902,148 |                                           |       | 32,130  |   |   | 1,934,278 |   |
| Commercial mortgage-backed securities                                                    | —                                                             |      |                                               | 775,999   |                                           |       | 24,216  |   |   | 800,215   |   |
| Other asset-backed securities                                                            | —                                                             |      |                                               | 360,660   |                                           |       | 68,549  |   |   | 429,209   |   |
| Collateralized debt obligation                                                           | —                                                             |      |                                               | —   |                                           |       | 3,037   |   |   | 3,037     |   |
| United States Government and agencies                                                    | 81,005                                                              |      |                                               | 50,086    |                                           |       | 16,295  |   |   | 147,386   |   |
| State, municipal and other governments                                                   | —                                                             |      |                                               | 2,073,054 |                                           |       | 147,311 |   |   | 2,220,365 |   |
| Non-redeemable preferred stocks                                                          | —                                                             |      |                                               | 28,493    |                                           |       | 13,387  |   |   | 41,880    |   |
| Common stocks                                                                            | 2,930                                                               |      |                                               | 32,521    |                                           |       | — |   |   | 35,451    |   |
| Derivative instruments                                                                   | —                                                             |      |                                               | 44,720    |                                           |       | — |   |   | 44,720    |   |
| Other long-term investments                                                              | —                                                             |      |                                               | —   |                                           |       | 139     |   |   | 139       |   |
| Cash and short-term investments                                                          | 293,888                                                             |      |                                               | —   |                                           |       | — |   |   | 293,888   |   |
| Reinsurance recoverable                                                                  | —                                                             |      |                                               | 21,934    |                                           |       | — |   |   | 21,934    |   |
| Assets held in separate accounts                                                         | 705,156                                                             |      |                                               | —   |                                           |       | — |   |   | 705,156   |   |
| Total assets                                                                             | $                                                                   | 1,082,979 |                                               |      | $                                              | 10,874,848 |    |   | $      | 507,906   |   |   | $ | 12,465,733 |   |
|                                                                                     |                                                                |      |                                               |      |                                           |       |    |
| Liabilities                                                                              |                                                                |      |                                               |      |                                           |       |    |
| Future policy benefits - index annuity embedded derivatives                              | $                                                                   | —   |                                               |      | $                                              | —    |    |   | $      | 559,988   |   |   | $ | 559,988    |   |
| Other liabilities                                                                        | —                                                             |      |                                               | 1,796     |                                           |       | — |   |   | 1,796     |   |
| Total liabilities                                                                        | $                                                                   | —   |                                               |      | $                                              | 1,796      |    |   | $      | 559,988   |   |   | $ | 561,784    |   |

----

Table of Contents

|                                                             |                                                                     |         |                                                    |           |                                                |           |         |        |        |           |        |        |   |            |        |
|-------------------------------------------------------------|---------------------------------------------------------------------|---------|----------------------------------------------------|-----------|------------------------------------------------|-----------|---------|--------|--------|-----------|--------|--------|---|------------|--------|
|                                                        | December 31, 2009                                              |
|                                                        | 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                                        | $                                                                   | — |                                               |      | $                                              | 4,906,103 |    |   | $      | 188,480   |   |   | $ | 5,094,583  |   |
| Residential mortgage-backed securities                      | —                                                             |    |                                               | 1,873,410 |                                           |      | — |   |   | 1,873,410 |   |
| Commercial mortgage-backed securities                       | —                                                             |    |                                               | 688,636   |                                           |      | 31,487  |   |   | 720,123   |   |
| Other asset-backed securities                               | —                                                             |    |                                               | 109,925   |                                           |      | 22,948  |   |   | 132,873   |   |
| Collateralized debt obligations                             | —                                                             |    |                                               | —   |                                           |      | 12,892  |   |   | 12,892    |   |
| United States Government and agencies                       | 69,527                                                              |    |                                               | 55,257    |                                           |      | 14,683  |   |   | 139,467   |   |
| State, municipal and other governments                      | —                                                             |    |                                               | 1,780,546 |                                           |      | 110,707 |   |   | 1,891,253 |   |
| Non-redeemable preferred stocks                             | —                                                             |    |                                               | 31,038    |                                           |      | 7,399   |   |   | 38,437    |   |
| Common stocks                                               | 2,685                                                               |    |                                               | 19,032    |                                           |      | — |   |   | 21,717    |   |
| Derivative instruments                                      | —                                                             |    |                                               | 44,023    |                                           |      | — |   |   | 44,023    |   |
| Other long-term investments                                 | —                                                             |    |                                               | —   |                                           |      | 1,882   |   |   | 1,882     |   |
| Cash and short-term investments                             | 214,832                                                             |    |                                               | —   |                                           |      | — |   |   | 214,832   |   |
| Reinsurance recoverable                                     | —                                                             |    |                                               | 31,080    |                                           |      | — |   |   | 31,080    |   |
| Assets held in separate accounts                            | 702,073                                                             |    |                                               | —   |                                           |      | — |   |   | 702,073   |   |
| Total assets                                                | $                                                                   | 989,117 |                                               |      | $                                              | 9,539,050 |    |   | $      | 390,478   |   |   | $ | 10,918,645 |   |
|                                                        |                                                                |    |                                               |      |                                           |      |    |
| Liabilities                                                 |                                                                |    |                                               |      |                                           |      |    |
| Future policy benefits - index annuity embedded derivatives | $                                                                   | — |                                               |      | $                                              | —   |    |   | $      | 502,067   |   |   | $ | 502,067    |   |
| Other liabilities                                           | —                                                             |    |                                               | 4,780     |                                           |      | — |   |   | 4,780     |   |
| Total liabilities                                           | $                                                                   | — |                                               |      | $                                              | 4,780     |    |   | $      | 502,067   |   |   | $ | 506,847    |   |

|                                                                            |                         |         |                   |         |        |        |         |        |   |         |        |
|----------------------------------------------------------------------------|-------------------------|---------|-------------------|---------|--------|--------|---------|--------|---|---------|--------|
| Level 3 Fixed Maturity Securities on a Recurring Basis by Valuation Source |
|                                                                       |                    |
|                                                                       | September 30, 2010 |
|                                                                       | Third-party vendors     |    | Priced internally |    | Total  |
|                                                                       | (Dollars in thousands)  |
| Corporate securities                                                       | $                       | 154,089 |              |    | $      | 48,753 |    |   | $ | 202,842 |   |
| Residential mortgage-backed securities                                     | 32,130                  |    |              | — |   |   | 32,130  |   |
| Commercial mortgage-backed securities                                      | 20,601                  |    |              | 3,615   |   |   | 24,216  |   |
| Other asset-backed securities                                              | 68,549                  |    |              | — |   |   | 68,549  |   |
| Collateralized debt obligation                                             | 3,037                   |    |              | — |   |   | 3,037   |   |
| United States Government and agencies                                      | 16,295                  |    |              | — |   |   | 16,295  |   |
| State, municipal and other governments                                     | 147,311                 |    |              | — |   |   | 147,311 |   |
| Total                                                                      | $                       | 442,012 |              |    | $      | 52,368 |    |   | $ | 494,380 |   |
| Percent of total                                                           | 89.4                    | %       |              | 10.6    | %      |   | 100.0   | %      |

----

Table of Contents

|                                        |                        |         |                   |         |        |        |         |        |   |         |        |
|----------------------------------------|------------------------|---------|-------------------|---------|--------|--------|---------|--------|---|---------|--------|
|                                   | December 31, 2009 |
|                                   | Third-party vendors    |    | Priced internally |    | Total  |
|                                   | (Dollars in thousands) |
| Corporate securities                   | $                      | 151,056 |              |    | $      | 37,424 |    |   | $ | 188,480 |   |
| Commercial mortgage-backed securities  | 26,761                 |    |              | 4,726   |   |   | 31,487  |   |
| Other asset-backed securities          | 22,948                 |    |              | — |   |   | 22,948  |   |
| Collateralized debt obligations        | 12,892                 |    |              | — |   |   | 12,892  |   |
| United States Government and agencies  | 14,683                 |    |              | — |   |   | 14,683  |   |
| State, municipal and other governments | 110,707                |    |              | — |   |   | 110,707 |   |
| Total                                  | $                      | 339,047 |              |    | $      | 42,150 |    |   | $ | 381,197 |   |
| Percent of total                       | 88.9                   | %       |              | 11.1    | %      |   | 100.0   | %      |

|                                                                              |                            |         |                            |         |                                             |        |                                       |        |                                       |         |                                 |        |         |         |        |         |        |      |        |        |   |         |        |
|------------------------------------------------------------------------------|----------------------------|---------|----------------------------|---------|---------------------------------------------|--------|---------------------------------------|--------|---------------------------------------|---------|---------------------------------|--------|---------|---------|--------|---------|--------|------|--------|--------|---|---------|--------|
| Level 3 Financial Instruments Changes in Fair Value Recurring Basis - Assets |                       |    |
|                                                                         |                       |    |                       |    |                                        |   |                                  |   |                                  |    |                            |
|                                                                         | September 30, 2010    |
|                                                                         | Balance, December 31, 2009 |    | Purchases (disposals), net |    | Realized and unrealized gains (losses), net |   | Net transfers in (out) of Level 3 (1) |   | Included in earnings (amort- ization) |    | Balance,  September 30,    2010 |
|                                                                         | (Dollars in thousands)     |
| Corporate securities                                                         | $                          | 188,480 |                       |    | $                                           | 2,578  |                                  |   | $                                     | 15,841  |                            |   | $       | (4,182  | )      |    | $      | 125  |   |   | $ | 202,842 |   |
| Residential mortgage-backed securities                                       | —                    |    |                       | 31,974  |                                        |   | 198                                   |   |                                  | — |                            |   | (42     | )       |   | 32,130  |   |
| Commercial mortgage-backed securities                                        | 31,487                     |    |                       | (990    | )                                           |   | 3,677                                 |   |                                  | (9,500  | )                               |   | (458    | )       |   | 24,216  |   |
| Other asset-backed securities                                                | 22,948                     |    |                       | 46,991  |                                        |   | 3,106                                 |   |                                  | (4,322  | )                               |   | (174    | )       |   | 68,549  |   |
| Collateralized debt obligation                                               | 12,892                     |    |                       | (9,440  | )                                           |   | (415                                  | )      |                                  | — |                            |   | — |    |   | 3,037   |   |
| United States Government and agencies                                        | 14,683                     |    |                       | — |                                        |   | 1,604                                 |   |                                  | — |                            |   | 8       |    |   | 16,295  |   |
| State, municipal and other governments                                       | 110,707                    |    |                       | 21,244  |                                        |   | 15,381                                |   |                                  | — |                            |   | (21     | )       |   | 147,311 |   |
| Non-redeemable preferred stocks                                              | 7,399                      |    |                       | — |                                        |   | 666                                   |   |                                  | 5,322   |                            |   | — |    |   | 13,387  |   |
| Other long-term investments                                                  | 1,882                      |    |                       | (1,725  | )                                           |   | —                               |   |                                  | — |                            |   | (18     | )       |   | 139     |   |
| Total                                                                        | $                          | 390,478 |                       |    | $                                           | 90,632 |                                  |   | $                                     | 40,058  |                            |   | $       | (12,682 | )      |    | $      | (580 | )      |   | $ | 507,906 |   |

|                                        |                            |         |                            |         |                                             |         |                                       |        |                                       |         |                                  |         |         |          |        |         |        |     |        |        |   |         |        |
|----------------------------------------|----------------------------|---------|----------------------------|---------|---------------------------------------------|---------|---------------------------------------|--------|---------------------------------------|---------|----------------------------------|---------|---------|----------|--------|---------|--------|-----|--------|--------|---|---------|--------|
|                                   | September 30, 2009    |
|                                   | Balance, December 31, 2008 |    | Purchases (disposals), net |    | Realized and unrealized gains (losses), net |    | Net transfers in (out) of Level 3 (1) |   | Included in earnings (amort- ization) |    | Balance,   September 30,    2009 |
|                                   | (Dollars in thousands)     |
| Corporate securities                   | $                          | 646,760 |                       |    | $                                           | (22,027 | )                                     |   | $                                     | 10,376  |                             |    | $       | (464,414 | )      |    | $      | 540 |   |   | $ | 171,235 |   |
| Residential mortgage-backed securities | 70,003                     |    |                       | — |                                        |    | —                               |   |                                  | (70,003 | )                                |    | — |     |   | — |   |
| Commercial mortgage-backed securities  | 24,122                     |    |                       | 7,573   |                                        |    | 9,550                                 |   |                                  | — |                             |    | (131    | )        |   | 41,114  |   |
| Other asset-backed securities          | 17,201                     |    |                       | 5,727   |                                        |    | (4,032                                | )      |                                  | 3,001   |                             |    | 34      |     |   | 21,931  |   |
| Collateralized debt obligations        | 7,414                      |    |                       | — |                                        |    | 7,062                                 |   |                                  | — |                             |    | (2      | )        |   | 14,474  |   |
| United States Government and agencies  | 1,928                      |    |                       | 14,151  |                                        |    | 539                                   |   |                                  | (1,928  | )                                |    | 7       |     |   | 14,697  |   |
| State, municipal and other governments | 140,189                    |    |                       | (4,326  | )                                           |    | (4,571                                | )      |                                  | (19,999 | )                                |    | (21     | )        |   | 111,272 |   |
| Other long-term investments            | 1,527                      |    |                       | .       |                                        | — |                                  |   | —                               |    |                             | — |    |     | 1,527  |    |
| Total                                  | $                          | 909,144 |                       |    | $                                           | 1,098   |                                  |   | $                                     | 18,924  |                             |    | $       | (553,343 | )      |    | $      | 427 |   |   | $ | 376,250 |   |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | For the 2010 period, the net transfers in (out) line above includes $38.0 million of securities that were priced using a broker quote at December 31, 2009 and transferred to a pricing source that uses observable market data in the prices at September 30, 2010 and $25.3 million that were transferred into Level 3 that did not have enough observable data to include in Level 2 at September 30, 2010. For the 2009 period, net transfers in (out) includes $560.0 million of securities that were priced using a broker only quote at December 31, 2008 but transferred to a pricing service that uses observable market data in the prices. The 2009 period also includes $6.7 million that were transferred into Level 3 but did not have enough observable data to include in Level 2 at December 31, 2009. |

----

Table of Contents

|                                                                                              |                                 |         |        |         |   |         |        |
|----------------------------------------------------------------------------------------------|---------------------------------|---------|--------|---------|---|---------|--------|
| Level 3 Financial Instruments Changes in Fair Value Recurring Basis - Future Policy Benefits |
|                                                                                         |                            |    |   |
|                                                                                         | Nine months ended September 30, |
|                                                                                         | 2010                            |    | 2009   |
|                                                                                         | (Dollars in thousands)          |
| Index Product Embedded Derivatives:                                                          |                            |    |   |
|    Balance, beginning of period                                               | $                               | 502,067 |   |    | $ | 523,515 |   |
| Premiums less benefits, net                                                                  | (26,714                         | )       |   | (21,850 | ) |
| Impact of unrealized gains (losses), net                                                     | 84,635                          |    |   | (8,035  | ) |
|    Balance, end of period                                                     | $                               | 559,988 |   |    | $ | 493,630 |   |
|                                                                                         |                            |    |   |
| Change in unrealized gains/losses on embedded derivatives held at end of period (1)          | $                               | 84,635  |   |    | $ | (8,035  | )      |

|     |                                                                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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. |

|                                                                                      |                                  |        |                                 |         |        |        |        |        |        |        |        |        |   |        |        |
|--------------------------------------------------------------------------------------|----------------------------------|--------|---------------------------------|---------|--------|--------|--------|--------|--------|--------|--------|--------|---|--------|--------|
| Components of Net Periodic Pension Cost for all Employers in the Multiemployer Plans |
|                                                                                 |                             |   |                            |    |   |   |   |
|                                                                                 | Three months ended September 30, |   | Nine months ended September 30, |
|                                                                                 | 2010                             |   | 2009                            |    | 2010   |   | 2009   |
|                                                                                 | (Dollars in thousands)           |
| Service cost                                                                         | $                                | 1,828  |                            |    | $      | 1,861  |   |   | $      | 5,484  |   |   | $ | 5,582  |   |
| Interest cost                                                                        | 3,558                            |   |                            | 3,889   |   |   | 10,674 |   |   | 11,669 |   |
| Expected return on assets                                                            | (3,166                           | )      |                            | (2,997  | )      |   | (9,498 | )      |   | (8,991 | )      |
| Amortization of prior service cost                                                   | 182                              |   |                            | 185     |   |   | 546    |   |   | 555    |   |
| Amortization of actuarial loss                                                       | 1,741                            |   |                            | 2,217   |   |   | 5,223  |   |   | 6,649  |   |
| Settlement expense                                                                   | —                          |   |                            | — |   |   | (148   | )      |   | 1,496  |   |
| Net periodic pension cost - all employees                                            | $                                | 4,143  |                            |    | $      | 5,155  |   |   | $      | 12,281 |   |   | $ | 16,960 |   |

----

Table of Contents

----

Table of Contents

|                                                                                       |                                               |        |                                 |            |        |        |            |        |        |            |        |        |   |        |        |
|---------------------------------------------------------------------------------------|-----------------------------------------------|--------|---------------------------------|------------|--------|--------|------------|--------|--------|------------|--------|--------|---|--------|--------|
| Computation of Earnings Per Common Share                                              |                                          |   |                            |       |
|                                                                                  | Three months ended September 30,              |   | Nine months ended September 30, |
|                                                                                  | 2010                                          |   | 2009                            |       | 2010   |   | 2009       |
|                                                                                  | (Dollars in thousands, except per share data) |
| Numerator:                                                                            |                                          |   |                            |       |   |   |       |
| Net income attributable to FBL Financial Group, Inc.                                  | $                                             | 28,677 |                            |       | $      | 15,915 |       |   | $      | 69,021     |   |   | $ | 38,843 |   |
| Dividends on Series B preferred stock                                                 | (37                                           | )      |                            | (37        | )      |   | (112       | )      |   | (112       | )      |
| Numerator for earnings per common share - income available to common stockholders     | $                                             | 28,640 |                            |       | $      | 15,878 |       |   | $      | 68,909     |   |   | $ | 38,731 |   |
|                                                                                  |                                          |   |                            |       |   |   |       |
| Denominator:                                                                          |                                          |   |                            |       |   |   |       |
| Weighted average shares                                                               | 30,238,697                                    |   |                            | 29,934,383 |   |   | 30,181,728 |   |   | 29,859,424 |   |
| Deferred common stock units relating to deferred compensation plans                   | 189,394                                       |   |                            | 156,111    |   |   | 183,730    |   |   | 136,680    |   |
| Denominator for earnings per common share - weighted average shares                   | 30,428,091                                    |   |                            | 30,090,494 |   |   | 30,365,458 |   |   | 29,996,104 |   |
| Effect of dilutive securities - stock based compensation                              | 269,207                                       |   |                            | 120,419    |   |   | 274,036    |   |   | 88,239     |   |
| Denominator for dilutive earnings per common share - adjusted weighted-average shares | 30,697,298                                    |   |                            | 30,210,913 |   |   | 30,639,494 |   |   | 30,084,343 |   |
|                                                                                  |                                          |   |                            |       |   |   |       |
| Earnings per common share                                                             | $                                             | 0.94   |                            |       | $      | 0.53   |       |   | $      | 2.27       |   |   | $ | 1.29   |   |
| Earnings per common share - assuming dilution                                         | $                                             | 0.93   |                            |       | $      | 0.53   |       |   | $      | 2.25       |   |   | $ | 1.29   |   |
|                                                                                  |                                          |   |                            |       |   |   |       |
| Anti-dilutive stock options excluded from diluted earnings per share                  | 1,758,307                                     |   |                            | 2,630,768  |   |   | 2,031,095  |   |   | 3,061,813  |   |

----

Table of Contents

|                                                                   |                                  |         |                                 |         |        |         |         |        |        |         |        |        |   |         |        |
|-------------------------------------------------------------------|----------------------------------|---------|---------------------------------|---------|--------|---------|---------|--------|--------|---------|--------|--------|---|---------|--------|
| Financial Information Concerning our Operating Segments           |                             |    |                            |    |
|                                                              |                             |    |                            |    |   |    |    |
|                                                              | Three months ended September 30, |    | Nine months ended September 30, |
| 2010                                                              |                             | 2009    |                            | 2010    |   | 2009    |
|                                                              | (Dollars in thousands)           |
| Operating revenues:                                               |                             |    |                            |    |   |    |    |
| Traditional Annuity - Exclusive Distribution                      | $                                | 42,832  |                            |    | $      | 38,518  |    |   | $      | 126,013 |   |   | $ | 112,698 |   |
| Traditional Annuity - Independent Distribution                    | 114,099                          |    |                            | 84,008  |   |    | 343,523 |   |   | 277,308 |   |
| Traditional and Universal Life Insurance                          | 83,405                           |    |                            | 86,334  |   |    | 254,727 |   |   | 261,520 |   |
| Variable                                                          | 16,597                           |    |                            | 15,703  |   |    | 50,735  |   |   | 48,194  |   |
| Corporate and Other                                               | 4,084                            |    |                            | 4,927   |   |    | 14,048  |   |   | 15,951  |   |
|                                                              | 261,017                          |    |                            | 229,490 |   |    | 789,046 |   |   | 715,671 |   |
| Realized gains (losses) on investments (A)                        | 5,082                            |    |                            | 875     |   |    | (3,108  | )      |   | (12,824 | )      |
| Change in net unrealized gains/losses on derivatives (A)          | 31,454                           |    |                            | 77,178  |   |    | (21,113 | )      |   | 132,673 |   |
| Consolidated revenues                                             | $                                | 297,553 |                            |    | $      | 307,543 |    |   | $      | 764,825 |   |   | $ | 835,520 |   |
|                                                              |                             |    |                            |    |   |    |    |
| Pre-tax operating income (loss):                                  |                             |    |                            |    |   |    |    |
| Traditional Annuity - Exclusive Distribution                      | $                                | 15,612  |                            |    | $      | 12,614  |    |   | $      | 39,320  |   |   | $ | 27,614  |   |
| Traditional Annuity - Independent Distribution                    | 11,646                           |    |                            | 4,608   |   |    | 31,203  |   |   | 16,595  |   |
| Traditional and Universal Life Insurance                          | 12,366                           |    |                            | 16,678  |   |    | 43,015  |   |   | 51,006  |   |
| Variable                                                          | 8,835                            |    |                            | 6,173   |   |    | 10,222  |   |   | 8,106   |   |
| Corporate and Other                                               | (2,876                           | )       |                            | (5,368  | )      |    | (11,350 | )      |   | (18,345 | )      |
|                                                              | 45,583                           |    |                            | 34,705  |   |    | 112,410 |   |   | 84,976  |   |
| Income taxes on operating income                                  | (15,396                          | )       |                            | (11,697 | )      |    | (37,474 | )      |   | (28,295 | )      |
| Realized gains/losses on investments (A)                          | 1,567                            |    |                            | (1,853  | )      |    | (1,804  | )      |   | (12,955 | )      |
| Change in net unrealized gains/losses on derivatives (A)          | (3,077                           | )       |                            | (5,240  | )      |    | (4,111  | )      |   | (4,883  | )      |
| Consolidated net income attributable to FBL Financial Group, Inc. | $                                | 28,677  |                            |    | $      | 15,915  |    |   | $      | 69,021  |   |   | $ | 38,843  |   |

|     |                                                                                                                                                                                                                                                |  |  |  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|
| (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. |

----

Table of Contents

|                                                                           |                                  |        |                                 |         |        |        |         |        |        |         |        |        |   |         |        |
|---------------------------------------------------------------------------|----------------------------------|--------|---------------------------------|---------|--------|--------|---------|--------|--------|---------|--------|--------|---|---------|--------|
| Reconciliation of Traditional Life Insurance Premiums, Net of Reinsurance |                             |   |
|                                                                      |                             |   |                            |    |   |   |    |
|                                                                      | Three months ended September 30, |   | Nine months ended September 30, |
|                                                                      | 2010                             |   | 2009                            |    | 2010   |   | 2009    |
|                                                                      | (Dollars in thousands)           |
| Traditional and universal life insurance premiums collected               | $                                | 52,689 |                            |    | $      | 51,742 |    |   | $      | 160,243 |   |   | $ | 158,258 |   |
| Premiums collected on interest sensitive products                         | (13,481                          | )      |                            | (13,659 | )      |   | (39,478 | )      |   | (42,075 | )      |
| Traditional life insurance premiums collected                             | 39,208                           |   |                            | 38,083  |   |   | 120,765 |   |   | 116,183 |   |
| Change in due premiums and other                                          | (487                             | )      |                            | (507    | )      |   | (8      | )      |   | 301     |   |
| Traditional life insurance premiums                                       | $                                | 38,721 |                            |    | $      | 37,576 |    |   | $      | 120,757 |   |   | $ | 116,484 |   |

|                                                           |                                  |        |                                 |        |        |        |        |        |        |        |        |        |   |         |        |
|-----------------------------------------------------------|----------------------------------|--------|---------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|---|---------|--------|
| Interest Sensitive and Index Product Charges by Segment   |
|                                                      |                             |   |                            |   |   |   |   |
|                                                      | Three months ended September 30, |   | Nine months ended September 30, |
|                                                      | 2010                             |   | 2009                            |   | 2010   |   | 2009   |
|                                                      | (Dollars in thousands)           |
| Traditional Annuity - Exclusive Distribution              |                             |   |                            |   |   |   |   |
| Administration charges                                    | $                                | 4      |                            |   | $      | 13     |   |   | $      | 15     |   |   | $ | 35      |   |
| Surrender charges                                         | 154                              |   |                            | 197    |   |   | 418    |   |   | 592    |   |
| Total                                                     | $                                | 158    |                            |   | $      | 210    |   |   | $      | 433    |   |   | $ | 627     |   |
|                                                      |                             |   |                            |   |   |   |   |
| Traditional Annuity - Independent Distribution            |                             |   |                            |   |   |   |   |
| Surrender charges                                         | $                                | 5,510  |                            |   | $      | 10,444 |   |   | $      | 18,103 |   |   | $ | 56,300  |   |
|                                                      |                             |   |                            |   |   |   |   |
| Traditional and Universal Life Insurance                  |                             |   |                            |   |   |   |   |
| Administration charges                                    | $                                | 2,029  |                            |   | $      | 1,984  |   |   | $      | 6,763  |   |   | $ | 6,247   |   |
| Cost of insurance charges                                 | 8,751                            |   |                            | 9,982  |   |   | 25,876 |   |   | 29,572 |   |
| Surrender charges                                         | 71                               |   |                            | 145    |   |   | 430    |   |   | 430    |   |
| Amortization of policy initiation fees                    | 299                              |   |                            | 835    |   |   | 923    |   |   | 1,303  |   |
| Total                                                     | $                                | 11,150 |                            |   | $      | 12,946 |   |   | $      | 33,992 |   |   | $ | 37,552  |   |
|                                                      |                             |   |                            |   |   |   |   |
| Variable                                                  |                             |   |                            |   |   |   |   |
| Administration charges                                    | $                                | 1,730  |                            |   | $      | 1,692  |   |   | $      | 5,291  |   |   | $ | 5,297   |   |
| Cost of insurance charges                                 | 7,437                            |   |                            | 7,259  |   |   | 22,237 |   |   | 22,335 |   |
| Surrender charges                                         | 415                              |   |                            | 445    |   |   | 1,286  |   |   | 1,359  |   |
| Separate account charges                                  | 2,090                            |   |                            | 1,945  |   |   | 6,340  |   |   | 5,277  |   |
| Amortization of policy initiation fees                    | (119                             | )      |                            | (26    | )      |   | 1,127  |   |   | 299    |   |
| Total                                                     | $                                | 11,553 |                            |   | $      | 11,315 |   |   | $      | 36,281 |   |   | $ | 34,567  |   |
|                                                      |                             |   |                            |   |   |   |   |
| Consolidated interest sensitive and index product charges | $                                | 28,371 |                            |   | $      | 34,915 |   |   | $      | 88,809 |   |   | $ | 129,046 |   |

----

Table of Contents

----

Table of Contents

|                                                      |                                               |         |                                 |         |        |         |         |        |        |         |        |        |   |         |        |
|------------------------------------------------------|-----------------------------------------------|---------|---------------------------------|---------|--------|---------|---------|--------|--------|---------|--------|--------|---|---------|--------|
|                                                 |                                          |    |                            |    |   |    |    |
|                                                 | Three months ended September 30,              |    | Nine months ended September 30, |
|                                                 | 2010                                          |    | 2009                            |    | 2010   |    | 2009    |
|                                                 | (Dollars in thousands, except per share data) |
| Revenues                                             | $                                             | 297,553 |                            |    | $      | 307,543 |    |   | $      | 764,825 |   |   | $ | 835,520 |   |
| Benefits and expenses                                | 257,327                                       |    |                            | 283,999 |   |    | 668,144 |   |   | 778,575 |   |
|                                                 | 40,226                                        |    |                            | 23,544  |   |    | 96,681  |   |   | 56,945  |   |
| Income taxes                                         | (13,530                                       | )       |                            | (7,802  | )      |    | (31,996 | )      |   | (18,528 | )      |
| Equity income                                        | 1,955                                         |    |                            | 140     |   |    | 4,257   |   |   | 301     |   |
| Net income                                           | 28,651                                        |    |                            | 15,882  |   |    | 68,942  |   |   | 38,718  |   |
| Net loss attributable to noncontrolling interest     | 26                                            |    |                            | 33      |   |    | 79      |   |   | 125     |   |
| Net income attributable to FBL Financial Group, Inc. | $                                             | 28,677  |                            |    | $      | 15,915  |    |   | $      | 69,021  |   |   | $ | 38,843  |   |
|                                                 |                                          |    |                            |    |   |    |    |
| Earnings per common share                            | $                                             | 0.94    |                            |    | $      | 0.53    |    |   | $      | 2.27    |   |   | $ | 1.29    |   |
| Earnings per common share - assuming dilution        | $                                             | 0.93    |                            |    | $      | 0.53    |    |   | $      | 2.25    |   |   | $ | 1.29    |   |

|                                                              |        |         |        |        |        |         |        |        |        |         |        |        |   |           |        |
|--------------------------------------------------------------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|---|-----------|--------|
| Other data                                                   |   |    |   |   |   |    |   |
| Direct premiums collected, net of reinsurance                | $      | 257,718 |   |   | $      | 199,320 |   |   | $      | 722,844 |   |   | $ | 1,050,534 |   |
|                                                         |   |    |   |   |   |    |   |
| Direct life insurance in force, end of quarter (in millions) |   |    |   |   | 47,627 |    |   | 45,131 |   |
| Life insurance lapse rates                                   |   |    |   |   | 6.5    | %       |   | 6.8    | %      |
| Withdrawal rates - individual traditional annuity:           |   |    |   |   |   |    |   |
| Exclusive Distribution                                       |   |    |   |   | 5.1    | %       |   | 4.1    | %      |
| Independent Distribution                                     |   |    |   |   | 7.6    | %       |   | 17.9   | %      |

----

Table of Contents

|                                                                      |                                 |        |        |      |   |
|----------------------------------------------------------------------|---------------------------------|--------|--------|------|---|
| Spreads Earned on our Universal Life and Individual Annuity Products |                            |   |   |
|                                                                 |                            |   |   |
|                                                                 | Nine months ended September 30, |
|                                                                 | 2010                            |   | 2009   |
| Weighted average yield on cash and invested assets                   | 6.14                            | %      |   | 6.18 | % |
| Weighted average interest crediting rate/index cost                  | 3.69                            | %      |   | 4.06 | % |
| Spread                                                               | 2.45                            | %      |   | 2.12 | % |

|                                                   |                                  |        |                                 |        |        |        |        |        |        |        |        |        |   |       |        |
|---------------------------------------------------|----------------------------------|--------|---------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|---|-------|--------|
|                                              | Three months ended September 30, |   | Nine months ended September 30, |
|                                              | 2010                             |   | 2009                            |   | 2010   |   | 2009   |
|                                              | (Dollars in thousands)           |
| Amortization of deferred policy acquisition costs | $                                | 3,237  |                            |   | $      | 2,405  |   |   | $      | 4,518  |   |   | $ | 2,585 |   |
| Amortization of deferred sales inducements        | 1,353                            |   |                            | (11    | )      |   | 1,568  |   |   | (1,536 | )      |
| Amortization of unearned revenues                 | (231                             | )      |                            | 290    |   |   | (220   | )      |   | 211    |   |
| Increase to pre-tax income                        | $                                | 4,359  |                            |   | $      | 2,684  |   |   | $      | 5,866  |   |   | $ | 1,260 |   |
| Impact per common share (basic), net of tax       | $                                | 0.09   |                            |   | $      | 0.06   |   |   | $      | 0.13   |   |   | $ | 0.03  |   |
| Impact per common share (diluted), net of tax     | $                                | 0.09   |                            |   | $      | 0.06   |   |   | $      | 0.12   |   |   | $ | 0.03  |   |

----

Table of Contents

|                                                      |                                  |        |                                 |         |        |        |         |        |        |        |        |        |   |         |   |
|------------------------------------------------------|----------------------------------|--------|---------------------------------|---------|--------|--------|---------|--------|--------|--------|--------|--------|---|---------|---|
|                                                 | Three months ended September 30, |   | Nine months ended September 30, |
|                                                 | 2010                             |   | 2009                            |    | 2010   |   | 2009    |
|                                                 | (Dollars in thousands)           |
| Realized gains (losses) on investments               | $                                | 5,099  |                            |    | $      | 870    |    |   | $      | (3,101 | )      |   | $ | (12,679 | ) |
| Change in net unrealized gains/losses on derivatives | (25,144                          | )      |                            | (19,193 | )      |   | (45,165 | )      |   | (6,379 | )      |
| Change in amortization of:                           |                             |   |                            |    |   |   |    |
| Deferred policy acquisition costs                    | 9,685                            |   |                            | 2,227   |   |   | 21,910  |   |   | (8,739 | )      |
| Deferred sales inducements                           | 8,035                            |   |                            | 5,156   |   |   | 17,262  |   |   | 473    |   |
| Value of insurance in force acquired                 | 19                               |   |                            | 23      |   |   | — |   |   | 26     |   |
| Unearned revenue reserve                             | (17                              | )      |                            | 5       |   |   | (7      | )      |   | (145   | )      |
| Income tax offset                                    | 813                              |   |                            | 3,819   |   |   | 3,186   |   |   | 9,605  |   |
| Net impact of operating income adjustments           | $                                | (1,510 | )                               |    | $      | (7,093 | )       |   | $      | (5,915 | )      |   | $ | (17,838 | ) |

|                                                                    |                                  |        |                                 |        |        |        |        |        |        |        |   |        |   |         |   |
|--------------------------------------------------------------------|----------------------------------|--------|---------------------------------|--------|--------|--------|--------|--------|--------|--------|---|--------|---|---------|---|
|                                                               | Three months ended September 30, |   | Nine months ended September 30, |
|                                                               | 2010                             |   | 2009                            |   | 2010   |   | 2009   |
|                                                               | (Dollars in thousands)           |
| Summary of adjustments noted above after offsets and income taxes: |                             |   |                            |   |   |   |   |
| Realized gains/losses on investments                               | $                                | 1,567  |                            |   | $      | (1,853 | )      |   | $      | (1,804 | ) |   | $ | (12,955 | ) |
| Change in net unrealized gains/losses on derivatives               | (3,077                           | )      |                            | (5,240 | )      |   | (4,111 | )      |   | (4,883 | ) |
| Net impact of operating income adjustments                         | $                                | (1,510 | )                               |   | $      | (7,093 | )      |   | $      | (5,915 | ) |   | $ | (17,838 | ) |
| Net impact per share - basic                                       | $                                | (0.05  | )                               |   | $      | (0.24  | )      |   | $      | (0.19  | ) |   | $ | (0.59   | ) |
| Net impact per share - assuming dilution                           | $                                | (0.05  | )                               |   | $      | (0.23  | )      |   | $      | (0.19  | ) |   | $ | (0.59   | ) |

|                                                                                                         |                                           |        |             |         |        |         |        |
|---------------------------------------------------------------------------------------------------------|-------------------------------------------|--------|-------------|---------|--------|---------|--------|
| Changes in FBL Net Income                                                                               |                                      |   |        |
|                                                                                                    | Period ended                              |
|                                                                                                    | September 30, 2010 vs. September 30, 2009 |
|                                                                                                    | Three months                              |   | Nine months |
|                                                                                                    | (Dollars in thousands)                    |
|                                                                                                    |                                      |   |        |
| Premiums and product charges                                                                            | $                                         | (5,399 | )           |    | $      | (35,964 | )      |
| Net investment income                                                                                   | 1,806                                     |   |        | (7,038  | )      |
| Derivative income                                                                                       | (9,600                                    | )      |        | (33,948 | )      |
| Realized gains/losses on investments                                                                    | 4,229                                     |   |        | 9,578   |   |
| Other income and other expenses                                                                         | (1,233                                    | )      |        | (2,359  | )      |
| Interest sensitive and index products benefits and change in value of index product embedded derivative | 17,851                                    |   |        | 66,278  |   |
| Traditional life insurance policy benefits                                                              | (1,277                                    | )      |        | (2,494  | )      |
| Underwriting, acquisition and insurance expenses                                                        | 10,288                                    |   |        | 44,853  |   |
| Interest expense                                                                                        | 17                                        |   |        | 830     |   |
| Income taxes                                                                                            | (5,728                                    | )      |        | (13,468 | )      |
| Noncontrolling interest and equity income                                                               | 1,808                                     |   |        | 3,910   |   |
| Total change in FBL Net Income                                                                          | $                                         | 12,762 |        |    | $      | 30,178  |   |

----

Table of Contents

|                                              |                                  |        |                                 |        |        |        |         |        |        |         |        |        |   |         |        |
|----------------------------------------------|----------------------------------|--------|---------------------------------|--------|--------|--------|---------|--------|--------|---------|--------|--------|---|---------|--------|
|                                         | Three months ended September 30, |   | Nine months ended September 30, |
|                                         | 2010                             |   | 2009                            |   | 2010   |   | 2009    |
|                                         | (Dollars in thousands)           |
| Premiums and product charges:                |                             |   |                            |   |   |   |    |
| Interest sensitive and index product charges | $                                | 28,371 |                            |   | $      | 34,915 |    |   | $      | 88,809  |   |   | $ | 129,046 |   |
| Traditional life insurance premiums          | 38,721                           |   |                            | 37,576 |   |   | 120,757 |   |   | 116,484 |   |
| Total                                        | $                                | 67,092 |                            |   | $      | 72,491 |    |   | $      | 209,566 |   |   | $ | 245,530 |   |

|                                                                    |                                  |        |                                 |        |        |        |         |        |        |         |        |        |   |         |        |
|--------------------------------------------------------------------|----------------------------------|--------|---------------------------------|--------|--------|--------|---------|--------|--------|---------|--------|--------|---|---------|--------|
| Surrender Charges on EquiTrust Life Direct Fixed Annuity Contracts |
|                                                               |                             |   |                            |
|                                                               | Three months ended September 30, |   | Nine months ended September 30, |
|                                                               | 2010                             |   | 2009                            |   | 2010   |   | 2009    |
|                                                               | (Dollars in thousands)           |
| Surrender charges:                                                 |                             |   |                            |   |   |   |    |
| Gross surrender charges                                            | $                                | 12,422 |                            |   | $      | 13,435 |    |   | $      | 25,941  |   |   | $ | 142,077 |   |
| Market value adjustments                                           | (8,371                           | )      |                            | (4,690 | )      |   | (12,267 | )      |   | (91,332 | )      |
| Net surrender charges                                              | $                                | 4,051  |                            |   | $      | 8,745  |    |   | $      | 13,674  |   |   | $ | 50,745  |   |

----

Table of Contents

|                                                                                                      |                                  |        |                                 |         |        |        |         |        |        |         |        |        |   |        |        |
|------------------------------------------------------------------------------------------------------|----------------------------------|--------|---------------------------------|---------|--------|--------|---------|--------|--------|---------|--------|--------|---|--------|--------|
| Derivative Income                                                                                    |                             |   |                            |    |   |   |    |
|                                                                                                 |                             |   |                            |    |   |   |    |
|                                                                                                 | Three months ended September 30, |   | Nine months ended September 30, |
|                                                                                                 | 2010                             |   | 2009                            |    | 2010   |   | 2009    |
|                                                                                                 | (Dollars in thousands)           |
| Derivative income:                                                                                   |                             |   |                            |    |   |   |    |
| Components of derivative income from call options:                                                   |                             |   |                            |    |   |   |    |
| Gains received at expiration                                                                         | $                                | 31,003 |                            |    | $      | 349    |    |   | $      | 95,596  |   |   | $ | 836    |   |
| Change in the difference between fair value and remaining option cost at beginning and end of period | 29,149                           |   |                            | 75,523  |   |   | (23,686 | )      |   | 130,711 |   |
| Cost of money for call options                                                                       | (21,191                          | )      |                            | (26,464 | )      |   | (64,482 | )      |   | (86,789 | )      |
|                                                                                                 | 38,961                           |   |                            | 49,408  |   |   | 7,428   |   |   | 44,758  |   |
| Other                                                                                                | 865                              |   |                            | 18      |   |   | 449     |   |   | (2,933  | )      |
| Total                                                                                                | $                                | 39,826 |                            |    | $      | 49,426 |    |   | $      | 7,877   |   |   | $ | 41,825 |   |

|                                                                             |                                  |        |                                 |        |        |        |         |        |        |         |        |        |   |         |        |
|-----------------------------------------------------------------------------|----------------------------------|--------|---------------------------------|--------|--------|--------|---------|--------|--------|---------|--------|--------|---|---------|--------|
| Realized Gains (Losses) on Investments                                      |                             |   |                            |   |   |   |    |
|                                                                        |                             |   |                            |   |   |   |    |
|                                                                        | Three months ended September 30, |   | Nine months ended September 30, |
|                                                                        | 2010                             |   | 2009                            |   | 2010   |   | 2009    |
|                                                                        | (Dollars in thousands)           |
| Realized gains (losses) on investments:                                     |                             |   |                            |   |   |   |    |
| Realized gains on sales                                                     | $                                | 6,532  |                            |   | $      | 8,898  |    |   | $      | 13,792  |   |   | $ | 47,631  |   |
| Realized losses on sales                                                    | —                          |   |                            | (6,404 | )      |   | (344    | )      |   | (9,658  | )      |
| Total other-then-temporary impairment charges                               | (370                             | )      |                            | (8,581 | )      |   | (58,880 | )      |   | (88,432 | )      |
| Net realized investment losses                                              | 6,162                            |   |                            | (6,087 | )      |   | (45,432 | )      |   | (50,459 | )      |
| Non-credit losses included in accumulated other comprehensive income (loss) | (1,063                           | )      |                            | 6,957  |   |   | 42,331  |   |   | 37,780  |   |
| Total reported in statements of opertations                                 | $                                | 5,099  |                            |   | $      | 870    |    |   | $      | (3,101  | )      |   | $ | (12,679 | )      |

----

Table of Contents

|                                                                     |                                  |         |                                 |         |        |         |         |        |        |         |        |        |   |        |        |
|---------------------------------------------------------------------|----------------------------------|---------|---------------------------------|---------|--------|---------|---------|--------|--------|---------|--------|--------|---|--------|--------|
| Investment Credit Impairment Losses Recognized in Net Income        |
|                                                                |                             |    |                            |    |   |    |    |
|                                                                | Three months ended September 30, |    | Nine months ended September 30, |
|                                                                | 2010                             |    | 2009                            |    | 2010   |    | 2009    |
|                                                                | (Dollars in thousands)           |
|                                                                |                             |    |                            |    |   |    |    |
| Corporate securites:                                                |                             |    |                            |    |   |    |    |
| Basic industrial                                                    | $                                | — |                            |    | $      | — |    |   | $      | — |   |   | $ | 6,630  |   |
| Communications                                                      | —                          |    |                            | — |   |    | — |   |   | 5,722   |   |
| Consumer cyclical                                                   | —                          |    |                            | — |   |    | — |   |   | 4,000   |   |
| Finance                                                             | —                          |    |                            | — |   |    | 3,472   |   |   | 11,046  |   |
| Residential mortgage-backed                                         | —                          |    |                            | 1,025   |   |    | 2,310   |   |   | 1,257   |   |
| Commercial mortgage-backed                                          | —                          |    |                            | — |   |    | 120     |   |   | — |   |
| Other asset-backed                                                  | 1,165                            |    |                            | 447     |   |    | 8,967   |   |   | 9,470   |   |
| Collateralized debt obligation                                      | —                          |    |                            | 152     |   |    | 101     |   |   | 11,662  |   |
|                                                                | 1,165                            |    |                            | 1,624   |   |    | 14,970  |   |   | 49,787  |   |
| Mortgage loans on real estate                                       | —                          |    |                            | — |   |    | 1,295   |   |   | 865     |   |
| Real estate and other assets                                        | 268                              |    |                            | — |   |    | 284     |   |   | — |   |
| Total other-than-temporary impairment losses reported in net income | $                                | 1,433   |                            |    | $      | 1,624   |    |   | $      | 16,549  |   |   | $ | 50,652 |   |

|                                                                                                                |                                  |         |                                 |        |        |         |         |        |        |         |        |        |   |         |        |
|----------------------------------------------------------------------------------------------------------------|----------------------------------|---------|---------------------------------|--------|--------|---------|---------|--------|--------|---------|--------|--------|---|---------|--------|
| Interest Sensitive and Index Product Benefits and Change in Value of Index Product Embedded Derivatives   |
|                                                                                                           |                             |    |                            |
|                                                                                                           | Three months ended September 30, |    | Nine months ended September 30, |
|                                                                                                           | 2010                             |    | 2009                            |   | 2010   |    | 2009    |
|                                                                                                           | (Dollars in thousands)           |
| Interest sensitive and index product benefits:                                                                 |                             |    |                            |   |   |    |    |
| Interest credited                                                                                              | $                                | 78,820  |                            |   | $      | 82,655  |    |   | $      | 230,562 |   |   | $ | 243,370 |   |
| Index credits                                                                                                  | 29,933                           |    |                            | 1,578  |   |    | 98,398  |   |   | 4,790   |   |
| Amortization of deferred sales inducements                                                                     | 398                              |    |                            | 3,544  |   |    | 9,132   |   |   | 38,114  |   |
| Interest sensitive death benefits                                                                              | 8,131                            |    |                            | 7,583  |   |    | 29,828  |   |   | 32,924  |   |
|                                                                                                           | 117,282                          |    |                            | 95,360 |   |    | 367,920 |   |   | 319,198 |   |
| Change in value of index product embedded derivatives                                                          | 56,598                           |    |                            | 96,371 |   |    | 24,052  |   |   | 139,052 |   |
| Total                                                                                                          | $                                | 173,880 |                            |   | $      | 191,731 |    |   | $      | 391,972 |   |   | $ | 458,250 |   |

----

Table of Contents

|                                                     |                                  |        |                                 |        |        |        |        |        |        |         |        |        |   |         |        |
|-----------------------------------------------------|----------------------------------|--------|---------------------------------|--------|--------|--------|--------|--------|--------|---------|--------|--------|---|---------|--------|
|                                                | Three months ended September 30, |   | Nine months ended September 30, |
|                                                | 2010                             |   | 2009                            |   | 2010   |   | 2009   |
|                                                | (Dollars in thousands)           |
| Traditional life insurance policy benefits:         |                             |   |                            |   |   |   |   |
| Traditional life insurance benefits                 | $                                | 24,451 |                            |   | $      | 23,407 |   |   | $      | 74,205  |   |   | $ | 69,964  |   |
| Increase in traditional life future policy benefits | 10,791                           |   |                            | 9,991  |   |   | 29,557 |   |   | 29,819  |   |
| Distributions to participating policyholders        | 4,193                            |   |                            | 4,760  |   |   | 13,253 |   |   | 14,738  |   |
| Total                                               | $                                | 39,435 |                            |   | $      | 38,158 |   |   | $      | 117,015 |   |   | $ | 114,521 |   |

----

Table of Contents

|                                                                          |                                  |        |                                 |        |        |        |        |        |        |         |        |        |   |         |        |
|--------------------------------------------------------------------------|----------------------------------|--------|---------------------------------|--------|--------|--------|--------|--------|--------|---------|--------|--------|---|---------|--------|
| Underwriting, Acquisition and Insurance Expenses                         |                             |   |                            |   |   |   |   |
|                                                                     |                             |   |                            |   |   |   |   |
|                                                                     | Three months ended September 30, |   | Nine months ended September 30, |
|                                                                     | 2010                             |   | 2009                            |   | 2010   |   | 2009   |
|                                                                     | (Dollars in thousands)           |
| Underwriting, acquisition and insurance expenses:                        |                             |   |                            |   |   |   |   |
| Commission expense, net of deferrals                                     | $                                | 3,397  |                            |   | $      | 3,708  |   |   | $      | 10,447  |   |   | $ | 10,901  |   |
| Amortization of deferred policy acquisition costs                        | 10,350                           |   |                            | 18,452 |   |   | 58,299 |   |   | 99,705  |   |
| Amortization of value of insurance in force acquired                     | 387                              |   |                            | 785    |   |   | 1,551  |   |   | 2,178   |   |
| Other underwriting, acquisition and insurance expenses, net of deferrals | 19,469                           |   |                            | 20,946 |   |   | 56,907 |   |   | 59,273  |   |
| Total                                                                    | $                                | 33,603 |                            |   | $      | 43,891 |   |   | $      | 127,204 |   |   | $ | 172,057 |   |

----

Table of Contents

|                                                          |                                  |        |                                 |        |        |        |         |        |        |         |        |        |   |        |        |
|----------------------------------------------------------|----------------------------------|--------|---------------------------------|--------|--------|--------|---------|--------|--------|---------|--------|--------|---|--------|--------|
| Reconciliation of Net Income to Pre-tax Operating Income |                             |   |                            |   |
|                                                     |                             |   |                            |   |   |   |    |
|                                                     | Three months ended September 30, |   | Nine months ended September 30, |
|                                                     | 2010                             |   | 2009                            |   | 2010   |   | 2009    |
|                                                     | (Dollars in thousands)           |
| Net income attributable to FBL Financial Group, Inc.     | $                                | 28,677 |                            |   | $      | 15,915 |    |   | $      | 69,021  |   |   | $ | 38,843 |   |
| Net impact of operating income adjustments (1)           | 1,510                            |   |                            | 7,093  |   |   | 5,915   |   |   | 17,838  |   |
| Income taxes on operating income                         | 15,396                           |   |                            | 11,697 |   |   | 37,474  |   |   | 28,295  |   |
| Pre-tax operating income                                 | $                                | 45,583 |                            |   | $      | 34,705 |    |   | $      | 112,410 |   |   | $ | 84,976 |   |
|                                                     |                             |   |                            |   |   |   |    |
| Pre-tax operating income (loss) by segment:              |                             |   |                            |   |   |   |    |
| Traditional Annuity - Exclusive Distribution             | $                                | 15,612 |                            |   | $      | 12,614 |    |   | $      | 39,320  |   |   | $ | 27,614 |   |
| Traditional Annuity - Independent Distribution           | 11,646                           |   |                            | 4,608  |   |   | 31,203  |   |   | 16,595  |   |
| Traditional and Universal Life Insurance                 | 12,366                           |   |                            | 16,678 |   |   | 43,015  |   |   | 51,006  |   |
| Variable                                                 | 8,835                            |   |                            | 6,173  |   |   | 10,222  |   |   | 8,106   |   |
| Corporate and Other                                      | (2,876                           | )      |                            | (5,368 | )      |   | (11,350 | )      |   | (18,345 | )      |
|                                                     | $                                | 45,583 |                            |   | $      | 34,705 |    |   | $      | 112,410 |   |   | $ | 84,976 |   |

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

----

Table of Contents

|                                                        |                                  |        |                                 |        |           |        |         |           |        |         |        |        |   |         |        |
|--------------------------------------------------------|----------------------------------|--------|---------------------------------|--------|-----------|--------|---------|-----------|--------|---------|--------|--------|---|---------|--------|
| Traditional Annuity - Exclusive Distribution Segment   |                             |   |                            |   |      |   |    |
|                                                   |                             |   |                            |   |      |   |    |
|                                                   | Three months ended September 30, |   | Nine months ended September 30, |
|                                                   | 2010                             |   | 2009                            |   | 2010      |   | 2009    |
|                                                   | (Dollars in thousands)           |
| Pre-tax operating income                               |                             |   |                            |   |      |   |    |
| Operating revenues:                                    |                             |   |                            |   |      |   |    |
| Interest sensitive and index product charges and other | $                                | 159    |                            |   | $         | 210    |    |      | $      | 441     |   |   | $ | 704     |   |
| Net investment income                                  | 43,341                           |   |                            | 39,610 |      |   | 127,300 |      |   | 115,822 |   |
| Derivative loss                                        | (668                             | )      |                            | (1,302 | )         |   | (1,728  | )         |   | (3,828  | )      |
|                                                   | 42,832                           |   |                            | 38,518 |      |   | 126,013 |      |   | 112,698 |   |
| Benefits and expenses                                  | 27,220                           |   |                            | 25,904 |      |   | 86,693  |      |   | 85,084  |   |
| Pre-tax operating income                               | $                                | 15,612 |                            |   | $         | 12,614 |    |      | $      | 39,320  |   |   | $ | 27,614  |   |
|                                                   |                             |   |                            |   |      |   |    |
| Other data                                             |                             |   |                            |   |      |   |    |
| Annuity premiums collected, direct                     | $                                | 76,161 |                            |   | $         | 73,038 |    |      | $      | 236,836 |   |   | $ | 242,807 |   |
| Policy liabilities and accruals, end of period         |                             |   |                            |   | 2,887,370 |   |    | 2,496,366 |   |
|                                                   |                             |   |                            |   |      |   |    |
| Individual deferred annuity spread:                    |                             |   |                            |   |      |   |    |
| Weighted average yield on cash and invested assets     |                             |   |                            |   | 6.30      | %      |    | 6.18      | %      |
| Weighted average interest crediting rate/index costs   |                             |   |                            |   | 3.67      | %      |    | 3.96      | %      |
| Spread                                                 |                             |   |                            |   | 2.63      | %      |    | 2.22      | %      |
|                                                   |                             |   |                            |   |      |   |    |
| Individual traditional annuity withdrawal rate         |                             |   |                            |   | 5.1       | %      |    | 4.1       | %      |

----

Table of Contents

|                                                        |                                  |        |                                 |         |           |        |         |           |        |         |        |        |   |         |        |
|--------------------------------------------------------|----------------------------------|--------|---------------------------------|---------|-----------|--------|---------|-----------|--------|---------|--------|--------|---|---------|--------|
| Traditional Annuity - Independent Distribution Segment |                             |   |                            |    |
|                                                   |                             |   |                            |    |      |   |    |
|                                                   | Three months ended September 30, |   | Nine months ended September 30, |
|                                                   | 2010                             |   | 2009                            |    | 2010      |   | 2009    |
|                                                   | (Dollars in thousands)           |
| Pre-tax operating income                               |                             |   |                            |    |      |   |    |
| Operating revenues:                                    |                             |   |                            |    |      |   |    |
| Interest sensitive and index product charges           | $                                | 5,510  |                            |    | $         | 10,444 |    |      | $      | 18,103  |   |   | $ | 56,301  |   |
| Net investment income                                  | 99,051                           |   |                            | 99,600  |      |   | 293,166 |      |   | 306,752 |   |
| Derivative income                                      | 9,538                            |   |                            | (26,036 | )         |   | 32,254  |      |   | (85,745 | )      |
|                                                   | 114,099                          |   |                            | 84,008  |      |   | 343,523 |      |   | 277,308 |   |
| Benefits and expenses                                  | 102,453                          |   |                            | 79,400  |      |   | 312,320 |      |   | 260,713 |   |
| Pre-tax operating income                               | $                                | 11,646 |                            |    | $         | 4,608  |    |      | $      | 31,203  |   |   | $ | 16,595  |   |
|                                                   |                             |   |                            |    |      |   |    |
| Other data                                             |                             |   |                            |    |      |   |    |
| Annuity premiums collected, independent channel        |                             |   |                            |    |      |   |    |
| Fixed rate annuities                                   | $                                | 16,150 |                            |    | $         | 16,021 |    |      | $      | 58,804  |   |   | $ | 329,135 |   |
| Index annuities                                        | 90,733                           |   |                            | 31,396  |      |   | 182,859 |      |   | 242,262 |   |
| Annuity premiums collected, assumed                    | 373                              |   |                            | 284     |      |   | 1,054   |      |   | 1,155   |   |
| Policy liabilities and accruals, end of period         |                             |   |                            |    | 7,325,422 |   |    | 7,408,226 |   |
|                                                   |                             |   |                            |    |      |   |    |
| Individual deferred annuity spread:                    |                             |   |                            |    |      |   |    |
| Weighted average yield on cash and invested assets     |                             |   |                            |    | 6.04      | %      |    | 6.05      | %      |
| Weighted average interest crediting rate/index cost    |                             |   |                            |    | 3.64      | %      |    | 4.06      | %      |
| Spread                                                 |                             |   |                            |    | 2.40      | %      |    | 1.99      | %      |
|                                                   |                             |   |                            |    |      |   |    |
| Individual traditional annuity withdrawal rate         |                             |   |                            |    | 7.6       | %      |    | 17.9      | %      |

----

Table of Contents

|                                                             |                                  |        |                                 |        |           |        |         |           |        |         |        |        |   |         |        |
|-------------------------------------------------------------|----------------------------------|--------|---------------------------------|--------|-----------|--------|---------|-----------|--------|---------|--------|--------|---|---------|--------|
| Traditional and Universal Life Insurance Segment            |                             |   |                            |   |      |   |    |
|                                                        |                             |   |                            |   |      |   |    |
|                                                        | Three months ended September 30, |   | Nine months ended September 30, |
|                                                        | 2010                             |   | 2009                            |   | 2010      |   | 2009    |
|                                                        | (Dollars in thousands)           |
| Pre-tax operating income                                    |                             |   |                            |   |      |   |    |
| Operating revenues:                                         |                             |   |                            |   |      |   |    |
| Interest sensitive product charges                          | $                                | 11,171 |                            |   | $         | 12,943 |    |      | $      | 34,004  |   |   | $ | 37,553  |   |
| Traditional life insurance premiums and other income        | 38,756                           |   |                            | 37,849 |      |   | 121,028 |      |   | 116,805 |   |
| Net investment income                                       | 33,478                           |   |                            | 35,542 |      |   | 99,695  |      |   | 107,162 |   |
|                                                        | 83,405                           |   |                            | 86,334 |      |   | 254,727 |      |   | 261,520 |   |
| Benefits and expenses                                       | 71,039                           |   |                            | 69,656 |      |   | 211,712 |      |   | 210,514 |   |
| Pre-tax operating income                                    | $                                | 12,366 |                            |   | $         | 16,678 |    |      | $      | 43,015  |   |   | $ | 51,006  |   |
|                                                        |                             |   |                            |   |      |   |    |
| Other data                                                  |                             |   |                            |   |      |   |    |
| Life premiums collected, net of reinsurance                 | $                                | 52,689 |                            |   | $         | 51,742 |    |      | $      | 160,243 |   |   | $ | 158,258 |   |
| Policy liabilities and accruals, end of period              |                             |   |                            |   | 2,100,431 |   |    | 2,258,344 |   |
| Direct life insurance in force, end of period (in millions) |                             |   |                            |   | 40,549    |   |    | 37,704    |   |
|                                                        |                             |   |                            |   |      |   |    |
| Interest sensitive life insurance spread:                   |                             |   |                            |   |      |   |    |
| Weighted average yield on cash and invested assets          |                             |   |                            |   | 6.63      | %      |    | 6.67      | %      |
| Weighted average interest crediting rate                    |                             |   |                            |   | 4.27      | %      |    | 4.37      | %      |
| Spread                                                      |                             |   |                            |   | 2.36      | %      |    | 2.30      | %      |

----

Table of Contents

|                                                             |                                  |        |                                 |        |         |        |        |         |        |        |        |        |   |        |        |
|-------------------------------------------------------------|----------------------------------|--------|---------------------------------|--------|---------|--------|--------|---------|--------|--------|--------|--------|---|--------|--------|
| Variable Segment                                            |                             |   |                            |   |    |   |   |
|                                                        |                             |   |                            |   |    |   |   |
|                                                        | Three months ended September 30, |   | Nine months ended September 30, |
|                                                        | 2010                             |   | 2009                            |   | 2010    |   | 2009   |
|                                                        | (Dollars in thousands)           |
| Pre-tax operating income                                    |                             |   |                            |   |    |   |   |
| Operating revenues:                                         |                             |   |                            |   |    |   |   |
| Interest sensitive product charges                          | $                                | 11,549 |                            |   | $       | 11,313 |   |    | $      | 36,275 |   |   | $ | 34,713 |   |
| Net investment income                                       | 4,167                            |   |                            | 3,924  |    |   | 12,293 |    |   | 11,900 |   |
| Other income                                                | 881                              |   |                            | 466    |    |   | 2,167  |    |   | 1,581  |   |
|                                                        | 16,597                           |   |                            | 15,703 |    |   | 50,735 |    |   | 48,194 |   |
| Benefits and expenses                                       | 7,762                            |   |                            | 9,530  |    |   | 40,513 |    |   | 40,088 |   |
| Pre-tax operating income                                    | $                                | 8,835  |                            |   | $       | 6,173  |   |    | $      | 10,222 |   |   | $ | 8,106  |   |
|                                                        |                             |   |                            |   |    |   |   |
| Other data                                                  |                             |   |                            |   |    |   |   |
| Variable premiums collected, net of reinsurance             | $                                | 21,576 |                            |   | $       | 26,809 |   |    | $      | 82,913 |   |   | $ | 76,778 |   |
| Policy liabilities and accruals, end of period              |                             |   |                            |   | 281,895 |   |   | 259,638 |   |
| Separate account assets, end of period                      |                             |   |                            |   | 705,156 |   |   | 677,142 |   |
| Direct life insurance in force, end of period (in millions) |                             |   |                            |   | 7,078   |   |   | 7,427   |   |

----

Table of Contents

|                             |                                  |        |                                 |        |        |        |         |        |        |         |        |        |   |         |        |
|-----------------------------|----------------------------------|--------|---------------------------------|--------|--------|--------|---------|--------|--------|---------|--------|--------|---|---------|--------|
| Corporate and Other Segment |                             |   |                            |   |   |   |    |
|                        |                             |   |                            |   |   |   |    |
|                        | Three months ended September 30, |   | Nine months ended September 30, |
|                        | 2010                             |   | 2009                            |   | 2010   |   | 2009    |
|                        | (Dollars in thousands)           |
| Pre-tax operating loss      |                             |   |                            |   |   |   |    |
| Operating revenues:         |                             |   |                            |   |   |   |    |
| Net investment income       | $                                | 1,937  |                            |   | $      | 1,492  |    |   | $      | 7,517   |   |   | $ | 5,373   |   |
| Derivative loss             | (498                             | )      |                            | (414   | )      |   | (1,536  | )      |   | (1,275  | )      |
| Other income                | 2,645                            |   |                            | 3,849  |   |   | 8,067   |   |   | 11,853  |   |
|                        | 4,084                            |   |                            | 4,927  |   |   | 14,048  |   |   | 15,951  |   |
| Interest expense            | 6,099                            |   |                            | 6,116  |   |   | 18,334  |   |   | 19,164  |   |
| Benefits and other expenses | 3,895                            |   |                            | 4,428  |   |   | 13,692  |   |   | 15,720  |   |
|                        | (5,910                           | )      |                            | (5,617 | )      |   | (17,978 | )      |   | (18,933 | )      |
| Noncontrolling interest     | 26                               |   |                            | 33     |   |   | 79      |   |   | 125     |   |
| Equity income, before tax   | 3,008                            |   |                            | 216    |   |   | 6,549   |   |   | 463     |   |
| Pre-tax operating loss      | $                                | (2,876 | )                               |   | $      | (5,368 | )       |   | $      | (11,350 | )      |   | $ | (18,345 | )      |

----

Table of Contents

|                                                  |        |                                 |           |        |         |        |           |        |
|--------------------------------------------------|--------|---------------------------------|-----------|--------|---------|--------|-----------|--------|
| Fixed Maturity Acquisitions Selected Information |   |                            |      |   |
|                                             |   |                            |      |   |
|                                             |   | Nine months ended September 30, |
|                                             |   | 2010                            |      | 2009   |
|                                             |   | (Dollars in thousands)          |
| Cost of acquisitions:                            |   |                            |      |   |
| Corporate investment grade                       |   | $                               | 446,898   |   |    | $      | 358,580   |   |
| Mortgage and asset-backed                        |   | 422,187                         |      |   | 525,832 |   |
| United States Government and agencies            |   | —                         |      |   | 82,955  |   |
| Tax-exempt municipals                            |   | —                         |      |   | 18,188  |   |
| Taxable municipals                               |   | 198,873                         |      |   | 238,180 |   |
| Total                                            |   | $                               | 1,067,958 |   |    | $      | 1,223,735 |   |
| Effective annual yield                           |   | 4.65                            | %         |   | 5.86    | %      |
| Credit quality                                   |   |                            |      |   |
| NAIC 1 designation                               |   | 78.6                            | %         |   | 85.5    | %      |
| NAIC 2 designation                               |   | 21.4                            | %         |   | 14.5    | %      |
| Weighted-average life in years                   |   | 11.7                            |      |   | 9.3     |

|                                             |                         |            |                        |         |                |        |           |        |            |         |        |       |   |
|---------------------------------------------|-------------------------|------------|------------------------|---------|----------------|--------|-----------|--------|------------|---------|--------|-------|---|
| Investment Portfolio Summary           |                    |       |                   |    |           |   |      |
|                                        |                    |       |                   |    |           |   |      |
|                                        | September 30, 2010 |       | December 31, 2009 |
|                                        | Carrying Value          |       | Percent                |    | Carrying Value |   | Percent   |
|                                        | (Dollars in thousands)  |
| Fixed maturities - available for sale:      |                    |       |                   |    |           |   |      |
| Public                                      | $                       | 9,014,232  |                   |    | 68.7           | %      |      | $      | 8,103,381  |    |   | 69.6  | % |
| 144A private placement                      | 1,762,353               |       |                   | 13.4    |           |   | 1,291,840 |   |       | 11.1    |   |
| Private placement                           | 545,980                 |       |                   | 4.2     |           |   | 469,380   |   |       | 4.0     |   |
| Total fixed maturities - available for sale | 11,322,565              |       |                   | 86.3    |           |   | 9,864,601 |   |       | 84.7    |   |
| Equity securities                           | 77,331                  |       |                   | 0.6     |           |   | 60,154    |   |       | 0.5     |   |
| Mortgage loans on real estate               | 1,269,829               |       |                   | 9.6     |           |   | 1,293,936 |   |       | 11.1    |   |
| Derivative instruments                      | 44,720                  |       |                   | 0.3     |           |   | 44,023    |   |       | 0.4     |   |
| Real estate                                 | 16,114                  |       |                   | 0.1     |           |   | 16,563    |   |       | 0.1     |   |
| Policy loans                                | 170,045                 |       |                   | 1.3     |           |   | 168,736   |   |       | 1.5     |   |
| Other long-term investments                 | 139                     |       |                   | — |           |   | 1,882     |   |       | — |   |
| Short-term investments                      | 238,692                 |       |                   | 1.8     |           |   | 203,142   |   |       | 1.7     |   |
| Total investments                           | $                       | 13,139,435 |                   |    | 100.0          | %      |      | $      | 11,653,037 |    |   | 100.0 | % |

----

Table of Contents

|                                                          |        |                                             |        |                         |            |                        |        |                |        |           |        |           |        |        |       |   |
|----------------------------------------------------------|--------|---------------------------------------------|--------|-------------------------|------------|------------------------|--------|----------------|--------|-----------|--------|-----------|--------|--------|-------|---|
| Credit Quality by NAIC Designation and Equivalent Rating |
|                                                     |   |                                        |   |                    |       |                   |
|                                                     |   |                                        |   | September 30, 2010 |       | December 31, 2009 |
| NAIC Designation                                         |   | Equivalent Rating (1)                       |   | Carrying Value          |       | Percent                |   | Carrying Value |   | Percent   |
|                                                     |   |                                        |   | (Dollars in thousands)  |
| 1                                                        |   | AAA, AA, A                                  |   | $                       | 6,997,214  |                   |   | 61.8           | %      |      | $      | 5,915,387 |   |   | 60.0  | % |
| 2                                                        |   | BBB                                         |   | 3,741,577               |       |                   | 33.0   |           |   | 3,397,424 |   |      | 34.4   |   |
|                                                     |   | Total investment grade                      |   | 10,738,791              |       |                   | 94.8   |           |   | 9,312,811 |   |      | 94.4   |   |
| 3                                                        |   | BB                                          |   | 426,008                 |       |                   | 3.7    |           |   | 402,047   |   |      | 4.1    |   |
| 4                                                        |   | B                                           |   | 86,974                  |       |                   | 0.8    |           |   | 86,311    |   |      | 0.9    |   |
| 5                                                        |   | CCC                                         |   | 42,106                  |       |                   | 0.4    |           |   | 30,451    |   |      | 0.3    |   |
| 6                                                        |   | In or near default                          |   | 28,686                  |       |                   | 0.3    |           |   | 32,981    |   |      | 0.3    |   |
|                                                     |   | Total below investment grade                |   | 583,774                 |       |                   | 5.2    |           |   | 551,790   |   |      | 5.6    |   |
|                                                     |   | Total fixed maturities - available for sale |   | $                       | 11,322,565 |                   |   | 100.0          | %      |      | $      | 9,864,601 |   |   | 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. |

|                                                                                        |                         |            |                                                          |           |                        |           |                                                                     |        |                         |         |        |        |          |           |        |        |   |          |   |
|----------------------------------------------------------------------------------------|-------------------------|------------|----------------------------------------------------------|-----------|------------------------|-----------|---------------------------------------------------------------------|--------|-------------------------|---------|--------|--------|----------|-----------|--------|--------|---|----------|---|
| Gross Unrealized Gains and Gross Unrealized Losses by Internal Industry Classification |
|                                                                                   |                    |
|                                                                                   | September 30, 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                                                                       | $                       | 456,702    |                                                     |      | $                      | 396,052   |                                                                |   | $                       | 40,552  |   |   | $        | 60,650    |   |   | $ | (8,030   | ) |
| Capital goods                                                                          | 350,442                 |       |                                                     | 327,712   |                   |      | 36,950                                                              |   |                    | 22,730  |   |   | (7,627   | )         |
| Communications                                                                         | 239,198                 |       |                                                     | 239,198   |                   |      | 23,699                                                              |   |                    | — |   |   | —  |      |
| Consumer cyclical                                                                      | 320,701                 |       |                                                     | 287,789   |                   |      | 30,124                                                              |   |                    | 32,912  |   |   | (2,825   | )         |
| Consumer noncyclical                                                                   | 469,368                 |       |                                                     | 467,046   |                   |      | 56,729                                                              |   |                    | 2,322   |   |   | (26      | )         |
| Energy                                                                                 | 698,314                 |       |                                                     | 619,721   |                   |      | 67,448                                                              |   |                    | 78,593  |   |   | (4,543   | )         |
| Finance                                                                                | 1,608,929               |       |                                                     | 1,195,301 |                   |      | 85,668                                                              |   |                    | 413,628 |   |   | (50,533  | )         |
| Transportation                                                                         | 187,338                 |       |                                                     | 187,303   |                   |      | 22,122                                                              |   |                    | 35      |   |   | (5       | )         |
| Utilities                                                                              | 1,309,378               |       |                                                     | 1,253,056 |                   |      | 151,651                                                             |   |                    | 56,322  |   |   | (2,383   | )         |
| Other                                                                                  | 147,705                 |       |                                                     | 136,198   |                   |      | 15,495                                                              |   |                    | 11,507  |   |   | (1,705   | )         |
| Total corporate securities                                                             | 5,788,075               |       |                                                     | 5,109,376 |                   |      | 530,438                                                             |   |                    | 678,699 |   |   | (77,677  | )         |
| Collateralized debt obligation                                                         | 3,037                   |       |                                                     | 3,037     |                   |      | —                                                             |   |                    | — |   |   | —  |      |
| Mortgage and asset-backed securities                                                   | 3,163,702               |       |                                                     | 2,274,356 |                   |      | 142,629                                                             |   |                    | 889,346 |   |   | (178,630 | )         |
| United States Government and agencies                                                  | 147,386                 |       |                                                     | 147,386   |                   |      | 20,335                                                              |   |                    | — |   |   | —  |      |
| State, municipal and other governments                                                 | 2,220,365               |       |                                                     | 1,684,857 |                   |      | 88,218                                                              |   |                    | 535,508 |   |   | (53,179  | )         |
| Total                                                                                  | $                       | 11,322,565 |                                                     |      | $                      | 9,219,012 |                                                                |   | $                       | 781,620 |   |   | $        | 2,103,553 |   |   | $ | (309,486 | ) |

----

Table of Contents

|                                        |                        |           |                                                                                   |           |                        |           |                                                                |        |                         |           |        |        |          |           |        |        |   |          |   |
|----------------------------------------|------------------------|-----------|-----------------------------------------------------------------------------------|-----------|------------------------|-----------|----------------------------------------------------------------|--------|-------------------------|-----------|--------|--------|----------|-----------|--------|--------|---|----------|---|
|                                   | December 31, 2009 |
|                                   | 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                       | $                      | 406,541   |                                                                              |      | $                      | 270,886   |                                                           |   | $                       | 19,254    |   |   | $        | 135,655   |   |   | $ | (20,000  | ) |
| Capital goods                          | 320,176                |      |                                                                              | 256,139   |                   |      | 16,844                                                         |   |                    | 64,037    |   |   | (7,902   | )         |
| Communications                         | 190,423                |      |                                                                              | 164,464   |                   |      | 9,739                                                          |   |                    | 25,959    |   |   | (1,241   | )         |
| Consumer cyclical                      | 309,927                |      |                                                                              | 249,996   |                   |      | 13,793                                                         |   |                    | 59,931    |   |   | (9,512   | )         |
| Consumer noncyclical                   | 388,805                |      |                                                                              | 355,954   |                   |      | 21,727                                                         |   |                    | 32,851    |   |   | (954     | )         |
| Energy                                 | 571,587                |      |                                                                              | 379,842   |                   |      | 25,998                                                         |   |                    | 191,745   |   |   | (11,407  | )         |
| Finance                                | 1,410,391              |      |                                                                              | 435,019   |                   |      | 17,674                                                         |   |                    | 990,021   |   |   | (152,519 | )         |
| Transportation                         | 166,789                |      |                                                                              | 115,727   |                   |      | 7,256                                                          |   |                    | 51,062    |   |   | (3,037   | )         |
| Utilities                              | 1,169,778              |      |                                                                              | 859,918   |                   |      | 54,533                                                         |   |                    | 309,860   |   |   | (17,389  | )         |
| Other                                  | 145,517                |      |                                                                              | 120,041   |                   |      | 8,763                                                          |   |                    | 25,476    |   |   | (2,962   | )         |
| Total corporate securities             | 5,079,934              |      |                                                                              | 3,207,986 |                   |      | 195,581                                                        |   |                    | 1,886,597 |   |   | (226,923 | )         |
| Collateralized debt obligations        | 27,541                 |      |                                                                              | —   |                   |      | —                                                        |   |                    | 12,892    |   |   | (14,649  | )         |
| Mortgage and asset-backed securities   | 2,726,406              |      |                                                                              | 1,274,361 |                   |      | 43,043                                                         |   |                    | 1,452,045 |   |   | (326,207 | )         |
| United States Government and agencies  | 139,467                |      |                                                                              | 61,255    |                   |      | 4,620                                                          |   |                    | 78,212    |   |   | (2,543   | )         |
| State, municipal and other governments | 1,891,253              |      |                                                                              | 351,067   |                   |      | 8,509                                                          |   |                    | 1,540,186 |   |   | (155,500 | )         |
| Total                                  | $                      | 9,864,601 |                                                                              |      | $                      | 4,894,669 |                                                           |   | $                       | 251,753   |   |   | $        | 4,969,932 |   |   | $ | (725,822 | ) |

|                                                                                       |        |                              |        |                                                                     |           |                  |        |                         |        |                  |   |          |      |        |       |   |
|---------------------------------------------------------------------------------------|--------|------------------------------|--------|---------------------------------------------------------------------|-----------|------------------|--------|-------------------------|--------|------------------|---|----------|------|--------|-------|---|
| Credit Quality of Available-for-Sale Fixed Maturity Securities with Unrealized Losses |
|                                                                                  |   |                         |   |                                                                |      |             |   |                    |   |             |
|                                                                                  |   |                         |   | September 30, 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                   |   | $                                                                   | 1,281,301 |             |   | 60.9                    | %      |             | $ | (142,284 | )    |   | 46.0  | % |
| 2                                                                                     |   | BBB                          |   | 494,023                                                             |      |             | 23.5   |                    |   | (68,394          | ) |     | 22.1 |   |
|                                                                                  |   | Total investment grade       |   | 1,775,324                                                           |      |             | 84.4   |                    |   | (210,678         | ) |     | 68.1 |   |
| 3                                                                                     |   | BB                           |   | 202,786                                                             |      |             | 9.6    |                    |   | (29,180          | ) |     | 9.4  |   |
| 4                                                                                     |   | B                            |   | 61,820                                                              |      |             | 2.9    |                    |   | (22,756          | ) |     | 7.4  |   |
| 5                                                                                     |   | CCC                          |   | 35,970                                                              |      |             | 1.7    |                    |   | (24,310          | ) |     | 7.8  |   |
| 6                                                                                     |   | In or near default           |   | 27,653                                                              |      |             | 1.4    |                    |   | (22,562          | ) |     | 7.3  |   |
|                                                                                  |   | Total below investment grade |   | 328,229                                                             |      |             | 15.6   |                    |   | (98,808          | ) |     | 31.9 |   |
|                                                                                  |   | Total                        |   | $                                                                   | 2,103,553 |             |   | 100.0                   | %      |             | $ | (309,486 | )    |   | 100.0 | % |

----

Table of Contents

|                  |        |                              |        |                                                                     |           |                  |        |                         |        |                  |   |          |      |        |       |   |
|------------------|--------|------------------------------|--------|---------------------------------------------------------------------|-----------|------------------|--------|-------------------------|--------|------------------|---|----------|------|--------|-------|---|
|             |   |                         |   | December 31, 2009                                              |
| 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                   |   | $                                                                   | 3,189,335 |             |   | 64.2                    | %      |             | $ | (355,516 | )    |   | 49.0  | % |
| 2                |   | BBB                          |   | 1,335,973                                                           |      |             | 26.9   |                    |   | (180,763         | ) |     | 24.9 |   |
|             |   | Total investment grade       |   | 4,525,308                                                           |      |             | 91.1   |                    |   | (536,279         | ) |     | 73.9 |   |
| 3                |   | BB                           |   | 315,603                                                             |      |             | 6.3    |                    |   | (56,456          | ) |     | 7.8  |   |
| 4                |   | B                            |   | 78,226                                                              |      |             | 1.6    |                    |   | (55,791          | ) |     | 7.7  |   |
| 5                |   | CCC                          |   | 27,357                                                              |      |             | 0.5    |                    |   | (42,419          | ) |     | 5.8  |   |
| 6                |   | In or near default           |   | 23,438                                                              |      |             | 0.5    |                    |   | (34,877          | ) |     | 4.8  |   |
|             |   | Total below investment grade |   | 444,624                                                             |      |             | 8.9    |                    |   | (189,543         | ) |     | 26.1 |   |
|             |   | Total                        |   | $                                                                   | 4,969,932 |             |   | 100.0                   | %      |             | $ | (725,822 | )    |   | 100.0 | % |

|                                                                                       |                         |        |                                      |         |                                                    |        |                                       |           |                                        |          |        |          |          |        |        |          |      |   |
|---------------------------------------------------------------------------------------|-------------------------|--------|--------------------------------------|---------|----------------------------------------------------|--------|---------------------------------------|-----------|----------------------------------------|----------|--------|----------|----------|--------|--------|----------|------|---|
| Available-For-Sale Fixed Maturity Securities with Unrealized Losses by Length of Time |
|                                                                                  |                    |   |                                 |
|                                                                                  | September 30, 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                                                                  | 8                       |   |                                 | $       | 8,000                                              |   |                                  | $         | 28,249                                 |     |   | $        | (3,680   | )      |   | $        | (427 | ) |
| Greater than three months to six months                                               | 3                       |   |                                 | — |                                               |   | 19,154                                |      |                                   | —  |   |     | (769     | )      |
| Greater than six months to nine months                                                | 2                       |   |                                 | — |                                               |   | 2,991                                 |      |                                   | —  |   |     | (238     | )      |
| Greater than nine months to twelve months                                             | 2                       |   |                                 | — |                                               |   | 16,211                                |      |                                   | —  |   |     | (1,443   | )      |
| Greater than twelve months                                                            | 242                     |   |                                 | 320,136 |                                               |   | 2,018,298                             |      |                                   | (136,842 | )      |     | (166,087 | )      |
| Total                                                                                 |                    |   | $                                    | 328,136 |                                               |   | $                                     | 2,084,903 |                                   |     | $      | (140,522 | )        |   | $      | (168,964 | )    |

|                                           |                        |        |                                      |         |                                          |           |                                       |           |                                        |        |        |          |        |        |   |          |   |
|-------------------------------------------|------------------------|--------|--------------------------------------|---------|------------------------------------------|-----------|---------------------------------------|-----------|----------------------------------------|--------|--------|----------|--------|--------|---|----------|---|
|                                      | December 31, 2009 |
|                                      |                   |   | 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                      | 188                    |   | $                                    | — |                                     |      | $                                     | 1,166,486 |                                   |   | $      | —  |   |   | $ | (30,057  | ) |
| Greater than three months to six months   | 4                      |   | 42                                   |    |                                     | 9,906     |                                  |      | (15                                    | )      |   | (421     | )      |
| Greater than six months to nine months    | 13                     |   | 16,958                               |    |                                     | 36,174    |                                  |      | (9,226                                 | )      |   | (3,236   | )      |
| Greater than nine months to twelve months | 12                     |   | 17,539                               |    |                                     | 24,675    |                                  |      | (6,960                                 | )      |   | (1,552   | )      |
| Greater than twelve months                | 463                    |   | 844,621                              |    |                                     | 3,579,353 |                                  |      | (350,096                               | )      |   | (324,259 | )      |
| Total                                     |                   |   | $                                    | 879,160 |                                     |      | $                                     | 4,816,594 |                                   |   | $      | (366,297 | )      |   | $ | (359,525 | ) |

----

Table of Contents

|                                                                                      |                                                           |           |                        |          |                                                           |          |                       |        |        |           |        |        |   |          |   |
|--------------------------------------------------------------------------------------|-----------------------------------------------------------|-----------|------------------------|----------|-----------------------------------------------------------|----------|-----------------------|--------|--------|-----------|--------|--------|---|----------|---|
| Available-For-Sale Fixed Maturity Securities with Unrealized Losses by Maturity Date |
|                                                                                 |                                                      |      |                   |     |                                                      |     |                  |
|                                                                                 | September 30, 2010                                   |      | December 31, 2009 |
|                                                                                 | 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                                                              | $                                                         | 154       |                   |     | $                                                         | (35      | )                     |   | $      | 1,876     |   |   | $ | (116     | ) |
| Due after one year through five years                                                | 92,884                                                    |      |                   | (10,495  | )                                                         |     | 241,292               |   |   | (19,491   | )      |
| Due after five years through ten years                                               | 154,097                                                   |      |                   | (12,712  | )                                                         |     | 852,567               |   |   | (92,816   | )      |
| Due after ten years                                                                  | 967,072                                                   |      |                   | (107,614 | )                                                         |     | 2,422,152             |   |   | (287,192  | )      |
|                                                                                 | 1,214,207                                                 |      |                   | (130,856 | )                                                         |     | 3,517,887             |   |   | (399,615  | )      |
| Mortgage and asset-backed                                                            | 889,346                                                   |      |                   | (178,630 | )                                                         |     | 1,452,045             |   |   | (326,207  | )      |
| Total                                                                                | $                                                         | 2,103,553 |                   |     | $                                                         | (309,486 | )                     |   | $      | 4,969,932 |   |   | $ | (725,822 | ) |

|                                              |                         |           |           |           |                     |           |                             |        |        |           |        |        |      |   |
|----------------------------------------------|-------------------------|-----------|-----------|-----------|---------------------|-----------|-----------------------------|--------|--------|-----------|--------|--------|------|---|
| Mortgage and Asset-Backed Securities by Type |
|                                         |                    |      |      |      |                |      |                        |
|                                         | September 30, 2010 |
|                                         | Amortized Cost          |      | Par Value |      | Carrying Value |      | Percent of Fixed Maturities |
|                                         | (Dollars in thousands)  |
| Residential mortgage-backed securities:      |                    |      |      |      |                |      |                        |
| Sequential                                   | $                       | 1,230,197 |      |      | $                   | 1,243,272 |                        |   | $      | 1,213,326 |   |   | 10.7 | % |
| Pass-through                                 | 206,007                 |      |      | 199,774   |                |      | 215,340                     |   |   | 1.9       |   |
| Planned and targeted amortization class      | 466,246                 |      |      | 470,370   |                |      | 469,901                     |   |   | 4.2       |   |
| Other                                        | 38,658                  |      |      | 38,753    |                |      | 35,711                      |   |   | 0.3       |   |
| Total residential mortgage-backed securities | 1,941,108               |      |      | 1,952,169 |                |      | 1,934,278                   |   |   | 17.1      |   |
| Commercial mortgage-backed securities        | 766,612                 |      |      | 788,836   |                |      | 800,215                     |   |   | 7.0       |   |
| Other asset-backed securities                | 491,983                 |      |      | 593,299   |                |      | 429,209                     |   |   | 3.8       |   |
| Total                                        | $                       | 3,199,703 |      |      | $                   | 3,334,304 |                        |   | $      | 3,163,702 |   |   | 27.9 | % |

|                                              |                        |           |           |           |                     |           |                             |        |        |           |        |        |      |   |
|----------------------------------------------|------------------------|-----------|-----------|-----------|---------------------|-----------|-----------------------------|--------|--------|-----------|--------|--------|------|---|
|                                         | December 31, 2009 |
|                                         | Amortized Cost         |      | Par Value |      | Carrying Value |      | Percent of Fixed Maturities |
|                                         | (Dollars in thousands) |
| Residential mortgage-backed securities:      |                   |      |      |      |                |      |                        |
| Sequential                                   | $                      | 1,236,102 |      |      | $                   | 1,252,293 |                        |   | $      | 1,148,038 |   |   | 11.6 | % |
| Pass-through                                 | 258,509                |      |      | 250,964   |                |      | 263,175                     |   |   | 2.7       |   |
| Planned and targeted amortization class      | 459,004                |      |      | 461,935   |                |      | 429,309                     |   |   | 4.4       |   |
| Other                                        | 39,471                 |      |      | 39,569    |                |      | 32,888                      |   |   | 0.3       |   |
| Total residential mortgage-backed securities | 1,993,086              |      |      | 2,004,761 |                |      | 1,873,410                   |   |   | 19.0      |   |
| Commercial mortgage-backed securities        | 785,729                |      |      | 810,995   |                |      | 720,123                     |   |   | 7.3       |   |
| Other asset-backed securities                | 230,755                |      |      | 290,104   |                |      | 132,873                     |   |   | 1.3       |   |
| Total                                        | $                      | 3,009,570 |      |      | $                   | 3,105,860 |                        |   | $      | 2,726,406 |   |   | 27.6 | % |

----

Table of Contents

|                                                         |                         |           |                        |         |                             |           |                |        |                |         |                             |        |           |        |        |     |           |        |        |      |   |
|---------------------------------------------------------|-------------------------|-----------|------------------------|---------|-----------------------------|-----------|----------------|--------|----------------|---------|-----------------------------|--------|-----------|--------|--------|-----|-----------|--------|--------|------|---|
| Mortgage and Asset-Backed Securities by Collateral Type |
|                                                    |                    |
|                                                    | September 30, 2010 |      | December 31, 2009 |
|                                                    | Amortized Cost          |      | Carrying Value         |    | Percent of Fixed Maturities |      | Amortized Cost |   | Carrying Value |    | Percent of Fixed Maturities |
|                                                    | (Dollars in thousands)  |      | (Dollars in thousands) |
| Government agency                                       | $                       | 677,445   |                   |    | $                           | 725,936   |           |   | 6.4            | %       |                        | $      | 687,079   |   |   | $   | 707,166   |   |   | 7.2  | % |
| Prime                                                   | 889,156                 |      |                   | 870,550 |                        |      | 7.7            |   |           | 937,677 |                        |   | 862,870   |   |   | 8.6 |      |
| Alt-A                                                   | 511,496                 |      |                   | 433,953 |                        |      | 3.8            |   |           | 521,911 |                        |   | 390,352   |   |   | 4.0 |      |
| Subprime                                                | 30,120                  |      |                   | 21,867  |                        |      | 0.2            |   |           | 30,119  |                        |   | 20,383    |   |   | 0.2 |      |
| Commercial mortgage                                     | 766,612                 |      |                   | 800,215 |                        |      | 7.0            |   |           | 785,729 |                        |   | 720,123   |   |   | 7.3 |      |
| Non-mortgage                                            | 324,874                 |      |                   | 311,181 |                        |      | 2.8            |   |           | 47,055  |                        |   | 25,512    |   |   | 0.3 |      |
| Total                                                   | $                       | 3,199,703 |                   |    | $                           | 3,163,702 |           |   | 27.9           | %       |                        | $      | 3,009,570 |   |   | $   | 2,726,406 |   |   | 27.6 | % |

|                                                                                |                         |           |                |           |                    |           |                |        |               |         |                |        |           |         |        |           |        |           |        |        |   |           |        |
|--------------------------------------------------------------------------------|-------------------------|-----------|----------------|-----------|--------------------|-----------|----------------|--------|---------------|---------|----------------|--------|-----------|---------|--------|-----------|--------|-----------|--------|--------|---|-----------|--------|
| Residential Mortgage-Backed Securities by Collateral Type and Origination Year |                    |      |
|                                                                           |                    |
|                                                                           | September 30, 2010 |
|                                                                           | Government & Prime  |      | Alt-A          |      | Total              |
|                                                                           | Amortized Cost (1)      |      | Carrying Value |      | Amortized Cost (1) |      | Carrying Value |   | AmortizedCost |    | Carrying Value |
|                                                                           | (Dollars in thousands)  |
| 2010                                                                           | $                       | 75,623    |           |      | $                  | 78,000    |           |   | $             | 14,508  |           |   | $         | 14,502  |   |      | $      | 90,131    |   |   | $ | 92,502    |   |
| 2009                                                                           | 152,963                 |      |           | 158,446   |               |      | —        |   |          | — |           |   | 152,963   |    |   | 158,446   |   |
| 2008                                                                           | 118,941                 |      |           | 129,614   |               |      | —        |   |          | — |           |   | 118,941   |    |   | 129,614   |   |
| 2007                                                                           | 68,784                  |      |           | 70,877    |               |      | 58,042         |   |          | 39,035  |           |   | 126,826   |    |   | 109,912   |   |
| 2006                                                                           | 81,789                  |      |           | 76,681    |               |      | 22,086         |   |          | 12,977  |           |   | 103,875   |    |   | 89,658    |   |
| 2005 and prior                                                                 | 1,047,577               |      |           | 1,072,404 |               |      | 300,795        |   |          | 281,742 |           |   | 1,348,372 |    |   | 1,354,146 |   |
| Total                                                                          | $                       | 1,545,677 |           |      | $                  | 1,586,022 |           |   | $             | 395,431 |           |   | $         | 348,256 |   |      | $      | 1,941,108 |   |   | $ | 1,934,278 |   |

----

Table of Contents

|                |                        |           |                |           |                    |           |                |        |               |         |                |        |           |         |        |           |        |           |        |        |   |           |        |
|----------------|------------------------|-----------|----------------|-----------|--------------------|-----------|----------------|--------|---------------|---------|----------------|--------|-----------|---------|--------|-----------|--------|-----------|--------|--------|---|-----------|--------|
|           | December 31, 2009 |
|           | Government & Prime |      | Alt-A          |      | Total              |
|           | Amortized Cost (1)     |      | Carrying Value |      | Amortized Cost (1) |      | Carrying Value |   | AmortizedCost |    | Carrying Value |
|           | (Dollars in thousands) |
| 2009           | $                      | 185,339   |           |      | $                  | 185,850   |           |   | $             | — |           |   | $         | — |   |      | $      | 185,339   |   |   | $ | 185,850   |   |
| 2008           | 127,442                |      |           | 132,204   |               |      | —        |   |          | — |           |   | 127,442   |    |   | 132,204   |   |
| 2007           | 71,256                 |      |           | 67,363    |               |      | 58,958         |   |          | 33,113  |           |   | 130,214   |    |   | 100,476   |   |
| 2006           | 84,822                 |      |           | 72,193    |               |      | 22,445         |   |          | 11,861  |           |   | 107,267   |    |   | 84,054    |   |
| 2005           | 61,246                 |      |           | 61,404    |               |      | —        |   |          | — |           |   | 61,246    |    |   | 61,404    |   |
| 2004 and prior | 1,072,170              |      |           | 1,041,311 |               |      | 309,408        |   |          | 268,111 |           |   | 1,381,578 |    |   | 1,309,422 |   |
| Total          | $                      | 1,602,275 |           |      | $                  | 1,560,325 |           |   | $             | 390,811 |           |   | $         | 313,085 |   |      | $      | 1,993,086 |   |   | $ | 1,873,410 |   |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Insurance on 2006 Alt-A issues is provided by MBIA Insurance Corporation (79% in 2010 and 78% in 2009). Insurance on 2007 Alt-A issues is provided by Assured Guaranty Ltd. (32% in 2010 and 33% in 2009) and MBIA Insurance Corporation (26% in 2010 and 2009). 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 |
|                                                                             |   |              |   |                    |      |                   |    |           |   |            |
|                                                                             |   |              |   | September 30, 2010 |      | December 31, 2009 |
| NAICDesignation                                                                  |   | Equivalent Rating |   | Carrying Value          |      | Percent ofTotal        |    | Carrying Value |   | Percent ofTotal |
|                                                                             |   |              |   | (Dollars in thousands)  |
| 1                                                                                |   | AAA, AA, A        |   | $                       | 1,852,343 |                   |    | 95.8           | %      |            | $      | 1,770,168 |   |   | 94.5  | % |
| 2                                                                                |   | BBB               |   | 73,471                  |      |                   | 3.8     |           |   | 70,876          |   |      | 3.8    |   |
| 3                                                                                |   | BB                |   | 8,464                   |      |                   | 0.4     |           |   | 28,887          |   |      | 1.5    |   |
| 4                                                                                |   | B                 |   | —                 |      |                   | — |           |   | 3,479           |   |      | 0.2    |   |
|                                                                             |   | Total             |   | $                       | 1,934,278 |                   |    | 100.0          | %      |            | $      | 1,873,410 |   |   | 100.0 | % |

|                                                           |                         |         |                        |         |                |         |                |        |        |         |        |        |   |         |        |
|-----------------------------------------------------------|-------------------------|---------|------------------------|---------|----------------|---------|----------------|--------|--------|---------|--------|--------|---|---------|--------|
| Commercial Mortgage-Backed Securities by Origination Year |
|                                                      |                    |    |                   |    |           |
|                                                      | September 30, 2010 |    | December 31, 2009 |
|                                                      | Amortized Cost          |    | Carrying Value         |    | Amortized Cost |    | Carrying Value |
|                                                      | (Dollars in thousands)  |
| 2010                                                      | $                       | 11,087  |                   |    | $              | 11,261  |           |   | $      | — |   |   | $ | — |   |
| 2009                                                      | 41,210                  |    |                   | 49,909  |           |    | 40,757         |   |   | 41,767  |   |
| 2008                                                      | 182,680                 |    |                   | 216,438 |           |    | 182,221        |   |   | 189,445 |   |
| 2007                                                      | 184,875                 |    |                   | 174,737 |           |    | 184,515        |   |   | 148,342 |   |
| 2006                                                      | 136,077                 |    |                   | 132,989 |           |    | 143,982        |   |   | 116,570 |   |
| 2005 and prior                                            | 210,683                 |    |                   | 214,881 |           |    | 234,254        |   |   | 223,999 |   |
| Total                                                     | $                       | 766,612 |                   |    | $              | 800,215 |           |   | $      | 785,729 |   |   | $ | 720,123 |   |

----

Table of Contents

|                                                                                 |        |                    |        |                         |         |                        |         |                |        |                  |        |         |         |        |       |   |
|---------------------------------------------------------------------------------|--------|--------------------|--------|-------------------------|---------|------------------------|---------|----------------|--------|------------------|--------|---------|---------|--------|-------|---|
| Commercial Mortgage-Backed Securities by NAIC Designation and Equivalent Rating |
|                                                                            |   |               |   |                    |    |                   |    |           |   |             |
|                                                                            |   |               |   | September 30, 2010 |    | December 31, 2009 |
| NAICDesignation                                                                 |   | Equivalent Rating  |   | Carrying Value          |    | Percent of Total       |    | Carrying Value |   | Percent of Total |
|                                                                            |   |               |   | (Dollars in thousands)  |
| 1                                                                               |   | GNMA               |   | $                       | 328,040 |                   |    | 41.0           | %      |             | $      | 338,438 |    |   | 47.0  | % |
| 1                                                                               |   | FNMA               |   | 17,040                  |    |                   | 2.1     |           |   | 15,786           |   |    | 2.2     |   |
| 1                                                                               |   | AAA, AA, A         |   |                    |    |                   |    |           |   |             |
|                                                                            |   | Generic            |   | 97,632                  |    |                   | 12.2    |           |   | 68,076           |   |    | 9.5     |   |
|                                                                            |   | Super Senior       |   | 206,404                 |    |                   | 25.8    |           |   | 179,361          |   |    | 24.9    |   |
|                                                                            |   | Mezzanine          |   | 34,881                  |    |                   | 4.4     |           |   | 27,833           |   |    | 3.9     |   |
|                                                                            |   | Junior             |   | 87,373                  |    |                   | 10.9    |           |   | 78,821           |   |    | 10.9    |   |
|                                                                            |   | Total AAA, AA, A   |   | 426,290                 |    |                   | 53.3    |           |   | 354,091          |   |    | 49.2    |   |
| 2                                                                               |   | BBB                |   | 17,157                  |    |                   | 2.1     |           |   | 3,985            |   |    | 0.5     |   |
| 3                                                                               |   | BB                 |   | —                 |    |                   | — |           |   | —          |   |    | — |   |
| 4                                                                               |   | B                  |   | 11,024                  |    |                   | 1.4     |           |   | 7,434            |   |    | 1.0     |   |
| 5                                                                               |   | CCC                |   | 291                     |    |                   | — |           |   | —          |   |    | — |   |
| 6                                                                               |   | In or near default |   | 373                     |    |                   | 0.1     |           |   | 389              |   |    | 0.2     |   |
|                                                                            |   | Total              |   | $                       | 800,215 |                   |    | 100.0          | %      |             | $      | 720,123 |    |   | 100.0 | % |

|                                                                       |                         |         |                 |         |                    |         |                 |        |                    |         |                 |        |                |         |                |         |                |         |                 |        |        |         |        |        |         |         |        |        |        |         |        |        |   |         |        |        |   |         |        |
|-----------------------------------------------------------------------|-------------------------|---------|-----------------|---------|--------------------|---------|-----------------|--------|--------------------|---------|-----------------|--------|----------------|---------|----------------|---------|----------------|---------|-----------------|--------|--------|---------|--------|--------|---------|---------|--------|--------|--------|---------|--------|--------|---|---------|--------|--------|---|---------|--------|
| Other Asset-Backed Securities by Collateral Type and Origination Year |
|                                                                  |                    |
|                                                                  | September 30, 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                                                                  | $                       | — |            |    | $                  | — |            |   | $                  | — |            |   | $              | — |           |    | $              | — |            |   | $      | — |   |   | $       | 132,259 |   |   | $      | 133,498 |   |   | $ | 132,259 |   |   | $ | 133,498 |   |
| 2009                                                                  | —                 |    |            | — |               |    | —         |   |               | — |            |   | —        |    |           | — |           |    | 51,095          |   |   | 51,524  |   |   | 51,095  |    |   | 51,524 |   |
| 2007                                                                  | 9,978                   |    |            | 3,636   |               |    | 15,965          |   |               | 8,385   |            |   | —        |    |           | — |           |    | 52,560          |   |   | 53,073  |   |   | 78,503  |    |   | 65,094 |   |
| 2006                                                                  | 8,633                   |    |            | 4,387   |               |    | 70,446          |   |               | 50,505  |            |   | —        |    |           | — |           |    | 35,806          |   |   | 36,432  |   |   | 114,885 |    |   | 91,324 |   |
| 2005 and prior                                                        | 2,313                   |    |            | 2,441   |               |    | 29,654          |   |               | 26,807  |            |   | 30,120         |    |           | 21,867  |           |    | 53,154          |   |   | 36,654  |   |   | 115,241 |    |   | 87,769 |   |
| Total                                                                 | $                       | 20,924  |            |    | $                  | 10,464  |            |   | $                  | 116,065 |            |   | $              | 85,697  |           |    | $              | 30,120  |            |   | $      | 21,867  |   |   | $       | 324,874 |   |   | $      | 311,181 |   |   | $ | 491,983 |   |   | $ | 429,209 |   |

----

Table of Contents

|                |                        |         |                 |         |                    |         |                 |        |                    |         |                 |        |                |         |                 |         |                |         |                 |        |        |         |        |        |        |        |        |        |        |        |        |        |   |         |        |        |   |         |        |
|----------------|------------------------|---------|-----------------|---------|--------------------|---------|-----------------|--------|--------------------|---------|-----------------|--------|----------------|---------|-----------------|---------|----------------|---------|-----------------|--------|--------|---------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|---|---------|--------|--------|---|---------|--------|
|           | December 31, 2009 |
|           | 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) |
| 2009           | $                      | — |            |    | $                  | — |            |   | $                  | — |            |   | $              | — |            |    | $              | — |            |   | $      | — |   |   | $      | 4,999  |   |   | $      | 4,983  |   |   | $ | 4,999   |   |   | $ | 4,983   |   |
| 2007           | 9,982                  |    |            | 2,596   |               |    | 18,853          |   |               | 7,979   |            |   | —        |    |            | — |           |    | 7,065           |   |   | 5,999   |   |   | 35,900 |   |   | 16,574 |   |
| 2006           | 9,748                  |    |            | 4,322   |               |    | 77,612          |   |               | 42,621  |            |   | —        |    |            | — |           |    | —         |   |   | — |   |   | 87,360 |   |   | 46,943 |   |
| 2005           | —                |    |            | — |               |    | 23,845          |   |               | 20,376  |            |   | 30,119         |    |            | 20,383  |           |    | 8,831           |   |   | 100     |   |   | 62,795 |   |   | 40,859 |   |
| 2004 and prior | 2,751                  |    |            | 2,793   |               |    | 10,790          |   |               | 6,291   |            |   | —        |    |            | — |           |    | 26,160          |   |   | 14,430  |   |   | 39,701 |   |   | 23,514 |   |
| Total          | $                      | 22,481  |            |    | $                  | 9,711   |            |   | $                  | 131,100 |            |   | $              | 77,267  |            |    | $              | 30,119  |            |   | $      | 20,383  |   |   | $      | 47,055 |   |   | $      | 25,512 |   |   | $ | 230,755 |   |   | $ | 132,873 |   |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Insurance on 2006 Alt-A issues is provided by Financial Guaranty Insurance Co. (FGIC) (42% in 2010 and 44% in 2009) and Ambac Assurance Corporation (Ambac) (28% in 2010 and 30% in 2009). Insurance on 2007 Alt-A issues is provided by Ambac (45% in 2010 and 53% in 2009), MBIA Insurance Corporation (31% in 2010 and 27% in 2009) and FGIC (23% in 2010 and 21% in 2009). 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 |   |               |
|                                                                    |   |               |   |                    |    |                   |   |          |   |             |
|                                                                    |   |               |   | September 30, 2010 |    | December 31, 2009 |
| NAICDesignation                                                         |   | Equivalent Ratings |   | CarryingValue           |    | Percent ofTotal        |   | CarryingValue |   | Percent of Total |
|                                                                    |   |               |   | (Dollars in thousands)  |
| 1                                                                       |   | AAA, AA, A         |   | $                       | 410,096 |                   |   | 95.5          | %      |             | $      | 108,737 |   |   | 81.8  | % |
| 2                                                                       |   | BBB                |   | 8,024                   |    |                   | 1.9    |          |   | 7,199            |   |    | 5.4    |   |
| 3                                                                       |   | BB                 |   | 241                     |    |                   | 0.1    |          |   | 457              |   |    | 0.3    |   |
| 4                                                                       |   | B                  |   | 4,675                   |    |                   | 1.1    |          |   | 8,557            |   |    | 6.5    |   |
| 5                                                                       |   | CCC                |   | 4,863                   |    |                   | 1.1    |          |   | 7,050            |   |    | 5.3    |   |
| 6                                                                       |   | In or near default |   | 1,310                   |    |                   | 0.3    |          |   | 873              |   |    | 0.7    |   |
|                                                                    |   | Total              |   | $                       | 429,209 |                   |   | 100.0         | %      |             | $      | 132,873 |   |   | 100.0 | % |

----

Table of Contents

|                                                                                       |                             |        |                            |           |                        |         |                    |         |                            |        |                    |           |                    |        |         |           |        |           |        |         |        |        |   |           |        |
|---------------------------------------------------------------------------------------|-----------------------------|--------|----------------------------|-----------|------------------------|---------|--------------------|---------|----------------------------|--------|--------------------|-----------|--------------------|--------|---------|-----------|--------|-----------|--------|---------|--------|--------|---|-----------|--------|
| Residential Mortgage-Backed Securities and Other Asset-Backed Securities by Insurance |
|                                                                                  |                        |   |                       |      |                   |    |               |    |                       |   |               |      |               |
|                                                                                  |                        |   | September 30, 2010    |      | December 31, 2009 |
|                                                                                  | Insurers' S&PRating (1) |   | ResidentialMortgage-Backed |      | Other Asset-Backed     |    | TotalCarryingValue |    | ResidentialMortgage-Backed |   | Other Asset-Backed |      | TotalCarryingValue |
| Insured:                                                                              |                        |   | (Dollars in thousands)     |
| Ambac                                                                                 | NR (2)                      |   | $                          | —   |                   |    | $                  | 18,574  |                       |   | $                  | 18,574    |               |   | $       | —   |   |      | $      | 16,674  |   |   | $ | 16,674    |   |
| Assured Guaranty Ltd.                                                                 | AAA                         |   | 15,224                     |      |                   | — |               |    | 15,224                     |   |               | 9,569     |               |   | — |      |   | 9,569     |   |
| FGIC                                                                                  | NR (2)                      |   | —                    |      |                   | 36,456  |               |    | 36,456                     |   |               | —   |               |   | 24,184  |      |   | 24,184    |   |
| MBIA Insurance Corporation                                                            | BB+                         |   | 15,383                     |      |                   | 13,216  |               |    | 28,599                     |   |               | 14,192    |               |   | 11,104  |      |   | 25,296    |   |
| Total with insurance                                                                  |                        | 30,607 |                       |      | 68,246                 |    |               | 98,853  |                       |   | 23,761             |      |               | 51,962 |    |      | 75,723 |      |
| Uninsured:                                                                            |                        |   |                       |      |                   |    |               |    |                       |   |               |      |               |
|  GNMA                                                                            |                        |   | 260,783                    |      |                   | — |               |    | 260,783                    |   |               | 306,021   |               |   | — |      |   | 306,021   |   |
|  FHLMC                                                                           |                        |   | 284,864                    |      |                   | 2,410   |               |    | 287,274                    |   |               | 251,499   |               |   | 2,751   |      |   | 254,250   |   |
|  FNMA                                                                            |                        |   | 177,834                    |      |                   | 31      |               |    | 177,865                    |   |               | 146,835   |               |   | 41      |      |   | 146,876   |   |
|  Other                                                                           |                        |   | 1,180,190                  |      |                   | 358,522 |               |    | 1,538,712                  |   |               | 1,145,294 |               |   | 78,119  |      |   | 1,223,413 |   |
| Total                                                                                 |                        |   | $                          | 1,934,278 |                   |    | $                  | 429,209 |                       |   | $                  | 2,363,487 |               |   | $       | 1,873,410 |   |      | $      | 132,873 |   |   | $ | 2,006,283 |   |

|     |                                            |
|-----|--------------------------------------------|
| (1) | Rating in effect as of September 30, 2010. |
| (2) | No formal published rating.                |

----

Table of Contents

|                                   |        |                         |           |                        |        |                |        |                  |        |           |        |        |       |   |
|-----------------------------------|--------|-------------------------|-----------|------------------------|--------|----------------|--------|------------------|--------|-----------|--------|--------|-------|---|
| Mortgage Loans by Collateral Type |   |                    |      |                   |   |           |   |             |
|                              |   |                    |      |                   |   |           |   |             |
|                              |   | September 30, 2010 |      | December 31, 2009 |
| Collateral Type                   |   | Carrying Value          |      | Percent of Total       |   | Carrying Value |   | Percent of Total |
|                              |   | (Dollars in thousands)  |
| Retail                            |   | $                       | 445,728   |                   |   | 35.0           | %      |             | $      | 449,159   |   |   | 34.7  | % |
| Industrial                        |   | 388,357                 |      |                   | 30.6   |           |   | 402,239          |   |      | 31.1   |   |
| Office                            |   | 404,622                 |      |                   | 31.9   |           |   | 410,723          |   |      | 31.7   |   |
| Other                             |   | 31,122                  |      |                   | 2.5    |           |   | 31,815           |   |      | 2.5    |   |
| Total                             |   | $                       | 1,269,829 |                   |   | 100.0          | %      |             | $      | 1,293,936 |   |   | 100.0 | % |

|                                                                |        |                         |           |                        |        |                |        |                  |        |           |        |        |       |   |
|----------------------------------------------------------------|--------|-------------------------|-----------|------------------------|--------|----------------|--------|------------------|--------|-----------|--------|--------|-------|---|
| Mortgage Loans by Geographic Location within the United States |   |                    |
|                                                           |   |                    |      |                   |   |           |   |             |
|                                                           |   | September 30, 2010 |      | December 31, 2009 |
| Region of the United States                                    |   | Carrying Value          |      | Percent of Total       |   | Carrying Value |   | Percent of Total |
|                                                           |   | (Dollars in thousands)  |
| South Atlantic                                                 |   | $                       | 334,935   |                   |   | 26.3           | %      |             | $      | 331,441   |   |   | 25.6  | % |
| East North Central                                             |   | 242,155                 |      |                   | 19.1   |           |   | 247,298          |   |      | 19.1   |   |
| Pacific                                                        |   | 237,874                 |      |                   | 18.7   |           |   | 243,966          |   |      | 18.9   |   |
| West North Central                                             |   | 158,505                 |      |                   | 12.5   |           |   | 165,468          |   |      | 12.8   |   |
| Mountain                                                       |   | 118,007                 |      |                   | 9.3    |           |   | 117,267          |   |      | 9.1    |   |
| West South Central                                             |   | 62,458                  |      |                   | 4.9    |           |   | 65,297           |   |      | 5.0    |   |
| Other                                                          |   | 115,895                 |      |                   | 9.2    |           |   | 123,199          |   |      | 9.5    |   |
| Total                                                          |   | $                       | 1,269,829 |                   |   | 100.0          | %      |             | $      | 1,293,936 |   |   | 100.0 | % |

|                                           |                         |           |                        |         |                |        |                  |        |           |        |        |       |   |
|-------------------------------------------|-------------------------|-----------|------------------------|---------|----------------|--------|------------------|--------|-----------|--------|--------|-------|---|
| Mortgage Loans by Loan-to-Value Ratio (1) |                    |      |                   |    |           |   |             |
|                                      |                    |      |                   |    |           |   |             |
|                                      | September 30, 2010 |      | December 31, 2009 |
|                                      |  Carrying Value    |      | Percent of Total       |    | Carrying Value |   | Percent of Total |
|                                      | (Dollars in thousands)  |
| 0% - 50%                                  | $                       | 389,106   |                   |    | 30.6           | %      |             | $      | 378,082   |   |   | 29.2  | % |
| 50% - 60%                                 | 312,696                 |      |                   | 24.6    |           |   | 303,357          |   |      | 23.5   |   |
| 60% - 70%                                 | 437,311                 |      |                   | 34.5    |           |   | 453,170          |   |      | 35.0   |   |
| 70% - 80%                                 | 117,976                 |      |                   | 9.3     |           |   | 130,258          |   |      | 10.1   |   |
| 80% - 90%                                 | 12,740                  |      |                   | 1.0     |           |   | 23,835           |   |      | 1.8    |   |
| 90% - 100%                                | —                 |      |                   | — |           |   | 5,234            |   |      | 0.4    |   |
| Total                                     | $                       | 1,269,829 |                   |    | 100.0          | %      |             | $      | 1,293,936 |   |   | 100.0 | % |

|     |                                    |
|-----|------------------------------------|
| (1) | Loan-to-Value Ratio at origination |

----

Table of Contents

|                                       |                         |           |                        |        |                |        |                  |        |           |        |        |         |   |
|---------------------------------------|-------------------------|-----------|------------------------|--------|----------------|--------|------------------|--------|-----------|--------|--------|---------|---|
| Mortgage Loans by Year of Origination |                    |      |                   |   |           |   |             |
|                                  |                    |      |                   |   |           |   |             |
|                                  | September 30, 2010 |      | December 31, 2009 |
|                                  | Carrying Value          |      | Percent of Total       |   | Carrying Value |   | Percent of Total |
|                                  | (Dollars in thousands)  |
| 2010                                  | $                       | 37,475    |                   |   | 3.0            | %      |             | $      | —   |   |   | — | % |
| 2008                                  | 198,288                 |      |                   | 15.6   |           |   | 201,714          |   |      | 15.6   |   |
| 2007                                  | 273,317                 |      |                   | 21.5   |           |   | 284,327          |   |      | 22.0   |   |
| 2006                                  | 181,289                 |      |                   | 14.3   |           |   | 188,007          |   |      | 14.5   |   |
| 2005 and prior                        | 579,460                 |      |                   | 45.6   |           |   | 619,888          |   |      | 47.9   |   |
| Total                                 | $                       | 1,269,829 |                   |   | 100.0          | %      |             | $      | 1,293,936 |   |   | 100.0   | % |

----

Table of Contents

----

Table of Contents

----

Table of Contents

|                                                             |                                            |           |                                              |           |                          |           |          |        |        |         |                    |        |           |         |        |        |   |            |        |        |        |   |
|-------------------------------------------------------------|--------------------------------------------|-----------|----------------------------------------------|-----------|--------------------------|-----------|----------|--------|--------|---------|--------------------|--------|-----------|---------|--------|--------|---|------------|--------|--------|--------|---|
| Excess of Crediting Rates over Contract Minimums            |
|                                                        |                                       |      |                                         |      |                     |      |     |   |   |    |               |
|                                                        | September 30, 2010                         |
|                                                        | Traditional Annuity Exclusive Distribution |      | Traditional Annuity Independent Distribution |      | Universal Life Insurance |      | Variable |   | Total  |    | % of Account Value |
|                                                        | (Dollars in thousands)                     |      |                                         |
| Discretionary rate setting products with minimum guarantees |                                       |      |                                         |      |                     |      |     |   |   |    |
| Greater than or equal to 1.0%                               | $                                          | 581,860   |                                         |      | $                        | 2,503,507 |     |   | $      | 236,036 |               |   | $         | 233     |   |   | $ | 3,321,636  |   |   | 62.0   | % |
| .90 to .99%                                                 | 391                                        |      |                                         | —   |                     |      | —  |   |   | — |               |   | 391       |    |   | 0.0    | % |
| .80 to .89%                                                 | 15,715                                     |      |                                         | 2,725     |                     |      | —  |   |   | — |               |   | 18,440    |    |   | 0.3    | % |
| .70 to .79%                                                 | 211,480                                    |      |                                         | 2,874     |                     |      | —  |   |   | — |               |   | 214,354   |    |   | 4.0    | % |
| .60 to .69 %                                                | 660                                        |      |                                         | 2,691     |                     |      | 10,394   |   |   | — |               |   | 13,745    |    |   | 0.3    | % |
| .50 to .59 %                                                | 101,949                                    |      |                                         | 786       |                     |      | 12,062   |   |   | — |               |   | 114,797   |    |   | 2.1    | % |
| .40 to .49 %                                                | 123,740                                    |      |                                         | 1,090     |                     |      | —  |   |   | — |               |   | 124,830   |    |   | 2.3    | % |
| .30 to .39 %                                                | 2,133                                      |      |                                         | 120       |                     |      | —  |   |   | — |               |   | 2,253     |    |   | 0.0    | % |
| .20 to .29 %                                                | 375,734                                    |      |                                         | 298       |                     |      | 29,627   |   |   | — |               |   | 405,659   |    |   | 7.6    | % |
| .10 to .19 %                                                | 94,960                                     |      |                                         | 76        |                     |      | —  |   |   | — |               |   | 95,036    |    |   | 1.8    | % |
| .01  to .09 %                                               | 30,635                                     |      |                                         | —   |                     |      | —  |   |   | 10,142  |               |   | 40,777    |    |   | 0.8    | % |
| At guarantee rate                                           | 379,755                                    |      |                                         | 51,354    |                     |      | 339,449  |   |   | 239,128 |               |   | 1,009,686 |    |   | 18.8   | % |
| Total                                                       | 1,919,012                                  |      |                                         | 2,565,521 |                     |      | 627,568  |   |   | 249,503 |               |   | 5,361,604 |    |   | 100.0  | % |
| Other contracts (1)                                         | 599,736                                    |      |                                         | 4,601,520 |                     |      | 3,968    |   |   | 1,141   |               |   | 5,206,365 |    |   |   |
| Total interest sensitive and index products                 | $                                          | 2,518,748 |                                         |      | $                        | 7,167,041 |     |   | $      | 631,536 |               |   | $         | 250,644 |   |   | $ | 10,567,969 |   |   |   |

----

Table of Contents

|                                                  |                        |         |         |         |         |         |         |         |        |   |        |        |      |        |        |   |        |        |   |        |        |
|--------------------------------------------------|------------------------|---------|---------|---------|---------|---------|---------|---------|--------|---|--------|--------|------|--------|--------|---|--------|--------|---|--------|--------|
| Surrenders vs. Average 10-Year U.S Treasury Rate |                   |
|                                             |                   |    |    |    |    |    |    |
|                                             | Q1 2009                | Q2 2009 | Q3 2009 | Q4 2009 | Q1 2010 | Q2 2010 | Q3 2010 |
|                                             | (Dollars in thousands) |
| Surrenders                                       | $                      | 302,121 |    | $       | 352,995 |    | $       | 104,442 |   | $ | 61,171 |   | $    | 38,319 |   | $ | 45,057 |   | $ | 77,717 |   |
| Average 10-year U.S. Treasury Rate               | 2.74                   | %       | 3.32    | %       | 3.52    | %       | 3.46    | %       | 3.72   | % | 3.49   | %      | 2.78 | %      |

|                                      |                                         |            |                     |        |        |         |        |         |         |        |        |         |        |        |         |        |   |         |        |   |         |        |
|--------------------------------------|-----------------------------------------|------------|---------------------|--------|--------|---------|--------|---------|---------|--------|--------|---------|--------|--------|---------|--------|---|---------|--------|---|---------|--------|
| Expected Cash Flows from Investments |                                    |
|                                 |                                    |       |                |   |   |    |   |    |
|                                 | September 30, 2010                      |
|                                 |  Amortized Cost September 30, 2010 |       | Fourth Quarter 2010 | 2011   | 2012   | 2013    | 2014   | 2015    |
|                                 | (Dollars in thousands)                  |
| Fixed maturity securities            | $                                       | 10,850,431 |                |   | $      | 158,206 |   | $       | 446,287 |   | $      | 687,146 |   | $      | 736,673 |   | $ | 759,346 |   | $ | 803,385 |   |
| Mortgage loans on real estate        | 1,269,829                               |       |                | 33,222 |   | 74,467  |   | 112,274 |    | 92,283 |   | 86,306  |   | 90,044 |    |
| Total                                | $                                       | 12,120,260 |                |   | $      | 191,428 |   | $       | 520,754 |   | $      | 799,420 |   | $      | 828,956 |   | $ | 845,652 |   | $ | 893,429 |   |

----

Table of Contents

|         |        |                                                                                                                                        |
|---------|--------|----------------------------------------------------------------------------------------------------------------------------------------|
| 10.4(a) |   | Forbearance letter agreement between FBL Financial Group, Inc. and Iowa Farm Bureau Federation.                                        |
|    |   |                                                                                                                                   |
| 10.33   |   | Termination Agreement and Release of All Claims, by and between Bruce A. Trost and FBL Financial Group, Inc. signed July 23, 2010.*    |
|    |   |                                                                                                                                   |
| 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                                                                   |

----

Table of Contents

|        |                            |                                                                      |
|--------|----------------------------|----------------------------------------------------------------------|
|   | 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) |