# EDGAR Filing Document

**Accession Number:** 0000811713
**File Stem:** 0001104659-26-052652
**Filing Date:** 2026-4
**Character Count:** 300135
**Document Hash:** 785a0f3ac6d33e9c2360df408dbd105f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-052652.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001104659-26-052652

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FARM BUREAU LIFE VARIABLE ACCOUNT
- **CENTRAL INDEX KEY:** 0000811713

**ORGANIZATION NAME:**
- **EIN:** 421361574
- **STATE OF INCORPORATION:** IA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05068
- **FILM NUMBER:** 26923253

**BUSINESS ADDRESS:**
- **STREET 1:** 5400 UNIVERSITY AVE
- **CITY:** WEST DES MOINES
- **STATE:** IA
- **ZIP:** 50266
- **BUSINESS PHONE:** 5152266028

**MAIL ADDRESS:**
- **STREET 1:** 5400 UNIVERSITY AVENUE
- **CITY:** WEST DES MOINES
- **STATE:** IA
- **ZIP:** 50266-5997

## Series and Classes Contracts Data

### FARM BUREAU LIFE VARIABLE ACCOUNT (Series ID: S000008554)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000023470 | Nonparticipating Flexible Premium Variable Life Insurance Policy |  |
| C000031367 | Flexible Premium Variable Life Insurance Policy                  |  |

**Report of Independent Registered Public Accounting Firm**

The Board of Directors and Contract Owners of

Farm Bureau Life Variable Account

Farm Bureau Life Insurance Company

***Opinion on the Financial Statements***

We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the Appendix that comprise Farm Bureau Life Variable Account (the Accounts) as of December 31, 2025, and the related statements of operations for the year then ended, and the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Accounts as of December 31, 2025, and the results of their operations for the year then ended and changes in net assets for each of the years in the two-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Accounts' management. Our responsibility is to express an opinion on the Accounts' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Accounts in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Forvis Mazars LLP

We have served as the Accounts' auditor since 2024.

**West Des Moines, Iowa**

**April 30, 2026**

***Appendix***

Subaccounts comprising Farm Bureau Life Variable Account

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subaccounts** |  |
| &nbsp;&nbsp;**Product A, B & C** | &nbsp;&nbsp;**Product D** |
| &nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares | &nbsp;&nbsp;CVT EAFE International Index Portfolio - Class F |
| &nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio - Initial Shares | &nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio |
| &nbsp;&nbsp;BNY Mellon VIF Growth & Income Portfolio - Initial Shares | &nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio - Class F |
| &nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio - Initial Shares | &nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio - Class F |
| &nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio | &nbsp;&nbsp;Columbia VP Overseas Core Fund - Class 1 |
| &nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio | &nbsp;&nbsp;Columbia VP Select Mid Cap Value Fund - Class 1 |
| &nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio | &nbsp;&nbsp;Columbia VP Small Cap Value Fund - Class 2 |
| &nbsp;&nbsp;Federated Hermes Government Money Fund II - Service Shares | &nbsp;&nbsp;Columbia VP Small Company Growth Fund - Class 2 |
| &nbsp;&nbsp;Federated Hermes Managed Volatility Fund II - Primary Shares | &nbsp;&nbsp;DWS Global Small Cap VIP - Class A |
| &nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares | &nbsp;&nbsp;DWS International Opportunities VIP - Class A |
| &nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Initial Class | &nbsp;&nbsp;Federated Hermes Government Money Fund II - Service Shares |
| &nbsp;&nbsp;Fidelity® VIP Growth & Income Portfolio - Initial Class | &nbsp;&nbsp;Federated Hermes Managed Volatility Fund II - Primary Shares |
| &nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Initial Class | &nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares |
| &nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2 | &nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Service Class 2 |
| &nbsp;&nbsp;Fidelity® VIP Index 500 Portfolio - Initial Class | &nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Service Class 2 |
| &nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2 | &nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2 |
| &nbsp;&nbsp;Fidelity® VIP Overseas Portfolio - Initial Class | &nbsp;&nbsp;Fidelity® VIP Index 500 Portfolio - Service Class 2 |
| &nbsp;&nbsp;Franklin Global Real Estate VIP Fund - Class 2 | &nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2 |
| &nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2 | &nbsp;&nbsp;Fidelity® VIP Real Estate Portfolio - Service Class 2 |
| &nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2 | &nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2 |
| &nbsp;&nbsp;Franklin Small-Mid Cap Growth VIP Fund - Class 2 | &nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2 |
| &nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2 | &nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2 |
| &nbsp;&nbsp;Templeton Growth VIP Fund - Class 2 | &nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2 |
| &nbsp;&nbsp;LVIP American Century Capital Appreciation Fund – Standard II | &nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund - Service |
| &nbsp;&nbsp;LVIP American Century Inflation Protection Fund – Standard II | &nbsp;&nbsp;T. Rowe Price All-Cap Opportunities Portfolio |
| &nbsp;&nbsp;LVIP American Century Mid Cap Value Fund – Standard II | &nbsp;&nbsp;T. Rowe Price Equity Income Portfolio |
| &nbsp;&nbsp;LVIP American Century Ultra Fund – Standard II | &nbsp;&nbsp;T. Rowe Price Moderate Allocation Portfolio |
| &nbsp;&nbsp;LVIP American Century Value Fund – Standard II | &nbsp;&nbsp;T. Rowe Price International Stock Portfolio |
| &nbsp;&nbsp;LVIP JPMorgan Mid Cap Value Fund - Standard |  |
| &nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund - Standard |  |
| &nbsp;&nbsp;T. Rowe Price All-Cap Opportunities Portfolio |  |
| &nbsp;&nbsp;T. Rowe Price Equity Income Portfolio |  |
| &nbsp;&nbsp;T. Rowe Price Mid-Cap Growth Portfolio |  |
| &nbsp;&nbsp;T. Rowe Price Moderate Allocation Portfolio |  |
| &nbsp;&nbsp;T. Rowe Price International Stock Portfolio |  |

---

**Farm Bureau Life Variable Account<br> Statements of Assets and Liabilities <br> December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Net assets** | **Net assets** | **Investments in mutual funds** | **Investments in mutual funds** | |
| <br>**Subaccount** |<br>**Investments in shares of mutual funds, at fair value** | **Accumulation units** | **Total net assets** | **Cost** | **Shares owned** |<br>**Accumulation units outstanding** |
| **Product A, B & C** |  |  |  |  |  |  |
| BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares | $398900 | $398900 | $398900 | $282471 | 6983.55 | 7296.39 |
| BNY Mellon VIF Appreciation Portfolio - Initial Shares | 4554394 | 4554394 | 4554394 | 4755688 | 135265.65 | 75698.37 |
| BNY Mellon VIF Growth & Income Portfolio - Initial Shares | 1831482 | 1831482 | 1831482 | 1427024 | 46040.26 | 25883.89 |
| BNY Mellon VIF Small Cap Portfolio - Initial Shares | 1513123 | 1513123 | 1513123 | 1410099 | 31523.39 | 43780.10 |
| CVT NASDAQ-100 Index Portfolio | 8060990 | 8060990 | 8060990 | 3527738 | 40716.18 | 42748.49 |
| CVT Russell 2000® Small Cap Index Portfolio | 3651206 | 3651206 | 3651206 | 3144936 | 40291.39 | 64219.53 |
| CVT S&P MidCap 400 Index Portfolio | 4804114 | 4804114 | 4804114 | 4101411 | 37700.02 | 64263.26 |
| Federated Hermes Government Money Fund II - Service Shares | 1741064 | 1741064 | 1741064 | 1741064 | 1741063.86 | 166896.85 |
| Federated Hermes Managed Volatility Fund II - Primary Shares | 83670835 | 83670835 | 83670835 | 82009151 | 8045272.59 | 3694821.03 |
| Federated Hermes Quality Bond Fund II - Primary Shares | 16092093 | 16092093 | 16092093 | 16503465 | 1520991.76 | 1205739.50 |
| Fidelity® VIP Contrafund® Portfolio - Initial Class | 47983954 | 47983954 | 47983954 | 34492486 | 801201.43 | 472212.18 |
| Fidelity® VIP Growth & Income Portfolio - Initial Class | 12017251 | 12017251 | 12017251 | 8158637 | 360337.36 | 210192.10 |
| Fidelity® VIP Growth Portfolio - Initial Class | 49962770 | 49962770 | 49962770 | 42719317 | 511285.00 | 639664.88 |
| Fidelity® VIP High Income Portfolio - Service Class 2 | 4210366 | 4210366 | 4210366 | 4448253 | 913311.43 | 121130.91 |
| Fidelity® VIP Index 500 Portfolio - Initial Class | 33326255 | 33326255 | 33326255 | 11314881 | 50484.38 | 528411.55 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 8956361 | 8956361 | 8956361 | 8644198 | 254659.11 | 105883.82 |
| Fidelity® VIP Overseas Portfolio - Initial Class | 5024291 | 5024291 | 5024291 | 3875505 | 182568.71 | 164754.61 |
| Franklin Global Real Estate VIP Fund - Class 2 | 2240142 | 2240142 | 2240142 | 2412096 | 171526.95 | 93920.94 |
| Franklin Mutual Shares VIP Fund - Class 2 | 3985971 | 3985971 | 3985971 | 4020461 | 247575.82 | 104256.64 |
| Franklin Small Cap Value VIP Fund - Class 2 | 3393799 | 3393799 | 3393799 | 3298560 | 244686.30 | 45406.81 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 2 | 3298652 | 3298652 | 3298652 | 3420431 | 230513.79 | 64481.84 |
| Franklin U.S. Government Securities VIP Fund - Class 2 | 4006492 | 4006492 | 4006492 | 4426373 | 381570.70 | 265535.87 |
| Templeton Growth VIP Fund - Class 2 | 1612056 | 1612056 | 1612056 | 1334437 | 113926.23 | 49654.30 |
| LVIP American Century Capital Appreciation Fund – Standard II | 2320509 | 2320509 | 2320509 | 2225328 | 153067.85 | 37046.09 |
| LVIP American Century Inflation Protection Fund – Standard II | 153555 | 153555 | 153555 | 169321 | 17010.65 | 9523.47 |
| LVIP American Century Mid Cap Value Fund – Standard II | 343956 | 343956 | 343956 | 355852 | 17776.43 | 7382.94 |
| LVIP American Century Ultra Fund – Standard II | 3130932 | 3130932 | 3130932 | 2171077 | 99407.29 | 33003.48 |
| LVIP American Century Value Fund – Standard II | 2758556 | 2758556 | 2758556 | 2387806 | 213527.02 | 69700.21 |
| LVIP JPMorgan Mid Cap Value Fund - Standard | 5814335 | 5814335 | 5814335 | 6479127 | 645176.97 | 74383.44 |
| LVIP JPMorgan Small Cap Core Fund - Standard | 2073158 | 2073158 | 2073158 | 1944938 | 94466.33 | 36303.51 |
| T. Rowe Price All-Cap Opportunities Portfolio | 15576154 | 15576154 | 15576154 | 13217422 | 392742.15 | 175302.31 |
| T. Rowe Price Equity Income Portfolio | 8486561 | 8486561 | 8486561 | 8107295 | 293551.04 | 167676.90 |
| T. Rowe Price Mid-Cap Growth Portfolio | 16278457 | 16278457 | 16278457 | 17341830 | 621315.16 | 167126.63 |
| T. Rowe Price Moderate Allocation Portfolio | 10462360 | 10462360 | 10462360 | 9603365 | 466444.92 | 235145.97 |
| T. Rowe Price International Stock Portfolio | 6769199 | 6769199 | 6769199 | 6383900 | 425735.76 | 273168.15 |

---

 

*See accompanying notes, including note 6 which includes per unit information.*

**Farm Bureau Life Variable Account<br> Statements of Assets and Liabilities (continued) <br> December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Net assets** | **Net assets** | **Investments in mutual funds** | **Investments in mutual funds** | |
| <br>**Subaccount** |<br>**Investments in shares of mutual funds, at fair value** | **Accumulation units** | **Total net assets** | **Cost** | **Shares owned** |<br>**Accumulation units outstanding** |
| **Product D** |  |  |  |  |  |  |
| CVT EAFE International Index Portfolio - Class F | $33767 | $33767 | $33767 | $25312 | 279.18 | 1517.76 |
| CVT NASDAQ-100 Index Portfolio | 458062 | 458062 | 458062 | 226744 | 2313.68 | 3017.81 |
| CVT Russell 2000® Small Cap Index Portfolio - Class F | 120176 | 120176 | 120176 | 106942 | 1348.62 | 3071.55 |
| CVT S&P MidCap 400 Index Portfolio - Class F | 1218269 | 1218269 | 1218269 | 1086022 | 9626.78 | 24691.09 |
| Columbia VP Overseas Core Fund - Class 1 | 14722 | 14722 | 14722 | 10589 | 822.93 | 554.20 |
| Columbia VP Select Mid Cap Value Fund - Class 1 | 119844 | 119844 | 119844 | 65718 | 2531.55 | 2581.35 |
| Columbia VP Small Cap Value Fund - Class 2 | 753618 | 753618 | 753618 | 724712 | 60580.19 | 16519.44 |
| Columbia VP Small Company Growth Fund - Class 2 | 10189 | 10189 | 10189 | 12464 | 790.43 | 164.58 |
| DWS Global Small Cap VIP - Class A | 22847 | 22847 | 22847 | 19929 | 1974.64 | 766.96 |
| DWS International Opportunities VIP - Class A | 38117 | 38117 | 38117 | 29791 | 1983.20 | 1539.35 |
| Federated Hermes Government Money Fund II - Service Shares | 71200 | 71200 | 71200 | 71200 | 71199.61 | 5994.31 |
| Federated Hermes Managed Volatility Fund II - Primary Shares | 361167 | 361167 | 361167 | 340589 | 34727.55 | 14013.02 |
| Federated Hermes Quality Bond Fund II - Primary Shares | 1111723 | 1111723 | 1111723 | 1120144 | 105077.82 | 73173.78 |
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 | 2587594 | 2587594 | 2587594 | 2016168 | 45508.16 | 33359.18 |
| Fidelity® VIP Growth Portfolio - Service Class 2 | 1635502 | 1635502 | 1635502 | 1524759 | 17608.77 | 18057.64 |
| Fidelity® VIP High Income Portfolio - Service Class 2 | 638441 | 638441 | 638441 | 669664 | 138490.56 | 25469.61 |
| Fidelity® VIP Index 500 Portfolio - Service Class 2 | 337566 | 337566 | 337566 | 196356 | 519.16 | 4750.89 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 947603 | 947603 | 947603 | 919496 | 26943.51 | 20779.58 |
| Fidelity® VIP Real Estate Portfolio - Service Class 2 | 546407 | 546407 | 546407 | 545659 | 31366.66 | 20171.36 |
| Franklin Mutual Shares VIP Fund - Class 2 | 1800631 | 1800631 | 1800631 | 1784202 | 111840.42 | 57674.92 |
| Franklin Small Cap Value VIP Fund - Class 2 | 129645 | 129645 | 129645 | 122345 | 9347.14 | 3035.32 |
| Franklin U.S. Government Securities VIP Fund - Class 2 | 1026506 | 1026506 | 1026506 | 1106488 | 97762.44 | 72620.23 |
| Templeton Global Bond VIP Fund - Class 2 | 489873 | 489873 | 489873 | 524203 | 37196.10 | 31487.19 |
| LVIP JPMorgan Small Cap Core Fund - Service | 90671 | 90671 | 90671 | 86804 | 4195.79 | 2053.99 |
| T. Rowe Price All-Cap Opportunities Portfolio | 297005 | 297005 | 297005 | 265113 | 7488.78 | 2775.68 |
| T. Rowe Price Equity Income Portfolio | 831247 | 831247 | 831247 | 795573 | 28752.91 | 18758.87 |
| T. Rowe Price Moderate Allocation Portfolio | 38058 | 38058 | 38058 | 35591 | 1696.75 | 1100.43 |
| T. Rowe Price International Stock Portfolio | 1812836 | 1812836 | 1812836 | 1720593 | 114014.84 | 75316.66 |

---

 

*See accompanying notes, including note 6 which includes per unit information.*

**Farm Bureau Life Variable Account<br> Statements of Operations <br> Year Ended December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Income** | **Expenses** | | **Realized gain (loss) on <br> investments** | **Realized gain (loss) on <br> investments** | | | |
| <br>**Subaccount** | **Dividends** | **Mortality and<br> expense risk** |<br>**Net investment<br> income (loss)** | **Realized gain<br> (loss) on sale<br> of fund shares** | **Realized gain<br> distributions** |<br>**Net realized<br> gain (loss) on<br> investments** |<br>**Change in<br> unrealized<br> appreciation/<br> depreciation of<br> investments** |<br>**Net increase in<br> net assets from<br> operations** |
| **Product A, B & C** |  |  |  |  |  |  |  |  |
| BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares | $247 | $(3682) | $(3435) | $35020 | $35471 | $70491 | $(9267) | $57789 |
| BNY Mellon VIF Appreciation Portfolio - Initial Shares | 16150 | (39581) | (23431) | (42842) | 661197 | 618355 | (207641) | 387283 |
| BNY Mellon VIF Growth & Income Portfolio - Initial Shares | 7737 | (15269) | (7532) | 40999 | 133030 | 174029 | 89375 | 255872 |
| BNY Mellon VIF Small Cap Portfolio - Initial Shares | 9557 | (12897) | (3340) | (5469) |  | (5469) | 149276 | 140467 |
| CVT NASDAQ-100 Index Portfolio | 20735 | (66365) | (45630) | 437857 | 121683 | 559540 | 825986 | 1339896 |
| CVT Russell 2000® Small Cap Index Portfolio | 53695 | (30648) | 23047 | 29776 | 174697 | 204473 | 162579 | 390099 |
| CVT S&P MidCap 400 Index Portfolio | 50675 | (41502) | 9173 | 85503 | 305074 | 390577 | (116664) | 283086 |
| Federated Hermes Government Money Fund II - Service Shares | 64399 | (15734) | 48665 |  |  |  |  | 48665 |
| Federated Hermes Managed Volatility Fund II - Primary Shares | 2374685 | (733741) | 1640944 | (822041) | 1448709 | 626668 | 2563551 | 4831163 |
| Federated Hermes Quality Bond Fund II - Primary Shares | 533553 | (143758) | 389795 | (110509) |  | (110509) | 675115 | 954401 |
| Fidelity® VIP Contrafund® Portfolio - Initial Class | 62741 | (398784) | (336043) | 1839920 | 7178102 | 9018022 | (296245) | 8385734 |
| Fidelity® VIP Growth & Income Portfolio - Initial Class | 173158 | (100157) | 73001 | 518490 | 1047383 | 1565873 | 454978 | 2093852 |
| Fidelity® VIP Growth Portfolio - Initial Class | 137764 | (421751) | (283987) | 1914537 | 6116180 | 8030717 | (1566261) | 6180469 |
| Fidelity® VIP High Income Portfolio - Service Class 2 | 273483 | (36867) | 236616 | (31275) |  | (31275) | 163556 | 368897 |
| Fidelity® VIP Index 500 Portfolio - Initial Class | 357108 | (275449) | 81659 | 1472708 | 158196 | 1630904 | 3143104 | 4855667 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 20993 | (75837) | (54844) | 16928 | 1010753 | 1027681 | (105024) | 867813 |
| Fidelity® VIP Overseas Portfolio - Initial Class | 78105 | (43796) | 34309 | 144786 | 434403 | 579189 | 223010 | 836508 |
| Franklin Global Real Estate VIP Fund - Class 2 | 30699 | (19650) | 11049 | (15137) |  | (15137) | 151079 | 146991 |
| Franklin Mutual Shares VIP Fund - Class 2 | 78605 | (34508) | 44097 | (46332) | 387287 | 340955 | 3790 | 388842 |
| Franklin Small Cap Value VIP Fund - Class 2 | 36038 | (29535) | 6503 | (86776) | 281062 | 194286 | 14722 | 215511 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 2 |  | (30221) | (30221) | (29483) | 190809 | 161326 | (74393) | 56712 |
| Franklin U.S. Government Securities VIP Fund - Class 2 | 131037 | (35609) | 95428 | (52997) |  | (52997) | 179434 | 221865 |
| Templeton Growth VIP Fund - Class 2 | 13111 | (13272) | (161) | (11232) | 112558 | 101326 | 204084 | 305249 |
| LVIP American Century Capital Appreciation Fund – Standard II |  | (20682) | (20682) | 29734 | 375062 | 404796 | (255023) | 129091 |
| LVIP American Century Inflation Protection Fund – Standard II | 12005 | (1328) | 10677 | (486) |  | (486) | (2176) | 8015 |
| LVIP American Century Mid Cap Value Fund – Standard II | 6429 | (3002) | 3427 | 2334 | 27328 | 29662 | (7029) | 26060 |
| LVIP American Century Ultra Fund – Standard II |  | (26893) | (26893) | 171756 | 256993 | 428749 | (58405) | 343451 |
| LVIP American Century Value Fund – Standard II | 42777 | (23327) | 19450 | 39117 | 203406 | 242523 | 104654 | 366627 |
| LVIP JPMorgan Mid Cap Value Fund - Standard | 64715 | (52353) | 12362 | (44659) | 623319 | 578660 | (371445) | 219577 |
| LVIP JPMorgan Small Cap Core Fund - Standard | 12281 | (17001) | (4720) | (5801) | 156785 | 150984 | 27745 | 174009 |
| T. Rowe Price All-Cap Opportunities Portfolio |  | (131257) | (131257) | 360859 | 1708225 | 2069084 | 164907 | 2102734 |

---

 

*See accompanying notes.*

**Farm Bureau Life Variable Account<br> Statements of Operations (continued)<br> Year Ended December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Income** | **Expenses** | | **Realized gain (loss) on <br> investments** | **Realized gain (loss) on <br> investments** | | | |
| <br>**Subaccount** | **Dividends** | **Mortality and<br> expense risk** |<br>**Net investment<br> income (loss)** | **Realized gain<br> (loss) on sale<br> of fund shares** | **Realized gain<br> distributions** |<br>**Net realized<br> gain (loss) on<br> investments** |<br>**Change in<br> unrealized<br> appreciation/<br> depreciation of<br> investments** |<br>**Net increase in<br> net assets from<br> operations** |
| T. Rowe Price Equity Income Portfolio | $134648 | $(73288) | $61360 | $69499 | $806306 | $875805 | $94464 | $1031629 |
| T. Rowe Price Mid-Cap Growth Portfolio |  | (144429) | (144429) | 46877 | 2059703 | 2106580 | (1546100) | 416051 |
| T. Rowe Price Moderate Allocation Portfolio | 226791 | (89520) | 137271 | 64070 | 446494 | 510564 | 625285 | 1273120 |
| T. Rowe Price International Stock Portfolio | 126796 | (58202) | 68594 | 10841 | 556900 | 567741 | 385729 | 1022064 |
| **Product D** |  |  |  |  |  |  |  |  |
| CVT EAFE International Index Portfolio - Class F | $776 | $- | $776 | $2439 | $- | $2439 | $5465 | $8680 |
| CVT NASDAQ-100 Index Portfolio | 1153 |  | 1153 | 13298 | 6765 | 20063 | 57200 | 78416 |
| CVT Russell 2000® Small Cap Index Portfolio - Class F | 1766 |  | 1766 | 830 | 5747 | 6577 | 4294 | 12637 |
| CVT S&P MidCap 400 Index Portfolio - Class F | 12915 |  | 12915 | 6085 | 77752 | 83837 | (16970) | 79782 |
| Columbia VP Overseas Core Fund - Class 1 | 232 |  | 232 | 122 |  | 122 | 3589 | 3943 |
| Columbia VP Select Mid Cap Value Fund - Class 1 |  |  |  | 7701 |  | 7701 | 7189 | 14890 |
| Columbia VP Small Cap Value Fund - Class 2 | 6657 |  | 6657 | (7543) | 114633 | 107090 | (16219) | 97528 |
| Columbia VP Small Company Growth Fund - Class 2 |  |  |  | (357) | 1320 | 963 | 849 | 1812 |
| DWS Global Small Cap VIP - Class A | 224 |  | 224 | (175) | 1105 | 930 | 2634 | 3788 |
| DWS International Opportunities VIP - Class A | 316 |  | 316 | 1022 |  | 1022 | 4690 | 6028 |
| Federated Hermes Government Money Fund II - Service Shares | 2470 |  | 2470 |  |  |  |  | 2470 |
| Federated Hermes Managed Volatility Fund II - Primary Shares | 9777 |  | 9777 | (453) | 5965 | 5512 | 7555 | 22844 |
| Federated Hermes Quality Bond Fund II - Primary Shares | 35426 |  | 35426 | (3797) |  | (3797) | 42255 | 73884 |
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 |  |  |  | 94162 | 404051 | 498213 | (28237) | 469976 |
| Fidelity® VIP Growth Portfolio - Service Class 2 | 779 |  | 779 | 34621 | 209250 | 243871 | (33216) | 211434 |
| Fidelity® VIP High Income Portfolio - Service Class 2 | 41261 |  | 41261 | (4495) |  | (4495) | 24007 | 60773 |
| Fidelity® VIP Index 500 Portfolio - Service Class 2 | 2977 |  | 2977 | 37125 | 1758 | 38883 | 8857 | 50717 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 2211 |  | 2211 | 582 | 104477 | 105059 | (9023) | 98247 |
| Fidelity® VIP Real Estate Portfolio - Service Class 2 | 10522 |  | 10522 | (2284) | 246 | (2038) | 7430 | 15914 |
| Franklin Mutual Shares VIP Fund - Class 2 | 35148 |  | 35148 | (17771) | 173176 | 155405 | (2653) | 187900 |
| Franklin Small Cap Value VIP Fund - Class 2 | 1282 |  | 1282 | (7048) | 9996 | 2948 | 4853 | 9083 |
| Franklin U.S. Government Securities VIP Fund - Class 2 | 32677 |  | 32677 | (8010) |  | (8010) | 39814 | 64481 |
| Templeton Global Bond VIP Fund - Class 2 |  |  |  | (9279) |  | (9279) | 75887 | 66608 |
| LVIP JPMorgan Small Cap Core Fund - Service | 370 |  | 370 | (340) | 7006 | 6666 | 1244 | 8280 |
| T. Rowe Price All-Cap Opportunities Portfolio |  |  |  | 4447 | 32568 | 37015 | 5303 | 42318 |
| T. Rowe Price Equity Income Portfolio | 12837 |  | 12837 | 3977 | 78889 | 82866 | 9953 | 105656 |

---

 

*See accompanying notes.*

**Farm Bureau Life Variable Account<br> Statements of Operations (continued)<br> Year Ended December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Income** | **Expenses** | | **Realized gain (loss) on <br> investments** | **Realized gain (loss) on <br> investments** | | | |
| <br>**Subaccount** | **Dividends** | **Mortality and<br> expense risk** |<br>**Net investment<br> income (loss)** | **Realized gain<br> (loss) on sale<br> of fund shares** | **Realized gain<br> distributions** |<br>**Net realized<br> gain (loss) on<br> investments** |<br>**Change in<br> unrealized<br> appreciation/<br> depreciation of<br> investments** |<br>**Net increase in<br> net assets from<br> operations** |
| T. Rowe Price Moderate Allocation Portfolio | $826 | $- | $826 | $(156) | $1618 | $1462 | $2155 | $4443 |
| T. Rowe Price International Stock Portfolio | 33867 |  | 33867 | (2118) | 148745 | 146627 | 103667 | 284161 |

---

 

*See accompanying notes .*

**Farm Bureau Life Variable Account <br> Statements of Changes in Net Assets <br> For the Year Ended December 31, 2025**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | | | |
| <br>**Subaccount** |<br>**Net Assets at December 31, <br> 2024** | **Net <br> investment income <br> (loss)** | **Net realized gain (loss) on investments** | **Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase in net assets <br> from operations** | **Transfers <br> of net premiums** | **Transfers of surrenders <br> and death <br> benefits** | **Transfers<br> of policy <br> loans** | **Transfers of cost of insurance and other charges** | **Transfers between subaccounts, including Declared Interest Option account** |<br>**Net increase (decrease) in net assets <br> from <br> contract transactions** |<br>**Total<br> increase (decrease) in net assets** |<br>**Net Assets at December 31, <br> 2025** |
| **Product A, B & C** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares | $418023 | $(3435) | $70491 | $(9267) | $57789 | $12677 | $(75402) | $(39) | $(14149) | $1 | $(76912) | $(19123) | $398900 |
| BNY Mellon VIF Appreciation Portfolio - Initial Shares | 4400377 | (23431) | 618355 | (207641) | 387283 | 192760 | (143189) | (83905) | (186674) | (12258) | (233266) | 154017 | 4554394 |
| BNY Mellon VIF Growth & Income Portfolio - Initial Shares | 1646981 | (7532) | 174029 | 89375 | 255872 | 47267 | (92333) | (4808) | (43212) | 21715 | (71371) | 184501 | 1831482 |
| BNY Mellon VIF Small Cap Portfolio - Initial Shares | 1442467 | (3340) | (5469) | 149276 | 140467 | 63176 | (49770) | (14626) | (50592) | (17999) | (69811) | 70656 | 1513123 |
| CVT NASDAQ-100 Index Portfolio | 7015489 | (45630) | 559540 | 825986 | 1339896 | 143687 | (243182) | (128485) | (190091) | 123676 | (294395) | 1045501 | 8060990 |
| CVT Russell 2000® Small Cap Index Portfolio | 3428469 | 23047 | 204473 | 162579 | 390099 | 163818 | (118434) | (91913) | (126458) | 5625 | (167362) | 222737 | 3651206 |
| CVT S&P MidCap 400 Index Portfolio | 4684207 | 9173 | 390577 | (116664) | 283086 | 175837 | (119746) | (15901) | (177563) | (25806) | (163179) | 119907 | 4804114 |
| Federated Hermes Government Money Fund II - Service Shares | 1749089 | 48665 |  |  | 48665 | 156127 | (89229) | (10522) | (108725) | (4341) | (56690) | (8025) | 1741064 |
| Federated Hermes Managed Volatility Fund II - Primary Shares | 83791017 | 1640944 | 626668 | 2563551 | 4831163 | 5161330 | (3298471) | (336288) | (6154050) | (323866) | (4951345) | (120182) | 83670835 |
| Federated Hermes Quality Bond Fund II - Primary Shares | 15940353 | 389795 | (110509) | 675115 | 954401 | 1152638 | (697094) | (100189) | (1090652) | (67364) | (802661) | 151740 | 16092093 |
| Fidelity® VIP Contrafund® Portfolio - Initial Class | 42507862 | (336043) | 9018022 | (296245) | 8385734 | 1135526 | (1858601) | (437260) | (1568627) | (180680) | (2909642) | 5476092 | 47983954 |
| Fidelity® VIP Growth & Income Portfolio - Initial Class | 10591622 | 73001 | 1565873 | 454978 | 2093852 | 302905 | (504232) | (44003) | (361867) | (61026) | (668223) | 1425629 | 12017251 |

---

 

*See accompanying notes.*

**Farm Bureau Life Variable Account <br> Statements of Changes in Net Assets (continued) <br> For the Year Ended December 31, 2025**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | | | |
| <br>**Subaccount** |<br>**Net Assets at December 31, <br> 2024** | **Net <br> investment income <br> (loss)** | **Net realized gain (loss) on investments** | **Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase in net assets <br> from operations** | **Transfers <br> of net premiums** | **Transfers of surrenders <br> and death <br> benefits** | **Transfers<br> of policy <br> loans** | **Transfers of cost of insurance and other charges** | **Transfers between subaccounts, including Declared Interest Option account** |<br>**Net increase (decrease) in net assets <br> from <br> contract transactions** |<br>**Total<br> increase (decrease) in net assets** |<br>**Net Assets at December 31, <br> 2025** |
| Fidelity® VIP Growth Portfolio - Initial Class | $46402668 | $(283987) | $8030717 | $(1566261) | $6180469 | $862676 | $(1541262) | $(229256) | $(1326924) | $(385601) | $(2620367) | $3560102 | $49962770 |
| Fidelity® VIP High Income Portfolio - Service Class 2 | 4026493 | 236616 | (31275) | 163556 | 368897 | 242296 | (128319) | (130549) | (191808) | 23356 | (185024) | 183873 | 4210366 |
| Fidelity® VIP Index 500 Portfolio - Initial Class | 29708458 | 81659 | 1630904 | 3143104 | 4855667 | 783020 | (937836) | (213243) | (966007) | 96196 | (1237870) | 3617797 | 33326255 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 8538026 | (54844) | 1027681 | (105024) | 867813 | 328758 | (308926) | (138114) | (338647) | 7451 | (449478) | 418335 | 8956361 |
| Fidelity® VIP Overseas Portfolio - Initial Class | 4404114 | 34309 | 579189 | 223010 | 836508 | 209472 | (147170) | (61341) | (186110) | (31182) | (216331) | 620177 | 5024291 |
| Franklin Global Real Estate VIP Fund - Class 2 | 2124303 | 11049 | (15137) | 151079 | 146991 | 165726 | (68785) | (9716) | (109763) | (8614) | (31152) | 115839 | 2240142 |
| Franklin Mutual Shares VIP Fund - Class 2  | 3813266 | 44097 | 340955 | 3790 | 388842 | 194929 | (151593) | (68793) | (184657) | (6023) | (216137) | 172705 | 3985971 |
| Franklin Small Cap Value VIP Fund - Class 2 | 3408205 | 6503 | 194286 | 14722 | 215511 | 140261 | (180035) | (35035) | (149040) | (6068) | (229917) | (14406) | 3393799 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 2 | 3408576 | (30221) | 161326 | (74393) | 56712 | 151858 | (121144) | (54260) | (133439) | (9651) | (166636) | (109924) | 3298652 |
| Franklin U.S. Government Securities VIP Fund - Class 2 | 3914436 | 95428 | (52997) | 179434 | 221865 | 290921 | (121005) | (56065) | (214722) | (28938) | (129809) | 92056 | 4006492 |
| Templeton Growth VIP Fund - Class 2<br>| 1364286 | (161) | 101326 | 204084 | 305249 | 88331 | (64119) | (6961) | (56195) | (18535) | (57479) | 247770 | 1612056 |
| LVIP American Century Capital Appreciation Fund – Standard II | 2272954 | (20682) | 404796 | (255023) | 129091 | 83260 | (77969) | (8255) | (78988) | 416 | (81536) | 47555 | 2320509 |
| LVIP American Century Inflation Protection Fund – Standard II | 139726 | 10677 | (486) | (2176) | 8015 | 16743 | (510) |  | (10454) | 35 | 5814 | 13829 | 153555 |
| LVIP American Century Mid Cap Value Fund – Standard II | 330852 | 3427 | 29662 | (7029) | 26060 | 20665 | (17082) |  | (19655) | 3116 | (12956) | 13104 | 343956 |
| LVIP American Century Ultra Fund – Standard II | 3047147 | (26893) | 428749 | (58405) | 343451 | 68851 | (181137) | (69633) | (81052) | 3305 | (259666) | 83785 | 3130932 |

---

 

*See accompanying notes .*

**Farm Bureau Life Variable Account <br> Statements of Changes in Net Assets (continued) <br> For the Year Ended December 31, 2025**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | | | |
| <br>**Subaccount** |<br>**Net Assets at December 31, <br> 2024** | **Net <br> investment income <br> (loss)** | **Net realized gain (loss) on investments** | **Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase in net assets <br> from operations** | **Transfers <br> of net premiums** | **Transfers of surrenders <br> and death <br> benefits** | **Transfers<br> of policy <br> loans** | **Transfers of cost of insurance and other charges** | **Transfers between subaccounts, including Declared Interest Option account** |<br>**Net increase (decrease) in net assets <br> from <br> contract transactions** |<br>**Total<br> increase (decrease) in net assets** |<br>**Net Assets at December 31, <br> 2025** |
| LVIP American Century Value Fund – Standard II | $2515372 | $19450 | $242523 | $104654 | $366627 | $136454 | $(76804) | $(63513) | $(117433) | $(2147) | $(123443) | $243184 | $2758556 |
| LVIP JPMorgan Mid Cap Value Fund - Standard | 5976500 | 12362 | 578660 | (371445) | 219577 | 249033 | (243504) | (75763) | (227571) | (83937) | (381742) | (162165) | 5814335 |
| LVIP JPMorgan Small Cap Core Fund - Standard | 1927476 | (4720) | 150984 | 27745 | 174009 | 85294 | (43979) | (8868) | (67948) | 7174 | (28327) | 145682 | 2073158 |
| T. Rowe Price All-Cap Opportunities Portfolio | 14138562 | (131257) | 2069084 | 164907 | 2102734 | 276221 | (487414) | (56582) | (409716) | 12349 | (665142) | 1437592 | 15576154 |
| T. Rowe Price Equity Income Portfolio | 7950005 | 61360 | 875805 | 94464 | 1031629 | 326851 | (346386) | (116102) | (361128) | 1692 | (495073) | 536556 | 8486561 |
| T. Rowe Price Mid-Cap Growth Portfolio | 16590121 | (144429) | 2106580 | (1546100) | 416051 | 448306 | (481775) | (57404) | (564035) | (72807) | (727715) | (311664) | 16278457 |
| T. Rowe Price Moderate Allocation Portfolio | 9588173 | 137271 | 510564 | 625285 | 1273120 | 444645 | (257290) | (131711) | (416344) | (38233) | (398933) | 874187 | 10462360 |
| T. Rowe Price International Stock Portfolio | 5992795 | 68594 | 567741 | 385729 | 1022064 | 360708 | (182805) | (123296) | (289664) | (10603) | (245660) | 776404 | 6769199 |
| **Product D** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CVT EAFE International Index Portfolio - Class F | $35905 | $776 | $2439 | $5465 | $8680 | $2479 | $(11716) | $- | $(1512) | $(69) | $(10818) | $(2138) | $33767 |
| CVT NASDAQ-100 Index Portfolio | 391488 | 1153 | 20063 | 57200 | 78416 | 10310 | (5466) |  | (13572) | (3114) | (11842) | 66574 | 458062 |
| CVT Russell 2000® Small Cap Index Portfolio - Class F | 116369 | 1766 | 6577 | 4294 | 12637 | 4892 | (14824) |  | (3516) | 4618 | (8830) | 3807 | 120176 |
| CVT S&P MidCap 400 Index Portfolio - Class F | 1152497 | 12915 | 83837 | (16970) | 79782 | 79101 | (42675) | (5674) | (44658) | (104) | (14010) | 65772 | 1218269 |
| Columbia VP Overseas Core Fund - Class 1 | 10120 | 232 | 122 | 3589 | 3943 | 1376 |  |  | (717) |  | 659 | 4602 | 14722 |
| Columbia VP Select Mid Cap Value Fund - Class 1 | 113518 |  | 7701 | 7189 | 14890 | 5772 | (8911) |  | (5641) | 216 | (8564) | 6326 | 119844 |
| Columbia VP Small Cap Value Fund - Class 2 | 665174 | 6657 | 107090 | (16219) | 97528 | 46401 | (25573) | (3378) | (26436) | (98) | (9084) | 88444 | 753618 |

---

 

*See accompanying notes.*

**Farm Bureau Life Variable Account <br> Statements of Changes in Net Assets (continued) <br> For the Year Ended December 31, 2025**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | | | |
| <br>**Subaccount** |<br>**Net Assets at December 31, <br> 2024** | **Net <br> investment income <br> (loss)** | **Net realized gain (loss) on investments** | **Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase in net assets <br> from operations** | **Transfers <br> of net premiums** | **Transfers of surrenders <br> and death <br> benefits** | **Transfers<br> of policy <br> loans** | **Transfers of cost of insurance and other charges** | **Transfers between subaccounts, including Declared Interest Option account** |<br>**Net increase (decrease) in net assets <br> from <br> contract transactions** |<br>**Total<br> increase (decrease) in net assets** |<br>**Net Assets at December 31, <br> 2025** |
| Columbia VP Small Company Growth Fund - Class 2 | $8891 | $- | $963 | $849 | $1812 | $- | $- | $&nbsp;&nbsp;- | $(514) | $- | $(514) | $1298 | $10189 |
| DWS Global Small Cap VIP - Class A | 17644 | 224 | 930 | 2634 | 3788 | 2719 | 2 |  | (1299) | (7) | 1415 | 5203 | 22847 |
| DWS International Opportunities VIP - Class A | 31986 | 316 | 1022 | 4690 | 6028 | 3521 | (785) |  | (2630) | (3) | 103 | 6131 | 38117 |
| Federated Hermes Government Money Fund II - Service Shares | 66731 | 2470 |  |  | 2470 | 6725 |  |  | (3900) | (826) | 1999 | 4469 | 71200 |
| Federated Hermes Managed Volatility Fund II - Primary <br>Shares | 335140 | 9777 | 5512 | 7555 | 22844 | 32238 |  |  | (13848) | (15207) | 3183 | 26027 | 361167 |
| Federated Hermes Quality Bond Fund II - Primary Shares | 1051033 | 35426 | (3797) | 42255 | 73884 | 93996 | (49873) | (5636) | (47924) | (3757) | (13194) | 60690 | 1111723 |
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 | 2277828 |  | 498213 | (28237) | 469976 | 119451 | (167007) | (8202) | (89532) | (14920) | (160210) | 309766 | 2587594 |
| Fidelity® VIP Growth Portfolio - Service Class 2 | 1493539 | 779 | 243871 | (33216) | 211434 | 86729 | (87959) | (7384) | (60657) | (200) | (69471) | 141963 | 1635502 |
| Fidelity® VIP High Income Portfolio - Service Class 2 | 590223 | 41261 | (4495) | 24007 | 60773 | 47457 | (33852) | (3037) | (25706) | 2583 | (12555) | 48218 | 638441 |
| Fidelity® VIP Index 500 Portfolio - Service Class 2 | 330318 | 2977 | 38883 | 8857 | 50717 | 9666 | (32399) |  | (9754) | (10982) | (43469) | 7248 | 337566 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 853926 | 2211 | 105059 | (9023) | 98247 | 53493 | (28182) | (2896) | (33995) | 7010 | (4570) | 93677 | 947603 |
| Fidelity® VIP Real Estate Portfolio - Service Class 2 | 537817 | 10522 | (2038) | 7430 | 15914 | 40398 | (28330) | (2381) | (21906) | 4895 | (7324) | 8590 | 546407 |
| Franklin Mutual Shares VIP Fund - Class 2 | 1635422 | 35148 | 155405 | (2653) | 187900 | 121431 | (67628) | (9145) | (68462) | 1113 | (22691) | 165209 | 1800631 |
| Franklin Small Cap Value VIP Fund - Class 2 | 139255 | 1282 | 2948 | 4853 | 9083 | 6443 | (22157) |  | (3589) | 610 | (18693) | (9610) | 129645 |

---

 

*See accompanying notes.*

**Farm Bureau Life Variable Account <br> Statements of Changes in Net Assets (continued) <br> For the Year Ended December 31, 2025**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | | | |
| <br>**Subaccount** |<br>**Net Assets at December 31, <br> 2024** | **Net <br> investment income <br> (loss)** | **Net realized gain (loss) on investments** | **Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase in net assets <br> from operations** | **Transfers <br> of net premiums** | **Transfers of surrenders <br> and death <br> benefits** | **Transfers<br> of policy <br> loans** | **Transfers of cost of insurance and other charges** | **Transfers between subaccounts, including Declared Interest Option account** |<br>**Net increase (decrease) in net assets <br> from <br> contract transactions** |<br>**Total<br> increase (decrease) in net assets** |<br>**Net Assets at December 31, <br> 2025** |
| Franklin U.S. Government Securities VIP Fund - Class 2 | $960030 | $32677 | $(8010) | $39814 | $64481 | $88553 | $(39523) | $(5447) | $(44368) | $2780 | $1995 | $66476 | $1026506 |
| Templeton Global Bond VIP Fund - Class 2 | 425969 |  | (9279) | 75887 | 66608 | 44704 | (23544) | (2320) | (21535) | (9) | (2704) | 63904 | 489873 |
| LVIP JPMorgan Small Cap Core Fund - Service | 81663 | 370 | 6666 | 1244 | 8280 | 5439 |  |  | (4711) |  | 728 | 9008 | 90671 |
| T. Rowe Price All-Cap Opportunities Portfolio | 265480 |  | 37015 | 5303 | 42318 | 8007 | (7278) |  | (10795) | (727) | (10793) | 31525 | 297005 |
| T. Rowe Price Equity Income Portfolio | 744059 | 12837 | 82866 | 9953 | 105656 | 42758 | (22375) | (661) | (25089) | (13101) | (18468) | 87188 | 831247 |
| T. Rowe Price Moderate Allocation Portfolio | 37828 | 826 | 1462 | 2155 | 4443 | 3155 |  |  | (1912) | (5456) | (4213) | 230 | 38058 |
| T. Rowe Price International Stock Portfolio | 1551142 | 33867 | 146627 | 103667 | 284161 | 128687 | (75957) | (8655) | (66867) | 325 | (22467) | 261694 | 1812836 |

---

 

*See accompanying notes.*

**Farm Bureau Life Variable Account <br> Statements of Changes in Net Assets<br> For the Year Ended December 31, 2024**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | | | |
| <br>**Subaccount** |<br>**Net Assets at December 31, <br> 2023** | **Net <br> investment income <br> (loss)** | **Net realized gain (loss) on investments** | **Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase (decrease) in net assets<br> from operations** | **Transfers <br> of net premiums** | **Transfers of surrenders <br> and death <br> benefits** | **Transfers<br> of policy <br> loans** | **Transfers of cost of insurance <br> and other charges** | **Transfers between subaccounts, including Declared Interest <br> Option <br> account** |<br>**Net increase (decrease) in net assets <br> from <br> contract transactions** |<br>**Total<br> increase (decrease) in net assets** |<br>**Net Assets at December 31, <br> 2024** |
| **Product A, B & C** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares | $444987 | $(2193) | $46623 | $55428 | $99858 | $15606 | $(115804) | $(3512) | $(15712) | $(7400) | $(126822) | $(26964) | $418023 |
| BNY Mellon VIF Appreciation Portfolio - Initial Shares | 4149220 | (21070) | 275957 | 226591 | 481478 | 203338 | (143550) | (37407) | (195384) | (57318) | (230321) | 251157 | 4400377 |
| BNY Mellon VIF Growth & Income Portfolio - Initial Shares | 1399721 | (5678) | 100089 | 206752 | 301163 | 44637 | (75302) | (3495) | (42436) | 22693 | (53903) | 247260 | 1646981 |
| BNY Mellon VIF Small Cap Portfolio - Initial Shares | 1503460 | (3083) | 14269 | 40611 | 51797 | 63191 | (71717) | (10258) | (53837) | (40169) | (112790) | (60993) | 1442467 |
| CVT NASDAQ-100 Index Portfolio | 6009243 | (37150) | 936061 | 501103 | 1400014 | 131430 | (284079) | (142095) | (181511) | 82487 | (393768) | 1006246 | 7015489 |
| CVT Russell 2000® Small Cap Index Portfolio | 3185739 | 11371 | 101085 | 201576 | 314032 | 163467 | (83761) | (59402) | (127282) | 35676 | (71302) | 242730 | 3428469 |
| CVT S&P MidCap 400 Index Portfolio | 4393418 | 13540 | 344565 | 175903 | 534008 | 183455 | (129241) | (58748) | (184744) | (53941) | (243219) | 290789 | 4684207 |
| Federated Hermes Government Money Fund II - Service Shares | 1748585 | 64194 |  |  | 64194 | 174781 | (91660) | (22607) | (124390) | 186 | (63690) | 504 | 1749089 |
| Federated Hermes Managed Volatility Fund II - Primary Shares | 77787884 | 1069866 | (1343196) | 11290748 | 11017418 | 5372160 | (2897227) | (378590) | (6361209) | (749419) | (5014285) | 6003133 | 83791017 |
| Federated Hermes Quality Bond Fund II - Primary Shares | 16180637 | 332309 | (146705) | 281018 | 466622 | 1226163 | (615045) | (88718) | (1122827) | (106479) | (706906) | (240284) | 15940353 |
| Fidelity® VIP Contrafund® Portfolio - Initial Class | 33888127 | (285444) | 6398239 | 4720318 | 10833113 | 1176048 | (1202291) | (331265) | (1534737) | (321133) | (2213378) | 8619735 | 42507862 |
| Fidelity® VIP Growth & Income Portfolio - Initial Class | 9251223 | 56057 | 1138681 | 725311 | 1920049 | 312716 | (395090) | (39345) | (360782) | (97149) | (579650) | 1340399 | 10591622 |

---

 

*See accompanying notes .*

**Farm Bureau Life Variable Account <br> Statements of Changes in Net Assets (continued)<br> For the Year Ended December 31, 2024**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | | | |
| <br>**Subaccount** |<br>**Net Assets at December 31, <br> 2023** | **Net <br> investment income <br> (loss)** | **Net realized gain (loss) on investments** | **Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase (decrease) in net assets<br> from operations** | **Transfers <br> of net premiums** | **Transfers of surrenders <br> and death <br> benefits** | **Transfers<br> of policy <br> loans** | **Transfers of cost of insurance <br> and other charges** | **Transfers between subaccounts, including Declared Interest <br> Option <br> account** |<br>**Net increase (decrease) in net assets <br> from <br> contract transactions** |<br>**Total<br> increase (decrease) in net assets** |<br>**Net Assets at December 31, <br> 2024** |
| Fidelity® VIP Growth Portfolio - Initial Class | $38295213 | $(399646) | $12286437 | $(915040) | $10971751 | $897302 | $(1767793) | $(184538) | $(1356450) | $(452817) | $(2864296) | $8107455 | $46402668 |
| Fidelity® VIP High Income Portfolio - Service Class 2 | 3803525 | 210054 | (47964) | 125114 | 287204 | 256968 | (145492) | (28767) | (193735) | 46790 | (64236) | 222968 | 4026493 |
| Fidelity® VIP Index 500 Portfolio - Initial Class | 25319770 | 105491 | 1677576 | 4090262 | 5873329 | 800876 | (889581) | (172510) | (941407) | (282019) | (1484641) | 4388688 | 29708458 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 7772895 | (46810) | 1178623 | 90820 | 1222633 | 354935 | (352794) | (79727) | (355881) | (24035) | (457502) | 765131 | 8538026 |
| Fidelity® VIP Overseas Portfolio - Initial Class | 4469591 | 33192 | 424896 | (265533) | 192555 | 232303 | (190415) | (33960) | (189333) | (76627) | (258032) | (65477) | 4404114 |
| Franklin Global Real Estate VIP Fund - Class 2 | 2171031 | 19908 | (5399) | (41656) | (27147) | 186334 | (71052) | (21385) | (117407) | 3929 | (19581) | (46728) | 2124303 |
| Franklin Mutual Shares VIP Fund - Class 2 | 3673344 | 40553 | 21983 | 305848 | 368384 | 216517 | (189724) | (40812) | (195366) | (19077) | (228462) | 139922 | 3813266 |
| Franklin Small Cap Value VIP Fund - Class 2 | 3176236 | 864 | 41227 | 292204 | 334295 | 154125 | (90990) | (16516) | (156137) | 7192 | (102326) | 231969 | 3408205 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 2 | 3227262 | (29855) | (26850) | 369760 | 313055 | 152744 | (101566) | (27756) | (136570) | (18593) | (131741) | 181314 | 3408576 |
| Franklin U.S. Government Securities VIP Fund - Class 2 | 3993585 | 84637 | (56990) | (9523) | 18124 | 305873 | (109748) | (34578) | (219376) | (39444) | (97273) | (79149) | 3914436 |
| Templeton Growth VIP Fund - Class 2 | 1397883 | 942 | (21162) | 84910 | 64690 | 95597 | (103865) | (7244) | (56686) | (26089) | (98287) | (33597) | 1364286 |
| LVIP American Century Capital Appreciation Fund – Standard II | 1919359 | (19040) | 144836 | 324363 | 450159 | 90770 | (60018) | (37928) | (76660) | (12728) | (96564) | 353595 | 2272954 |
| LVIP American Century Inflation Protection Fund – Standard II | 130043 | 4285 | (1282) | (1391) | 1612 | 16210 | (10438) | (2929) | (10802) | 16030 | 8071 | 9683 | 139726 |
| LVIP American Century Mid Cap Value Fund – Standard II | 336361 | 5398 | 11980 | 7278 | 24656 | 23741 | (28082) | (94) | (22053) | (3677) | (30165) | (5509) | 330852 |
| LVIP American Century Ultra Fund – Standard II | 2476362 | (25245) | 310859 | 385393 | 671007 | 63775 | (59277) | (7523) | (82375) | (14822) | (100222) | 570785 | 3047147 |

---

 

*See accompanying notes.*

**Farm Bureau Life Variable Account <br> Statements of Changes in Net Assets (continued)<br> For the Year Ended December 31, 2024**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | | | |
| <br>**Subaccount** |<br>**Net Assets at December 31, <br> 2023** | **Net <br> investment income <br> (loss)** | **Net realized gain (loss) on investments** | **Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase (decrease) in net assets<br> from operations** | **Transfers <br> of net premiums** | **Transfers of surrenders <br> and death <br> benefits** | **Transfers<br> of policy <br> loans** | **Transfers of cost of insurance <br> and other charges** | **Transfers between subaccounts, including Declared Interest <br> Option <br> account** |<br>**Net increase (decrease) in net assets <br> from <br> contract transactions** |<br>**Total<br> increase (decrease) in net assets** |<br>**Net Assets at December 31, <br> 2024** |
| LVIP American Century Value Fund – Standard II | $2389667 | $50632 | $186804 | $(36530) | $200906 | $142947 | $(73292) | $(24709) | $(116592) | $(3555) | $(75201) | $125705 | $2515372 |
| LVIP JPMorgan Mid Cap Value Fund - Standard | 5620361 | 19812 | 910251 | (211382) | 718681 | 261499 | (275180) | (33881) | (239284) | (75696) | (362542) | 356139 | 5976500 |
| LVIP JPMorgan Small Cap Core Fund - Standard | 1786412 | (1772) | 23644 | 168571 | 190443 | 101788 | (41880) | (23273) | (79938) | (6076) | (49379) | 141064 | 1927476 |
| T. Rowe Price All-Cap Opportunities Portfolio | 12198967 | (112936) | 1941813 | 1034050 | 2862927 | 273874 | (630908) | (91155) | (398476) | (76667) | (923332) | 1939595 | 14138562 |
| T. Rowe Price Equity Income Portfolio | 7444723 | 73264 | 665722 | 47453 | 786439 | 334493 | (238833) | (58706) | (368607) | 50496 | (281157) | 505282 | 7950005 |
| T. Rowe Price Mid-Cap Growth Portfolio | 16454376 | (151632) | 1696330 | (206798) | 1337900 | 477995 | (671118) | (103500) | (604548) | (300984) | (1202155) | 135745 | 16590121 |
| T. Rowe Price Moderate Allocation Portfolio | 9189145 | 132569 | 347624 | 339885 | 820078 | 462280 | (419647) | (51473) | (420629) | 8419 | (421050) | 399028 | 9588173 |
| T. Rowe Price International Stock Portfolio | 6075939 | 1864 | 171319 | (25664) | 147519 | 374627 | (203898) | (57697) | (296099) | (47596) | (230663) | (83144) | 5992795 |
| **Product D** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CVT EAFE International Index Portfolio - Class F | $33777 | $995 | $331 | $(346) | $980 | $2625 | $- | $- | $(1477) | $- | $1148 | $2128 | $35905 |
| CVT NASDAQ-100 Index Portfolio | 329076 | 1236 | 61438 | 19065 | 81739 | 11323 | (42419) |  | (12358) | 24127 | (19327) | 62412 | 391488 |
| CVT Russell 2000® Small Cap Index Portfolio - Class F | 101585 | 1446 | 3642 | 6368 | 11456 | 5419 | (3525) |  | (3317) | 4751 | 3328 | 14784 | 116369 |
| CVT S&P MidCap 400 Index Portfolio - Class F | 1047565 | 13447 | 56110 | 66302 | 135859 | 81931 | (49686) | (2273) | (45844) | (15055) | (30927) | 104932 | 1152497 |
| Columbia VP Overseas Core Fund - Class 1 | 9184 | 419 | 39 | (145) | 313 | 1210 |  |  | (587) |  | 623 | 936 | 10120 |
| Columbia VP Select Mid Cap Value Fund - Class 1 | 94745 |  | 2346 | 9361 | 11707 | 6039 |  |  | (5345) | 6372 | 7066 | 18773 | 113518 |
| Columbia VP Small Cap Value Fund - Class 2 | 621094 | 3422 | 18120 | 30899 | 52441 | 46835 | (26232) | (1622) | (26307) | (1035) | (8361) | 44080 | 665174 |

---

 

*See accompanying notes.*

**Farm Bureau Life Variable Account <br> Statements of Changes in Net Assets (continued)<br> For the Year Ended December 31, 2024**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | | | |
| <br>**Subaccount** |<br>**Net Assets at December 31, <br> 2023** | **Net <br> investment income <br> (loss)** | **Net realized gain (loss) on investments** | **Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase (decrease) in net assets<br> from operations** | **Transfers <br> of net premiums** | **Transfers of surrenders <br> and death <br> benefits** | **Transfers<br> of policy <br> loans** | **Transfers of cost of insurance <br> and other charges** | **Transfers between subaccounts, including Declared Interest <br> Option <br> account** |<br>**Net increase (decrease) in net assets <br> from <br> contract transactions** |<br>**Total<br> increase (decrease) in net assets** |<br>**Net Assets at December 31, <br> 2024** |
| Columbia VP Small Company Growth Fund - Class 2 | $7641 | $199 | $(213) | $1788 | $1774 | $- | $- | $- | $(524) | $- | $(524) | $1250 | $8891 |
| DWS Global Small Cap VIP - Class A | 16419 | 230 | 550 | 172 | 952 | 1895 |  |  | (1242) | (380) | 273 | 1225 | 17644 |
| DWS International Opportunities VIP - Class A | 28186 | 360 | 717 | 1479 | 2556 | 3869 |  |  | (2432) | (193) | 1244 | 3800 | 31986 |
| Federated Hermes Government Money Fund II - Service Shares | 60748 | 2894 |  |  | 2894 | 6743 |  |  | (3649) | (5) | 3089 | 5983 | 66731 |
| Federated Hermes Managed Volatility Fund II - Primary Shares | 273168 | 6560 | 675 | 36532 | 43767 | 32444 |  | (747) | (13466) | (26) | 18205 | 61972 | 335140 |
| Federated Hermes Quality Bond Fund II - Primary Shares | 1046439 | 29713 | (7835) | 16238 | 38116 | 95672 | (80537) | (1194) | (48659) | 1196 | (33522) | 4594 | 1051033 |
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 | 1765034 | 670 | 318918 | 256804 | 576392 | 124755 | (72438) | (3854) | (84033) | (28028) | (63598) | 512794 | 2277828 |
| Fidelity® VIP Growth Portfolio - Service Class 2 | 1197683 |  | 358066 | (8322) | 349744 | 88170 | (56702) | (3409) | (59127) | (22820) | (53888) | 295856 | 1493539 |
| Fidelity® VIP High Income Portfolio - Service Class 2 | 547453 | 35778 | (6703) | 16471 | 45546 | 48065 | (31700) | (991) | (24851) | 6701 | (2776) | 42770 | 590223 |
| Fidelity® VIP Index 500 Portfolio - Service Class 2 | 230079 | 3182 | 12097 | 49419 | 64698 | 9481 | (11242) |  | (9335) | 46637 | 35541 | 100239 | 330318 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 765186 | 2884 | 120905 | 3180 | 126969 | 57011 | (43057) | (1538) | (33787) | (16858) | (38229) | 88740 | 853926 |
| Fidelity® VIP Real Estate Portfolio - Service Class 2 | 510139 | 20896 | (3400) | 13603 | 31099 | 42563 | (22090) | (1044) | (21836) | (1014) | (3421) | 27678 | 537817 |
| Franklin Mutual Shares VIP Fund - Class 2 | 1503973 | 31739 | 4989 | 128214 | 164942 | 124464 | (78237) | (2869) | (68264) | (8587) | (33493) | 131449 | 1635422 |
| Franklin Small Cap Value VIP Fund - Class 2 | 126190 | 1250 | (2019) | 15503 | 14734 | 6178 | (12139) |  | (3798) | 8090 | (1669) | 13065 | 139255 |

---

 

*See accompanying notes.*

**Farm Bureau Life Variable Account <br> Statements of Changes in Net Assets (continued)<br> For the Year Ended December 31, 2024**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | **Contract transactions** | | | |
| <br>**Subaccount** |<br>**Net Assets at December 31, <br> 2023** | **Net <br> investment <br> income <br> (loss)** | **Net realized <br> gain (loss) on investments** | **Change in unrealized appreciation/ depreciation of investments** |<br>**Net increase (decrease) in net assets<br> from operations** | **Transfers <br> of net premiums** | **Transfers of surrenders <br> and death <br> benefits** | **Transfers<br> of policy <br> loans** | **Transfers of cost of insurance <br> and other charges** | **Transfers between subaccounts, including Declared Interest <br> Option <br> account** |<br>**Net increase (decrease) in net assets <br> from <br> contract transactions** |<br>**Total<br> increase (decrease) in net assets** |<br>**Net Assets at December 31, <br> 2024** |
| Franklin U.S. Government Securities VIP Fund - Class 2 | $981925 | $28422 | $(19030) | $2654 | $12046 | $92051 | $(78889) | $(1162) | $(45291) | $(650) | $(33941) | $(21895) | $960030 |
| Templeton Global Bond VIP Fund - Class 2 | 491874 |  | (11233) | (43198) | (54431) | 45633 | (31406) | (363) | (21979) | (3359) | (11474) | (65905) | 425969 |
| LVIP JPMorgan Small Cap Core Fund - Service | 85614 | 543 | 3741 | 5566 | 9850 | 5865 | (15126) |  | (4796) | 256 | (13801) | (3951) | 81663 |
| T. Rowe Price All-Cap Opportunities Portfolio | 208579 | 188 | 35540 | 16669 | 52397 | 9273 | (10626) |  | (9960) | 15817 | 4504 | 56901 | 265480 |
| T. Rowe Price Equity Income Portfolio | 652359 | 13274 | 49690 | 13880 | 76844 | 45542 | (3519) | (1419) | (24998) | (750) | 14856 | 91700 | 744059 |
| T. Rowe Price Moderate Allocation Portfolio | 54106 | 840 | 902 | 1689 | 3431 | 3107 | (20663) |  | (1842) | (311) | (19709) | (16278) | 37828 |
| T. Rowe Price International Stock Portfolio | 1527584 | 15046 | 44586 | (12003) | 47629 | 129850 | (73878) | (3723) | (64990) | (11330) | (24071) | 23558 | 1551142 |

---

 

*See accompanying notes .*

**Farm Bureau Life Variable Account**

**Notes to Financial Statements**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Organization and Significant Accounting Policies** 

**Organization**

Farm Bureau Life Variable Account (the Account), a unit investment trust registered under the Investment Company Act of 1940, as amended, was established by Farm Bureau Life Insurance Company (the Company) and exists in accordance with the rules and regulations of the Insurance Division, Department of Insurance and Financial Services, of the State of Iowa. The Account is a funding vehicle for nonparticipating flexible premium variable life insurance policies (Product A), flexible premium last survivor variable life insurance policies (Product B), flexible premium variable life insurance policies (Product C) and variable universal life insurance policies (Product D) issued by the Company. The Company discontinued underwriting new sales of all variable life insurance products but continues to receive premiums from sales that occurred prior to this change.

Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the Company's other assets and liabilities. The portion of the Account's assets applicable to the life insurance policies is not available to satisfy liabilities arising out of any other business the Company may conduct.

At the direction of eligible policy owners, the Account invests in the following fifty investment subaccounts which, in turn, own open-end mutual fund shares of registered investment companies (the Funds). Eligible policy owners may also allocate funds to the Declared Interest Option (DIO) account. The DIO is funded by the general account of the Company and pays interest at declared rates with a guaranteed minimum. Assets and liabilities associated with funds allocated to the DIO are excluded from the Account as these are included in the Company's general account.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subaccount / Fund** | **Product** |
| &nbsp;&nbsp;**BNY Mellon Sustainable U.S. Equity Portfolio, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio – Service Shares | A, B & C |
| &nbsp;&nbsp;**BNY Mellon Variable Investment Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio - Initial Shares | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon VIF Growth & Income Portfolio - Initial Shares | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio - Initial Shares (2) | A, B & C |
| &nbsp;&nbsp;**Calvert Variable Trust, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVT EAFE International Index Portfolio - Class F | D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio | A, B, C & D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio - Class F | D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio - Class F | D |
| &nbsp;&nbsp;**Columbia Variable Products, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Overseas Core Fund - Class 1 | D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Select Mid Cap Value Fund - Class 1 | D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Small Cap Value Fund - Class 2 | D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Small Company Growth Fund - Class 2 | D |
| &nbsp;&nbsp;**Deutsche DWS Variable Series I** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Global Small Cap VIP - Class A | D |
| &nbsp;&nbsp;**Deutsche DWS Variable Series II** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS International Opportunities VIP - Class A (1) | D |

---

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subaccount / Fund** | **Product** |
| &nbsp;&nbsp;**Federated Hermes Insurance Series** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Money Fund II - Service Shares | A, B, C & D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Managed Volatility Fund II - Primary Shares | A, B, C & D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares | A, B, C & D |
| &nbsp;&nbsp;**Fidelity® Variable Insurance Products Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Initial Class | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Service Class 2 | D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Growth & Income Portfolio - Initial Class | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Initial Class | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Service Class 2 | D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2 | A, B, C & D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Index 500 Portfolio - Initial Class | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Index 500 Portfolio - Service Class 2 | D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2 | A, B, C & D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Overseas Portfolio - Initial Class | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Real Estate Portfolio - Service Class 2 | D |
| &nbsp;&nbsp;**Franklin Templeton Variable Insurance Products Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Global Real Estate VIP Fund - Class 2 | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2 | A, B, C & D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2 | A, B, C & D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Small-Mid Cap Growth VIP Fund - Class 2 | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2 | A, B, C & D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2 | D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templeton Growth VIP Fund - Class 2 | A, B & C |
| &nbsp;&nbsp;**Lincoln Variable Insurance Products Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Capital Appreciation Fund – Standard II | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Inflation Protection Fund – Standard II | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Mid Cap Value Fund – Standard II | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Ultra Fund – Standard II | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Value Fund – Standard II | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Mid Cap Value Fund – Standard | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund – Standard | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund – Service | D |
| &nbsp;&nbsp;**T. Rowe Price Equity Series, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price All-Cap Opportunities Portfolio | A, B, C & D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio | A, B, C & D |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Mid-Cap Growth Portfolio | A, B & C |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Moderate Allocation Portfolio | A, B, C & D |
| &nbsp;&nbsp;**T. Rowe Price International Series, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio | A, B, C & D |

---

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Effective May 1, 2025, Deutsche DWS Variable Series II changed the name of DWS International
Growth VIP fund to DWS International Opportunities VIP.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Effective December 31, 2025, BNY Mellon Variable Investment Fund changed the name of BNY Mellon
VIF Opportunistic Small Cap Portfolio fund to BNY Mellon VIF Small Cap Portfolio.

**Investments**

Investments in shares of the Funds are stated at fair value, which is the closing net asset value per share as determined by the Funds. The first-in, first-out cost basis has been used in determining the net realized gain or loss from investment transactions and unrealized appreciation or depreciation on investments. Investment transactions are accounted for on the trade date.

At December 31, 2025, all valuation inputs used to determine the fair value of mutual fund shares owned by the Account were classified as Level 1 in accordance with accounting principles generally accepted in the United States of America. There were no transfers into or out of Level 3 during the year.

Dividends and realized capital gain distributions are taken into income on an accrual basis as of the ex-dividend date and are automatically reinvested in shares of the Funds on the payable date.

**Use of Estimates in the Preparation of Financial Statements**

The preparation of the Account's financial statements and accompanying notes in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed. These estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the financial statements and accompanying notes.

2. Expense Charges and Related Party Transactions

**Paid to the Company**

The Account pays the Company certain amounts relating to the distribution and administration of the policies funded by the Account and as reimbursement for certain mortality and other risks assumed by the Company. The following summarizes those amounts (differences in expense charges for the various products are identified).

*Mortality and Expense Risk Charges*: The Company deducts a daily mortality and expense risk charge from the Account at an effective annual rate of 0.90% of the average daily net asset value of Products A, B and C, included in the Statements of Operations. Product D assesses a monthly risk charge at a rate of 0.03% based on the accumulated value of the policy, included in Transfers of cost of insurance and other charges on the Statements of Changes in Net Assets. These charges are assessed in return for the Company's assumption of risks associated with adverse mortality experience or excess administrative expenses in connection with policies issued.

*Premium Expense Charge*: Product A premiums are reduced by a 7% charge. Product B premiums are reduced by a 7% charge up to the minimum initial premium and 2% of each premium in excess of the minimum initial premium. Product C premiums are reduced by a 5% sales charge and a 2% charge for premium taxes. Product D is not assessed a premium expense charge.

*Cost of Insurance and Policy Charges*: The Company assumes the responsibility for providing insurance benefits included in the policy. The cost of insurance is determined each month based upon the applicable insurance rate and current net amount at risk. A policy expense charge of $7, $10, $3, and $15 for Products A, B, C, and D respectively, is deducted monthly for the administration of policies and the Account. Product B applies an additional monthly charge of $0.03 per $1,000 of the Specified Amount (amount of insurance selected) for the administration of policies and the Account. Product D applies an

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

additional monthly charge of $0.15 per $1,000 of the Specified Amount following an increase in the Specified Amount for the first ten policy years. During the first twelve policy months immediately following an increase in Specified Amount on Products A and B, a monthly charge of $0.07 and $0.10, respectively, for every $1,000 increase in the Specified Amount is deducted. Product C charges a rate per $1,000 (determined by the Specified Amount and age of the insured) on a monthly basis immediately following an increase in Specified Amount, for the first twelve months immediately following an increase in Specified Amount. These charges are for costs associated with underwriting and start-up expenses associated with the policy and the Account. The aggregate cost of insurance and policy charges can vary from month to month since the determination of both the insurance rate and the current net amount at risk depends on a number of variables as described in the Account's prospectus.

*Other Charges*: A transfer charge ($25 on Products B and C and $10 on Products A and D) may be imposed for the thirteenth and each subsequent transfer between subaccounts in any one policy year. A partial withdrawal fee equal to the lesser of $25 or 2% of the accumulated amount withdrawn is deducted on Product A, B and D policies. Surrender charges imposed on Product C are equal to the lesser of $25 or 2% of the amount surrendered. Surrender charges in the first 6, 10 and 10 policy years following an increase in Specified Amount to the extent of the increase for Products A, B and D, respectively, are imposed on amounts surrendered based on variables as described in the Account's prospectus. Surrender charges are imposed in the event of a partial or full policy surrender or lapse.

3. Federal Income Taxes

The operations of the Account are included in the federal income tax return of the Company, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (IRC). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under the policies. Based on this, no charge is being made currently to the Account for federal income taxes. The Company will review periodically the status of this policy. In the event of changes in the tax law, a charge may be made in future years for any federal income taxes that would be attributable to the policies.

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

4. Purchases and Sales of Investment Securities

The aggregate cost of investment securities purchased and proceeds from investment securities sold by subaccount were as follows during the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| <br>**Subaccount** | **Cost of**<br>**Purchases** | **Proceeds**<br>**from Sales** |
| **Product A, B & C:** |  |  |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares | $41023 | $85899 |
| BNY Mellon Variable Investment Fund: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio - Initial Shares | 705002 | 300502 |
| &nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon VIF Growth & Income Portfolio - Initial Shares | 191505 | 137378 |
| &nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio - Initial Shares | 28936 | 102087 |
| Calvert Variable Trust, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio | 318655 | 536997 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio | 309314 | 278932 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio | 399938 | 248870 |
| Federated Hermes Insurance Series: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Money Fund II - Service Shares | 127294 | 135319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Managed Volatility Fund II - Primary Shares | 4071553 | 5933245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares | 668262 | 1081128 |
| Fidelity® Variable Insurance Products Funds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Initial Class | 7303937 | 3371520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Growth & Income Portfolio - Initial Class | 1284910 | 832749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Initial Class | 6316294 | 3104468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2 | 367450 | 315858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Index 500 Portfolio - Initial Class | 735517 | 1733532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 1087628 | 581197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Overseas Portfolio - Initial Class | 554275 | 301894 |
| Franklin Templeton Variable Insurance Products Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Global Real Estate VIP Fund - Class 2 | 94964 | 115067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2 | 517668 | 302421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2 | 346340 | 288692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Small-Mid Cap Growth VIP Fund - Class 2 | 225120 | 231168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2 | 204349 | 238730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Templeton Growth VIP Fund - Class 2 | 160490 | 105572 |

---

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

---

| | | |
|:---|:---|:---|
| <br>**Subaccount** | **Cost of**<br>**Purchases** | **Proceeds**<br>**from Sales** |
| Lincoln Variable Insurance Products Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Capital Appreciation Fund – Standard II | $398947 | $126103 |
| &nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Inflation Protection Fund – Standard II | 23144 | 6653 |
| &nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Mid Cap Value Fund – Standard II | 45145 | 27346 |
| &nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Ultra Fund – Standard II | 302032 | 331598 |
| &nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Value Fund – Standard II | 284317 | 184904 |
| &nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Mid Cap Value Fund - Standard | 753132 | 499193 |
| &nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund - Standard | 209992 | 86254 |
| T. Rowe Price Equity Series, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price All-Cap Opportunities Portfolio | 1810317 | 898491 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio | 1049881 | 677288 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Mid-Cap Growth Portfolio | 2104273 | 916714 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Moderate Allocation Portfolio | 757335 | 572503 |
| T. Rowe Price International Series, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio | 767176 | 387342 |
| **Product D:** |  |  |
| Calvert Variable Trust, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CVT EAFE International Index Portfolio - Class F | $3247 | $13289 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio | 14284 | 18208 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio - Class F | 16495 | 17812 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio - Class F | 130216 | 53559 |
| Columbia Variable Products, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Overseas Core Fund - Class 1 | 1442 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Select Mid Cap Value Fund - Class 1 | 5242 | 13806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Small Cap Value Fund - Class 2 | 144693 | 32487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Small Company Growth Fund - Class 2 | 1320 | 514 |
| Deutsche DWS Variable Series I: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DWS Global Small Cap VIP - Class A | 3959 | 1215 |
| Deutsche DWS Variable Series II: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DWS International Opportunities VIP - Class A | 3370 | 2951 |
| Federated Hermes Insurance Series: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Money Fund II - Service Shares | 12202 | 7733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Managed Volatility Fund II - Primary Shares | 43609 | 24684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares | 85478 | 63246 |

---

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

---

| | | |
|:---|:---|:---|
| <br>**Subaccount** | **Cost of**<br>**Purchases** | **Proceeds**<br>**from Sales** |
| Fidelity® Variable Insurance Products Funds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Service Class 2 | $456383 | $212542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Service Class 2 | 247863 | 107305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2 | 68147 | 39441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Index 500 Portfolio - Service Class 2 | 21649 | 60383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 138905 | 36787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Real Estate Portfolio - Service Class 2 | 36871 | 33427 |
| Franklin Templeton Variable Insurance Products Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2 | 271219 | 85586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2 | 17122 | 24537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2 | 83930 | 49258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2 | 24811 | 27515 |
| Lincoln Variable Insurance Products Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund - Service | 12097 | 3993 |
| T. Rowe Price Equity Series, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price All-Cap Opportunities Portfolio | 37154 | 15379 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio | 119855 | 46597 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Moderate Allocation Portfolio | 4858 | 6627 |
| T. Rowe Price International Series, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio | 250356 | 90211 |

---

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

**5. Summary of Changes from Unit Transactions**

Transactions in units of each subaccount were as follows for the periods ended December 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>**Subaccount** |<br>**Purchased** | <br>**Redeemed** | **Net**<br>**Increase**<br>**(Decrease)** | <br>**Purchased** | <br>**Redeemed** | **Net**<br>**Increase**<br>**(Decrease)** |
| **Product A, B & C:** |  |  |  |  |  |  |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares | **130** | **1600** | **(1470)** | 242 | 2996 | (2754) |
| BNY Mellon Variable Investment Fund: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio - Initial Shares | **664** | **4754** | **(4090)** | 1131 | 5448 | (4317) |
| &nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon VIF Growth & Income Portfolio - Initial Shares | **842** | **1910** | **(1068)** | 1103 | 2010 | (907) |
| &nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio - Initial Shares | **780** | **2908** | **(2128)** | 1139 | 4839 | (3700) |
| Calvert Variable Trust, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio | **1163** | **2807** | **(1644)** | 1383 | 4172 | (2789) |
| &nbsp;&nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio | **1839** | **4826** | **(2987)** | 2806 | 4438 | (1632) |
| &nbsp;&nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio | **789** | **3058** | **(2269)** | 1099 | 4767 | (3668) |
| Federated Hermes Insurance Series: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Money Fund II - Service Shares | **6884** | **12362** | **(5478)** | 9210 | 15594 | (6384) |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Managed Volatility Fund II - Primary Shares | **16186** | **246470** | **(230284)** | 30002 | 277770 | (247768) |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares | **13286** | **75114** | **(61828)** | 27208 | 84299 | (57091) |
| Fidelity® Variable Insurance Products Funds: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Initial Class | **1206** | **32645** | **(31439)** | 3116 | 31836 | (28720) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Growth & Income Portfolio - Initial Class | **1607** | **14498** | **(12891)** | 1669 | 14581 | (12912) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Initial Class | **1351** | **38198** | **(36847)** | 2243 | 47170 | (44927) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2 | **3258** | **8772** | **(5514)** | 5143 | 7271 | (2128) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Index 500 Portfolio - Initial Class | **4878** | **26302** | **(21424)** | 6485 | 36677 | (30192) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2 | **945** | **6592** | **(5647)** | 1656 | 8030 | (6374) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Overseas Portfolio - Initial Class | **1953** | **9514** | **(7561)** | 3118 | 12864 | (9746) |
| Franklin Templeton Variable Insurance Products Trust: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Global Real Estate VIP Fund - Class 2 | **3179** | **4526** | **(1347)** | 5510 | 6424 | (914) |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2 | **1738** | **7717** | **(5979)** | 2456 | 9318 | (6862) |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2 | **512** | **3757** | **(3245)** | 947 | 2487 | (1540) |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Small-Mid Cap Growth VIP Fund - Class 2 | **832** | **4048** | **(3216)** | 1139 | 3971 | (2832) |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2 | **6025** | **14819** | **(8794)** | 8720 | 15543 | (6823) |
| &nbsp;&nbsp;&nbsp;&nbsp;Templeton Growth VIP Fund - Class 2 | **1335** | **3252** | **(1917)** | 2408 | 6033 | (3625) |

---

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>**Subaccount** |<br>**Purchased** | <br>**Redeemed** | **Net**<br>**Increase**<br>**(Decrease)** | <br>**Purchased** | <br>**Redeemed** | **Net**<br>**Increase**<br>**(Decrease)** |
| Lincoln Variable Insurance Products Trust: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Capital Appreciation Fund – Standard II | **482** | **1815** | **(1333)** | 795 | 2557 | (1762) |
| &nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Inflation Protection Fund – Standard II | **728** | **361** | **367** | 1840 | 1282 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Mid Cap Value Fund – Standard II | **282** | **570** | **(288)** | 325 | 1058 | (733) |
| &nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Ultra Fund – Standard II | **595** | **3514** | **(2919)** | 906 | 2246 | (1340) |
| &nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Value Fund – Standard II | **1265** | **4646** | **(3381)** | 1990 | 4237 | (2247) |
| &nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Mid Cap Value Fund - Standard | **1057** | **6023** | **(4966)** | 1139 | 6305 | (5166) |
| &nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund - Standard | **893** | **1476** | **(583)** | 1095 | 2055 | (960) |
| T. Rowe Price Equity Series, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price All-Cap Opportunities Portfolio | **1566** | **9679** | **(8113)** | 1082 | 13954 | (12872) |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio | **2763** | **13119** | **(10356)** | 4342 | 10860 | (6518) |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Mid-Cap Growth Portfolio | **646** | **8312** | **(7666)** | 1187 | 14206 | (13019) |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Moderate Allocation Portfolio | **2686** | **12090** | **(9404)** | 4560 | 15640 | (11080) |
| T. Rowe Price International Series, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio | **4503** | **15147** | **(10644)** | 6201 | 16825 | (10624) |
| **Product D:** |  |  |  |  |  |  |
| Calvert Variable Trust, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CVT EAFE International Index Portfolio - Class F | **125** | **715** | **(590)** | 149 | 83 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio | **48** | **135** | **(87)** | 275 | 438 | (163) |
| &nbsp;&nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio - Class F | **257** | **523** | **(266)** | 284 | 181 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio - Class F | **854** | **1138** | **(284)** | 1057 | 1801 | (744) |
| Columbia Variable Products, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Overseas Core Fund - Class 1 | **51** | **24** | **27** | 54 | 22 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Select Mid Cap Value Fund - Class 1 | **124** | **335** | **(211)** | 280 | 110 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Small Cap Value Fund - Class 2 | **587** | **787** | **(200)** | 701 | 947 | (246) |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Small Company Growth Fund - Class 2 | **-** | **9** | **(9)** |  | 11 | (11) |
| Deutsche DWS Variable Series I: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DWS Global Small Cap VIP - Class A | **100** | **47** | **53** | 63 | 52 | 11 |
| Deutsche DWS Variable Series II: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DWS International Opportunities VIP - Class A | **131** | **128** | **3** | 164 | 108 | 56 |
| Federated Hermes Insurance Series: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Money Fund II - Service Shares | **832** | **666** | **166** | 498 | 223 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Managed Volatility Fund II - Primary Shares | **1146** | **1051** | **95** | 1272 | 463 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares | **3412** | **4318** | **(906)** | 4624 | 7166 | (2542) |

---

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** | **Period Ended December 31,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>**Subaccount** |<br>**Purchased** | <br>**Redeemed** | **Net**<br>**Increase**<br>**(Decrease)** | <br>**Purchased** | <br>**Redeemed** | **Net**<br>**Increase**<br>**(Decrease)** |
| Fidelity® Variable Insurance Products Funds: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Service Class 2 | **765** | **2996** | **(2231)** | 1142 | 2354 | (1212) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Service Class 2 | **464** | **1305** | **(841)** | 613 | 1427 | (814) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2 | **1136** | **1640** | **(504)** | 1631 | 1825 | (194) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Index 500 Portfolio - Service Class 2 | **262** | **973** | **(711)** | 1041 | 319 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2 | **780** | **877** | **(97)** | 827 | 1870 | (1043) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Real Estate Portfolio - Service Class 2 | **974** | **1232** | **(258)** | 1056 | 1216 | (160) |
| Franklin Templeton Variable Insurance Products Trust: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2 | **2156** | **2898** | **(742)** | 2714 | 4074 | (1360) |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2 | **148** | **623** | **(475)** | 337 | 380 | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2 | **3752** | **3595** | **157** | 4840 | 7507 | (2667) |
| &nbsp;&nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2 | **1687** | **1886** | **(199)** | 2326 | 3068 | (742) |
| Lincoln Variable Insurance Products Trust: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund - Service | **119** | **100** | **19** | 121 | 463 | (342) |
| T. Rowe Price Equity Series, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price All-Cap Opportunities Portfolio | **47** | **157** | **(110)** | 259 | 210 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio | **688** | **1132** | **(444)** | 813 | 416 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Moderate Allocation Portfolio | **75** | **227** | **(152)** | 94 | 814 | (720) |
| T. Rowe Price International Series, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio | **3014** | **4007** | **(993)** | 4086 | 5371 | (1285) |

---

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

**6. Unit Values**

The following summarizes units outstanding, unit values, and net assets at December 31, 2025, 2024, 2023, 2022 and 2021, and investment income ratios, expense ratios, and total return ratios for the periods then ended:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31** | **As of December 31** | **As of December 31** | | | |
| <br>**Subaccount** |<br>**Units** | **Unit**<br>**Value** |<br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio (A)** |<br>**Expense**<br>**Ratio (B)** |<br>**Total**<br>**Return (C)** |
| **Product A, B & C:** | | | | | | |
| &nbsp;&nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 7296 | $54.67 | $398900 | 0.06% | 0.90% | 14.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 8766 | 47.69 | 418023 | 0.42 | 0.90 | 23.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 11520 | 38.63 | 444987 | 0.53 | 0.90 | 22.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 11975 | 31.56 | 377874 | 0.31 | 0.90 | (23.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 13280 | 41.38 | 549571 | 0.61 | 0.90 | 25.55 |
| &nbsp;&nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Appreciation Portfolio - Initial Shares: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 75698 | 60.17 | 4554394 | 0.37 | 0.90 | 9.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 79788 | 55.15 | 4400377 | 0.42 | 0.90 | 11.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 84105 | 49.33 | 4149220 | 0.71 | 0.90 | 19.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 90788 | 41.15 | 3735746 | 0.67 | 0.90 | (18.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 97366 | 50.67 | 4933679 | 0.44 | 0.90 | 25.98 |
| &nbsp;&nbsp;&nbsp;BNY Mellon VIF Growth & Income Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Growth & Income Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Growth & Income Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Growth & Income Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Growth & Income Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Growth & Income Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Growth & Income Portfolio - Initial Shares: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 25884 | 70.76 | 1831482 | 0.45 | 0.90 | 15.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 26952 | 61.11 | 1646981 | 0.54 | 0.90 | 21.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 27859 | 50.24 | 1399721 | 0.66 | 0.90 | 25.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 29698 | 40.02 | 1188415 | 0.79 | 0.90 | (15.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 31182 | 47.40 | 1477974 | 0.47 | 0.90 | 24.51 |
| &nbsp;&nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio - Initial Shares: | &nbsp;&nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio - Initial Shares: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 43780 | 34.56 | 1513123 | 0.66 | 0.90 | 9.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 45908 | 31.42 | 1442467 | 0.69 | 0.90 | 3.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 49608 | 30.31 | 1503460 | 0.33 | 0.90 | 8.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 51944 | 27.98 | 1453487 |  | 0.90 | (17.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 54980 | 33.86 | 1861657 | 0.11 | 0.90 | 15.41 |
| &nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio: | &nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio: | &nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio: | &nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio: | &nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio: | &nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio: | &nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 42748 | 188.57 | 8060990 | 0.28 | 0.90 | 19.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 44392 | 158.03 | 7015489 | 0.33 | 0.90 | 24.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 47181 | 127.37 | 6009243 | 0.33 | 0.90 | 53.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 49685 | 83.23 | 4135278 | 0.18 | 0.90 | (33.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 51018 | 124.68 | 6360933 | 0.28 | 0.90 | 25.75 |
| &nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio: | &nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio: | &nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio: | &nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio: | &nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio: | &nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio: | &nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 64220 | 56.86 | 3651206 | 1.57 | 0.90 | 11.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 67207 | 51.01 | 3428469 | 1.25 | 0.90 | 10.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 68839 | 46.28 | 3185739 | 0.89 | 0.90 | 15.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 69588 | 40.05 | 2786721 | 0.82 | 0.90 | (21.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 71584 | 50.84 | 3639045 | 0.74 | 0.90 | 13.51 |

---

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31** | **As of December 31** | **As of December 31** | | | |
| <br>**Subaccount** |<br>**Units** | **Unit**<br>**Value** |<br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio (A)** |<br>**Expense**<br>**Ratio (B)** |<br>**Total**<br>**Return (C)** |
| &nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 64263 | $74.76 | $4804114 | 1.09% | 0.90% | 6.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 66532 | 70.41 | 4684207 | 1.20 | 0.90 | 12.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 70200 | 62.58 | 4393418 | 1.23 | 0.90 | 15.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 73032 | 54.38 | 3971451 | 0.94 | 0.90 | (14.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 77141 | 63.31 | 4883832 | 0.83 | 0.90 | 23.32 |
| &nbsp;&nbsp;&nbsp;Federated Hermes Government Money Fund II - Service Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 166897 | 10.43 | 1741064 | 3.67 | 0.90 | 2.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 172375 | 10.15 | 1749089 | 4.58 | 0.90 | 3.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 178759 | 9.78 | 1748585 | 4.43 | 0.90 | 3.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 184399 | 9.44 | 1741235 | 1.14 | 0.90 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 191131 | 9.42 | 1800169 |  | 0.90 | (0.84) |
| &nbsp;&nbsp;&nbsp;Federated Hermes Managed Volatility Fund II - Primary Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 3694821 | 22.65 | 83670835 | 2.90 | 0.90 | 6.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3925105 | 21.35 | 83791017 | 2.21 | 0.90 | 14.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 4172873 | 18.64 | 77787884 | 1.89 | 0.90 | 7.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 4431737 | 17.31 | 76696159 | 1.89 | 0.90 | (14.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 4693357 | 20.25 | 95024132 | 1.79 | 0.90 | 17.46 |
| &nbsp;&nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1205740 | 13.35 | 16092093 | 3.33 | 0.90 | 6.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1267568 | 12.58 | 15940353 | 2.97 | 0.90 | 3.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1324659 | 12.21 | 16180637 | 2.65 | 0.90 | 5.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1392366 | 11.61 | 16168146 | 2.58 | 0.90 | (10.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1451409 | 12.91 | 18743840 | 2.47 | 0.90 | (2.27) |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Initial Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 472212 | 101.62 | 47983954 | 0.14 | 0.90 | 20.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 503651 | 84.40 | 42507862 | 0.19 | 0.90 | 32.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 532371 | 63.66 | 33888127 | 0.49 | 0.90 | 32.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 557781 | 48.13 | 26844226 | 0.50 | 0.90 | (26.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 582349 | 65.90 | 38376478 | 0.06 | 0.90 | 26.71 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Growth & Income Portfolio - Initial Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 210192 | 57.17 | 12017251 | 1.55 | 0.90 | 20.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 223083 | 47.48 | 10591622 | 1.45 | 0.90 | 21.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 235995 | 39.20 | 9251223 | 1.65 | 0.90 | 17.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 251169 | 33.32 | 8367978 | 1.66 | 0.90 | (5.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 259934 | 35.37 | 9192787 | 2.42 | 0.90 | 24.85 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Initial Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 639665 | 78.11 | 49962770 | 0.29 | 0.90 | 13.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 676512 | 68.59 | 46402668 |  | 0.90 | 29.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 721439 | 53.08 | 38295213 | 0.13 | 0.90 | 35.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 764288 | 39.31 | 30045902 | 0.62 | 0.90 | (25.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 804496 | 52.51 | 42241622 |  | 0.90 | 22.12 |

---

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31** | **As of December 31** | **As of December 31** | | | |
| <br>**Subaccount** | <br>**Units** | **Unit**<br>**Value** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio (A)** | <br>**Expense**<br>**Ratio (B)** | <br>**Total**<br>**Return (C)** |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 121131 | $34.76 | $4210366 | 6.65% | 0.90% | 9.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 126645 | 31.79 | 4026493 | 6.30 | 0.90 | 7.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 128773 | 29.54 | 3803525 | 5.84 | 0.90 | 9.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 127157 | 27.03 | 3437552 | 5.05 | 0.90 | (12.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 133782 | 30.88 | 4131468 | 5.29 | 0.90 | 3.35 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Index 500 Portfolio - Initial Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 528412 | 63.07 | 33326255 | 1.16 | 0.90 | 16.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 549836 | 54.03 | 29708458 | 1.28 | 0.90 | 23.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 580028 | 43.65 | 25319770 | 1.47 | 0.90 | 25.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 609269 | 34.90 | 21264819 | 1.45 | 0.90 | (18.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 639018 | 43.06 | 27514652 | 1.26 | 0.90 | 27.43 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 105884 | 84.59 | 8956361 | 0.25 | 0.90 | 10.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 111531 | 76.55 | 8538026 | 0.35 | 0.90 | 16.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 117905 | 65.92 | 7772895 | 0.39 | 0.90 | 13.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 121197 | 57.94 | 7022138 | 0.27 | 0.90 | (15.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 124180 | 68.75 | 8537509 | 0.36 | 0.90 | 24.19 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Overseas Portfolio - Initial Class: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 164755 | 30.50 | 5024291 | 1.60 | 0.90 | 19.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 172316 | 25.56 | 4404114 | 1.61 | 0.90 | 4.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 182062 | 24.55 | 4469591 | 1.06 | 0.90 | 19.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 185275 | 20.56 | 3808342 | 1.07 | 0.90 | (25.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 191481 | 27.46 | 5258903 | 0.53 | 0.90 | 18.62 |
| &nbsp;&nbsp;&nbsp;Franklin Global Real Estate VIP Fund - Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 93921 | 23.85 | 2240142 | 1.40 | 0.90 | 6.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 95268 | 22.30 | 2124303 | 1.83 | 0.90 | (1.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 96182 | 22.57 | 2171031 | 2.86 | 0.90 | 10.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 98177 | 20.44 | 2006559 | 2.40 | 0.90 | (26.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 99807 | 27.89 | 2783649 | 0.88 | 0.90 | 25.69 |
| &nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 104257 | 38.23 | 3985971 | 2.04 | 0.90 | 10.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 110236 | 34.59 | 3813266 | 1.96 | 0.90 | 10.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 117098 | 31.37 | 3673344 | 1.92 | 0.90 | 12.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 118300 | 27.90 | 3300044 | 1.82 | 0.90 | (8.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 125127 | 30.41 | 3804565 | 2.88 | 0.90 | 18.14 |
| &nbsp;&nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 45407 | 74.74 | 3393799 | 1.09 | 0.90 | 6.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 48652 | 70.05 | 3408205 | 0.93 | 0.90 | 10.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 50192 | 63.28 | 3176236 | 0.52 | 0.90 | 11.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 52410 | 56.63 | 2968038 | 0.99 | 0.90 | (10.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 53495 | 63.53 | 3398797 | 0.99 | 0.90 | 24.25 |

---

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31** | **As of December 31** | **As of December 31** | | | |
| <br>**Subaccount** | <br>**Units** | **Unit**<br>**Value** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio (A)** | <br>**Expense**<br>**Ratio (B)** | <br>**Total**<br>**Return (C)** |
| &nbsp;&nbsp;&nbsp;Franklin Small-Mid Cap Growth VIP Fund - Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 64482 | $51.16 | $3298652 | -% | 0.90% | 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 67698 | 50.35 | 3408576 |  | 0.90 | 10.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 70530 | 45.76 | 3227262 |  | 0.90 | 25.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 73043 | 36.43 | 2660801 |  | 0.90 | (34.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 72877 | 55.43 | 4039637 |  | 0.90 | 9.03 |
| &nbsp;&nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 265536 | 15.09 | 4006492 | 3.30 | 0.90 | 5.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 274330 | 14.27 | 3914436 | 3.05 | 0.90 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 281153 | 14.20 | 3993585 | 2.72 | 0.90 | 3.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 284214 | 13.72 | 3899150 | 2.39 | 0.90 | (10.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 299156 | 15.34 | 4588497 | 2.63 | 0.90 | (2.66) |
| &nbsp;&nbsp;&nbsp;Templeton Growth VIP Fund - Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 49654 | 32.47 | 1612056 | 0.88 | 0.90 | 22.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 51571 | 26.45 | 1364286 | 0.97 | 0.90 | 4.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 55196 | 25.33 | 1397883 | 3.32 | 0.90 | 19.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 55696 | 21.12 | 1176126 | 0.16 | 0.90 | (12.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 55011 | 24.08 | 1324455 | 1.10 | 0.90 | 3.97 |
| &nbsp;&nbsp;&nbsp;LVIP American Century Capital Appreciation Fund – Standard II: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 37046 | 62.64 | 2320509 |  | 0.90 | 5.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 38379 | 59.22 | 2272954 |  | 0.90 | 23.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 40141 | 47.82 | 1919359 |  | 0.90 | 19.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 40646 | 39.97 | 1624782 |  | 0.90 | (28.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 42022 | 56.10 | 2357619 |  | 0.90 | 10.15 |
| &nbsp;&nbsp;&nbsp;LVIP American Century Inflation Protection Fund – Standard II: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 9523 | 16.12 | 153555 | 8.10 | 0.90 | 5.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 9156 | 15.26 | 139726 | 3.92 | 0.90 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 8598 | 15.13 | 130043 | 3.60 | 0.90 | 2.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 8803 | 14.73 | 129674 | 5.29 | 0.90 | (13.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 8378 | 17.06 | 142924 | 3.32 | 0.90 | 5.63 |
| &nbsp;&nbsp;&nbsp;LVIP American Century Mid Cap Value Fund – Standard II: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 7383 | 46.59 | 343956 | 1.92 | 0.90 | 8.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 7671 | 43.13 | 330852 | 2.51 | 0.90 | 7.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 8404 | 40.03 | 336361 | 2.30 | 0.90 | 5.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 8978 | 38.05 | 341606 | 2.26 | 0.90 | (2.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 9216 | 38.86 | 358099 | 1.15 | 0.90 | 22.12 |
| &nbsp;&nbsp;&nbsp;LVIP American Century Ultra Fund – Standard II: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 33003 | 94.87 | 3130932 |  | 0.90 | 11.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 35922 | 84.83 | 3047147 |  | 0.90 | 27.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 37262 | 66.46 | 2476362 |  | 0.90 | 42.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 38783 | 46.72 | 1812092 |  | 0.90 | (32.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 42514 | 69.72 | 2963847 |  | 0.90 | 22.08 |

---

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31** | **As of December 31** | **As of December 31** | | | |
| <br>**Subaccount** | <br>**Units** | **Unit**<br>**Value** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio (A)** | <br>**Expense**<br>**Ratio (B)** | <br>**Total**<br>**Return (C)** |
| &nbsp;&nbsp;&nbsp;LVIP American Century Value Fund – Standard II: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 69700 | $39.58 | $2758556 | 1.64% | 0.90% | 14.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 73081 | 34.42 | 2515372 | 2.94 | 0.90 | 8.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 75328 | 31.72 | 2389667 | 2.39 | 0.90 | 8.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 77030 | 29.34 | 2259980 | 2.06 | 0.90 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 87395 | 29.44 | 2573158 | 1.73 | 0.90 | 23.39 |
| &nbsp;&nbsp;&nbsp;LVIP JPMorgan Mid Cap Value Fund - Standard: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 74383 | 78.17 | 5814335 | 1.11 | 0.90 | 3.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 79349 | 75.32 | 5976500 | 1.24 | 0.90 | 13.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 84515 | 66.50 | 5620361 | 3.18 | 0.90 | 9.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 84871 | 60.50 | 5134401 | 0.94 | 0.90 | (8.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 90722 | 66.46 | 6029572 | 0.88 | 0.90 | 28.72 |
| &nbsp;&nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund - Standard: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 36304 | 57.11 | 2073158 | 0.65 | 0.90 | 9.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 36887 | 52.25 | 1927476 | 0.81 | 0.90 | 10.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 37847 | 47.20 | 1786412 | 1.37 | 0.90 | 12.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 38884 | 42.11 | 1637327 | 0.45 | 0.90 | (20.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 41641 | 52.68 | 2193720 | 0.51 | 0.90 | 20.30 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price All-Cap Opportunities Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 175302 | 88.85 | 15576154 |  | 0.90 | 15.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 183415 | 77.09 | 14138562 | 0.07 | 0.90 | 24.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 196287 | 62.15 | 12198967 | 0.25 | 0.90 | 27.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 206536 | 48.62 | 10042346 |  | 0.90 | (22.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 215875 | 62.50 | 13493213 |  | 0.90 | 19.71 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 167677 | 50.61 | 8486561 | 1.65 | 0.90 | 13.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 178033 | 44.65 | 7950005 | 1.83 | 0.90 | 10.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 184551 | 40.34 | 7444723 | 2.10 | 0.90 | 8.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 189141 | 37.16 | 7027860 | 1.87 | 0.90 | (4.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 195272 | 38.79 | 7573975 | 1.57 | 0.90 | 24.45 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Mid-Cap Growth Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 167127 | 97.40 | 16278457 |  | 0.90 | 2.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 174793 | 94.91 | 16590121 |  | 0.90 | 8.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 187812 | 87.61 | 16454376 |  | 0.90 | 18.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 198404 | 73.69 | 14620222 |  | 0.90 | (23.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 208838 | 96.04 | 20056174 |  | 0.90 | 13.83 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Moderate Allocation Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 235146 | 44.49 | 10462360 | 2.27 | 0.90 | 13.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 244550 | 39.21 | 9588173 | 2.29 | 0.90 | 9.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 255630 | 35.95 | 9189145 | 2.31 | 0.90 | 14.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 266566 | 31.44 | 8381825 | 1.56 | 0.90 | (19.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 275443 | 38.84 | 10698143 | 0.97 | 0.90 | 9.07 |

---

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31** | **As of December 31** | **As of December 31** | | | |
| <br>**Subaccount** | <br>**Units** | **Unit**<br>**Value** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio (A)** | <br>**Expense**<br>**Ratio (B)** | <br>**Total**<br>**Return (C)** |
| &nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 273168 | $24.78 | $6769199 | 1.95% | 0.90% | 17.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 283812 | 21.12 | 5992795 | 0.93 | 0.90 | 2.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 294436 | 20.64 | 6075939 | 0.98 | 0.90 | 15.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 316547 | 17.91 | 5670073 | 0.80 | 0.90 | (16.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 303255 | 21.47 | 6510382 | 0.58 | 0.90 | 0.42 |
| **Product D:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CVT EAFE International Index Portfolio - Class F: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1518 | $22.25 | $33767 | 2.46% | -% | 30.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2108 | 17.03 | 35905 | 2.75 |  | 2.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2042 | 16.54 | 33777 | 3.07 |  | 17.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1937 | 14.08 | 27268 | 3.62 |  | (14.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 2092 | 16.51 | 34541 | 1.79 |  | 10.66 |
| &nbsp;&nbsp;&nbsp;CVT NASDAQ-100 Index Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 3018 | 151.79 | 458062 | 0.28 |  | 20.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3105 | 126.08 | 391488 | 0.34 |  | 25.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 3268 | 100.70 | 329076 | 0.34 |  | 54.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 3311 | 65.22 | 215911 | 0.18 |  | (32.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 3379 | 96.83 | 327198 | 0.28 |  | 26.87 |
| &nbsp;&nbsp;&nbsp;CVT Russell 2000® Small Cap Index Portfolio - Class F: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 3072 | 39.13 | 120176 | 1.63 |  | 12.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3338 | 34.86 | 116369 | 1.32 |  | 11.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 3235 | 31.40 | 101585 | 0.90 |  | 16.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 3205 | 26.99 | 86506 | 0.87 |  | (20.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 3396 | 34.02 | 115536 | 0.75 |  | 14.31 |
| &nbsp;&nbsp;&nbsp;CVT S&P MidCap 400 Index Portfolio - Class F: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 24691 | 49.34 | 1218269 | 1.12 |  | 6.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 24975 | 46.15 | 1152497 | 1.21 |  | 13.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 25719 | 40.73 | 1047565 | 1.25 |  | 15.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 25737 | 35.15 | 904563 | 0.96 |  | (13.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 25557 | 40.64 | 1038521 | 0.79 |  | 24.21 |
| &nbsp;&nbsp;&nbsp;Columbia VP Overseas Core Fund - Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 554 | 26.56 | 14722 | 1.86 |  | 38.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 527 | 19.21 | 10120 | 4.24 |  | 3.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 495 | 18.57 | 9184 | 2.14 |  | 15.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 628 | 16.06 | 10084 | 0.78 |  | (14.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 525 | 18.82 | 9881 | 1.21 |  | 9.93 |
| &nbsp;&nbsp;&nbsp;Columbia VP Select Mid Cap Value Fund - Class 1: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2581 | 46.43 | 119844 |  |  | 14.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2792 | 40.66 | 113518 |  |  | 12.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2622 | 36.13 | 94745 |  |  | 10.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 2608 | 32.76 | 85417 |  |  | (9.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 2811 | 36.17 | 101657 |  |  | 32.35 |

---

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31** | **As of December 31** | **As of December 31** | | | |
| <br>**Subaccount** | <br>**Units** | **Unit**<br>**Value** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio (A)** | <br>**Expense**<br>**Ratio (B)** | <br>**Total**<br>**Return (C)** |
| &nbsp;&nbsp;&nbsp;Columbia VP Small Cap Value Fund - Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 16519 | $45.62 | $753618 | 0.99% | -% | 14.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 16719 | 39.79 | 665174 | 0.55 |  | 8.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 16965 | 36.61 | 621094 | 0.44 |  | 21.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 16518 | 30.09 | 497032 | 0.49 |  | (8.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 16396 | 33.06 | 542006 | 0.45 |  | 28.84 |
| &nbsp;&nbsp;&nbsp;Columbia VP Small Company Growth Fund - Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 165 | 61.91 | 10189 |  |  | 21.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 174 | 51.04 | 8891 | 2.38 |  | 23.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 185 | 41.21 | 7641 |  |  | 26.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 199 | 32.62 | 6492 |  |  | (35.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 222 | 50.93 | 11327 |  |  | (3.14) |
| &nbsp;&nbsp;&nbsp;DWS Global Small Cap VIP - Class A: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 767 | 29.79 | 22847 | 1.16 |  | 20.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 714 | 24.72 | 17644 | 1.34 |  | 5.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 703 | 23.37 | 16419 | 0.86 |  | 24.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 660 | 18.76 | 12384 | 0.54 |  | (24.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 625 | 24.71 | 15436 | 0.35 |  | 14.98 |
| &nbsp;&nbsp;&nbsp;DWS International Opportunities VIP - Class A: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1539 | 24.76 | 38117 | 0.90 |  | 18.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1536 | 20.82 | 31986 | 1.17 |  | 9.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1480 | 19.04 | 28186 | 0.77 |  | 16.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 1562 | 16.41 | 25635 | 1.02 |  | (28.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1748 | 22.95 | 40122 | 0.33 |  | 8.10 |
| &nbsp;&nbsp;&nbsp;Federated Hermes Government Money Fund II - Service Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 5994 | 11.88 | 71200 | 3.66 |  | 3.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 5828 | 11.45 | 66731 | 4.57 |  | 4.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 5553 | 10.94 | 60748 | 4.44 |  | 4.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 5798 | 10.47 | 60686 | 1.13 |  | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 6378 | 10.35 | 65985 |  |  |  |
| &nbsp;&nbsp;&nbsp;Federated Hermes Managed Volatility Fund II - Primary Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 14013 | 25.77 | 361167 | 2.89 |  | 7.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 13918 | 24.08 | 335140 | 2.12 |  | 15.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 13109 | 20.84 | 273168 | 1.84 |  | 8.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 12737 | 19.17 | 244220 | 1.88 |  | (13.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 12776 | 22.23 | 284030 | 1.73 |  | 18.50 |
| &nbsp;&nbsp;&nbsp;Federated Hermes Quality Bond Fund II - Primary Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 73174 | 15.19 | 1111723 | 3.28 |  | 7.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 74080 | 14.19 | 1051033 | 2.92 |  | 3.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 76622 | 13.66 | 1046439 | 2.59 |  | 6.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 77600 | 12.87 | 998514 | 2.55 |  | (9.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 76472 | 14.18 | 1084619 | 2.12 |  | (1.39) |

---

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31** | **As of December 31** | **As of December 31** | | | |
| <br>**Subaccount** | <br>**Units** | **Unit**<br>**Value** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio (A)** | <br>**Expense**<br>**Ratio (B)** | <br>**Total**<br>**Return (C)** |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Service Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 33359 | $77.57 | $2587594 | -% | -% | 21.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 35590 | 64.00 | 2277828 | 0.03 |  | 33.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 36802 | 47.96 | 1765034 | 0.27 |  | 33.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 37563 | 36.03 | 1353361 | 0.26 |  | (26.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 39332 | 49.01 | 1927711 | 0.03 |  | 27.50 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Service Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 18058 | 90.57 | 1635502 | 0.05 |  | 14.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 18899 | 79.03 | 1493539 |  |  | 30.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 19713 | 60.75 | 1197683 |  |  | 35.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 20257 | 44.71 | 905685 | 0.35 |  | (24.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 20576 | 59.33 | 1220777 |  |  | 22.91 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 25470 | 25.07 | 638441 | 6.71 |  | 10.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 25974 | 22.72 | 590223 | 6.45 |  | 8.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 26168 | 20.92 | 547453 | 5.91 |  | 10.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 25787 | 18.98 | 489382 | 5.18 |  | (11.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 26125 | 21.49 | 561337 | 5.47 |  | 4.32 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Index 500 Portfolio - Service Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 4751 | 71.05 | 337566 | 0.91 |  | 17.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 5462 | 60.48 | 330318 | 1.04 |  | 24.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 4740 | 48.54 | 230079 | 1.22 |  | 25.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 5151 | 38.56 | 198635 | 1.14 |  | (18.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 5669 | 47.27 | 267976 | 1.05 |  | 28.24 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 20780 | 45.60 | 947603 | 0.25 |  | 11.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 20877 | 40.90 | 853926 | 0.35 |  | 17.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 21920 | 34.91 | 765186 | 0.40 |  | 14.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 21769 | 30.41 | 661920 | 0.28 |  | (14.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 21975 | 35.76 | 785797 | 0.35 |  | 25.30 |
| &nbsp;&nbsp;&nbsp;Fidelity® VIP Real Estate Portfolio - Service Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 20171 | 27.09 | 546407 | 1.94 |  | 2.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 20429 | 26.33 | 537817 | 4.05 |  | 6.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 20589 | 24.78 | 510139 | 2.39 |  | 10.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 18303 | 22.34 | 408960 | 1.10 |  | (27.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 19875 | 30.90 | 614164 | 0.97 |  | 38.63 |
| &nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 57675 | 31.22 | 1800631 | 2.07 |  | 11.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 58417 | 28.00 | 1635422 | 2.01 |  | 11.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 59777 | 25.16 | 1503973 | 1.92 |  | 13.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 58971 | 22.17 | 1307651 | 1.84 |  | (7.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 60460 | 23.95 | 1448291 | 2.87 |  | 19.15 |

---

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31** | **As of December 31** | **As of December 31** | | | |
| <br>**Subaccount** | <br>**Units** | **Unit**<br>**Value** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio (A)** | <br>**Expense**<br>**Ratio (B)** | <br>**Total**<br>**Return (C)** |
| &nbsp;&nbsp;&nbsp;Franklin Small Cap Value VIP Fund - Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 3035 | $42.71 | $129645 | 1.04% | -% | 7.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3510 | 39.68 | 139255 | 0.95 |  | 11.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 3553 | 35.52 | 126190 | 0.53 |  | 12.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 3557 | 31.50 | 112040 | 0.98 |  | (10.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 3579 | 35.03 | 125377 | 1.01 |  | 25.38 |
| &nbsp;&nbsp;&nbsp;Franklin U.S. Government Securities VIP Fund - Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 72620 | 14.14 | 1026506 | 3.28 |  | 6.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 72463 | 13.25 | 960030 | 3.03 |  | 1.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 75130 | 13.07 | 981925 | 2.72 |  | 4.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 74631 | 12.51 | 933706 | 2.35 |  | (9.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 74102 | 13.86 | 1027273 | 2.64 |  | (1.84) |
| &nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 2: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 31487 | 15.56 | 489873 |  |  | 15.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 31686 | 13.44 | 425969 |  |  | (11.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 32428 | 15.17 | 491874 |  |  | 2.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 31944 | 14.74 | 470935 |  |  | (4.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 32035 | 15.51 | 496887 |  |  | (5.02) |
| &nbsp;&nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund - Service: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2054 | 44.14 | 90671 | 0.45 |  | 9.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2035 | 40.13 | 81663 | 0.63 |  | 11.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2377 | 36.01 | 85614 | 1.00 |  | 12.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 2360 | 31.92 | 75351 | 0.09 |  | (19.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 2513 | 39.68 | 99745 | 0.29 |  | 21.05 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price All-Cap Opportunities Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 2776 | 107.00 | 297005 |  |  | 16.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 2886 | 92.00 | 265480 | 0.08 |  | 25.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2837 | 73.51 | 208579 | 0.26 |  | 28.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 2896 | 57.00 | 165070 |  |  | (21.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 3026 | 72.62 | 219717 |  |  | 20.79 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 18759 | 44.31 | 831247 | 1.66 |  | 14.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 19203 | 38.75 | 744059 | 1.84 |  | 11.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 18806 | 34.69 | 652359 | 2.12 |  | 9.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 18156 | 31.67 | 574968 | 1.87 |  | (3.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 19575 | 32.76 | 641331 | 1.58 |  | 25.52 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Moderate Allocation Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 1100 | 34.58 | 38058 | 2.27 |  | 14.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1252 | 30.20 | 37828 | 2.23 |  | 10.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1972 | 27.44 | 54106 | 2.30 |  | 15.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 2043 | 23.79 | 48603 | 1.58 |  | (18.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 1961 | 29.13 | 57110 | 0.99 |  | 10.09 |

---

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31** | **As of December 31** | **As of December 31** | | | |
| <br>**Subaccount** |<br>**Units** | **Unit**<br>**Value** |<br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio (A)** |<br>**Expense**<br>**Ratio (B)** |<br>**Total**<br>**Return (C)** |
| &nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | 75317 | $24.07 | $1812836 | 1.98% | -% | 18.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 76310 | 20.33 | 1551142 | 0.96 |  | 3.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 77595 | 19.69 | 1527584 | 1.00 |  | 16.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 83990 | 16.94 | 1422488 | 0.83 |  | (15.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | 74212 | 20.12 | 1492982 | 0.58 |  | 1.31 |

---

**Farm Bureau Life Variable Account**

**Notes to Financial Statements (continued)**

(A) These ratios represent the dividends, excluding distributions of capital gains, received by the
subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets.
These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values.
The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying
fund in which the subaccounts invest.

(B) These ratios represent the annualized policy expenses of the separate account, consisting of mortality and expense risk charges,
for the period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made
directly to policy owner accounts through the redemption of units and expenses of the underlying fund are excluded.

(C) These ratios represent the total return for the period indicated, including changes in the value
of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any
expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in
the total return presented.

**7. Segment Reporting**

Each subaccount, as detailed in Note 1, represents a single operating segment. The Chief Operating Officer of the Company acts as the Chief Operating Decision Maker (CODM) and monitors the operating results of each subaccount. The change in net assets resulting from operations, which is used by the CODM to assess the subaccount's performance, is consistent with that presented within the subaccount's financial statements. Subaccount assets are reflected on the accompanying Statement of Assets and Liabilities and significant segment expenses are listed on the accompanying Statement of Operations.

**Independent Auditor's Report**

The Board of Directors and Stockholders

Farm Bureau Life Insurance Company and Greenfields Life Insurance Company

West Des Moines, Iowa

***Opinion***

We have audited the combined statutory-basis financial statements of Farm Bureau Life Insurance Company and Greenfields Life Insurance Company (the Company), which comprise the combined balance sheets – statutory basis as of December 31, 2025 and 2024, and the related combined statements of operations – statutory basis, changes in capital and surplus – statutory basis, and cash flows – statutory basis for the years then ended, and the related notes to the combined financial statements (collectively referred to as the "financial statements").

***Unmodified Opinion on Regulatory Basis of Accounting***

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024 and the results of its operations and its cash flows for the years then ended in accordance with the basis of accounting described in Note 1.

***Adverse Opinion on U.S. Generally Accepted Accounting Principles***

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for the years then ended.

***Basis for Opinion***

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the "Auditor's Responsibilities for the Audit of the Combined Financial Statements" section of our report. We are required to be independent of the Group and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

***Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles***

As described in Note 1 to the financial statements, the financial statements are prepared by the Group in accordance with the accounting practices prescribed or permitted by the Insurance Division, Department of Insurance and Financial Services, of the State of Iowa, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of Iowa's statutes. The effects on the financial statements of the variances between the regulatory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

The Board of Directors and Stockholders

Farm Bureau Life Insurance Company and Greenfields Life Insurance Company

***Prior Year Audited by Other Auditors***

The combined statements of operations-statutory basis, changes in capital and surplus-statutory basis, and cash flows-statutory basis for the year ended December 31, 2023, and the related notes to the combined financial statements were audited by other auditors, and their report thereon dated April 24, 2024, expressed an unmodified opinion on the regulatory basis of accounting and an adverse opinion on U.S. Generally Accepted Accounting Principles.

***Responsibilities of Management for the Financial Statements***

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the Insurance Division, Department of Insurance and Financial Services, of the State of Iowa. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that these financial statements are available to be issued.

***Auditor's Responsibilities for the Audit of the Financial Statements***

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

● Exercise professional judgment and maintain professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

The Board of Directors and Stockholders

Farm Bureau Life Insurance Company and Greenfields Life Insurance Company

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ Forvis Mazars LLP

**West Des Moines, Iowa**

**April 30, 2026**

**Farm Bureau Life Insurance Company and Subsidiary<br> Combined Balance Sheets - Statutory Basis<br> (Dollars in thousands, except per share data)**

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | 2024 |
| **Admitted assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and invested assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | $**7320656** | $7251432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stocks | **19063** | 19123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks (cost of $28,547 in 2025 and $39,155 in 2024) | **28547** | 38389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | **922066** | 894719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | **955** | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy loans | **205107** | 197523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | **106754** | 99830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | **467990** | 427851 |
| &nbsp;&nbsp;&nbsp;Total cash and invested assets | **9071138** | 8929822 |
| &nbsp;&nbsp;&nbsp;Deferred income tax asset, net | **82548** | 84180 |
| &nbsp;&nbsp;&nbsp;Premiums deferred and uncollected | **101842** | 101800 |
| &nbsp;&nbsp;&nbsp;Investment income due and accrued | **69101** | 69246 |
| &nbsp;&nbsp;&nbsp;Amounts recoverable under reinsurance agreements | **4896** | 16100 |
| &nbsp;&nbsp;&nbsp;Other assets | **107279** | 102800 |
| &nbsp;&nbsp;&nbsp;Assets held in separate accounts | **690209** | 662062 |
| Total admitted assets | $**10127013** | $9966010 |

---

**Farm Bureau Life Insurance Company and Subsidiary<br> Combined Balance Sheets - Statutory Basis (continued)<br> (Dollars in thousands, except per share data)**

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | 2024 |
| **Liabilities, capital and surplus** |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy reserves: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and annuity | $**7355636** | $7270495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accident and health | **122** | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability for deposit-type contracts | **933548** | 953097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total policy reserves | **8289306** | 8223704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy and contract claims: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life | **35475** | 37602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accident and health | **11** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other policyholders' funds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable to policyholders | **4995** | 5294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance premiums | **4022** | 3557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts payable to affiliates | **907** | 3544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest maintenance reserve | **4370** | 4351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset valuation reserve | **118221** | 113288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | **152150** | 125359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities related to separate accounts | **690209** | 662062 |
| &nbsp;&nbsp;&nbsp;Total liabilities | **9299666** | 9178774 |
| Capital and surplus: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, 7.5% cumulative, par value $50 per share - authorized 6,000 shares, none issued or outstanding | **-** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, par value $50 per share - authorized 994,000 shares, issued and outstanding 50,000 shares | **2500** | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in-capital | **130983** | 130983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unassigned funds for the protection of policyholders | **693864** | 653753 |
| &nbsp;&nbsp;&nbsp;Total capital and surplus | **827347** | 787236 |
| Total liabilities, capital and surplus | $**10127013** | $9966010 |

---

*See accompanying notes.*

**Farm Bureau Life Insurance Company and Subsidiary<br> Combined Statements of Operations - Statutory Basis<br> (Dollars in thousands)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | 2024 | 2023 |
| Revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums and other considerations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life, annuity and accident and health | $**639884** | $633525 | $692309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplementary contracts with life contingencies | **1823** | 3274 | 2654 |
| &nbsp;&nbsp;&nbsp;Net investment income | **433642** | 423937 | 386188 |
| &nbsp;&nbsp;&nbsp;Other income | **31376** | 31676 | 30293 |
| Total revenues | **1106725** | 1092412 | 1111444 |
| Benefits and expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Benefits paid or provided for |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Death benefits | **219446** | 215025 | 197500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accident and health benefits | **106** | 117 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuity benefits | **120240** | 119511 | 114366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrender benefits | **379744** | 378712 | 409827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment on supplementary contracts with life contingencies | **12934** | 14286 | 14888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other benefits | **29754** | 28562 | 25610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in life, annuity and accident and health policy reserves | **85152** | 69527 | 96573 |
| &nbsp;&nbsp;&nbsp;Total benefits paid or provided for | **847376** | 825740 | 858868 |
| &nbsp;&nbsp;&nbsp;Commissions | **62876** | 63733 | 65925 |
| &nbsp;&nbsp;&nbsp;General expenses | **138143** | 130269 | 125316 |
| &nbsp;&nbsp;&nbsp;Insurance taxes, licenses and fees | **10451** | 10156 | 9575 |
| &nbsp;&nbsp;&nbsp;Net transfers from separate accounts | **(33448)** | (36479) | (28432) |
| &nbsp;&nbsp;&nbsp;Change in loading and other | **(8078)** | (15710) | (13779) |
| Total benefits and expenses | **1017320** | 977709 | 1017473 |
| Gain from operations before dividends to policyholders, federal income taxes and net realized capital gains/losses | **89405** | 114703 | 93971 |
| Dividends to policyholders | **4827** | 5120 | 5438 |
| Net gain from operations before federal income taxes and net realized capital gains/losses | **84578** | 109583 | 88533 |
| Federal income taxes | **12744** | 19048 | 16496 |
| Net gain from operations before net realized capital gains/losses | **71834** | 90535 | 72037 |
| Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital gains tax (benefit) (2025 -($1657): 2024 - ($402): 2023 - $(712)) and excluding taxes transferred to IMR (2025 - $252: 2024-($556): 2023-($145)) | **(6237)** | (1512) | (2679) |
| Net income | $**65597** | $89023 | $69358 |

---

*See accompanying notes.*

**Farm Bureau Life Insurance Company and Subsidiary**

**Combined Statements of Changes in Capital and Surplus - Statutory Basis**

**(Dollars in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Common Stock** | **Additional Paid-**<br>**In Capital** | **Unassigned**<br>**Funds** | **Total Capital**<br>**and Surplus** |
| Balance on January 1, 2023 | $2500 | $130983 | $598617 | $732100 |
| &nbsp;&nbsp;&nbsp;Net income |  |  | 69358 | 69358 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized capital gains |  |  | 3306 | 3306 |
| &nbsp;&nbsp;&nbsp;Change in net deferred income tax |  |  | 7295 | 7295 |
| &nbsp;&nbsp;&nbsp;Change in nonadmitted assets |  |  | 1531 | 1531 |
| &nbsp;&nbsp;&nbsp;Change in asset valuation reserve |  |  | (10405) | (10405) |
| &nbsp;&nbsp;&nbsp;Dividends to stockholder | - | - | (74000) | (74000) |
| Balance on December 31, 2023 | 2500 | 130983 | 595702 | 729185 |
| &nbsp;&nbsp;&nbsp;Net income |  |  | 89023 | 89023 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized capital gains |  |  | 2223 | 2223 |
| &nbsp;&nbsp;&nbsp;Change in net deferred income tax |  |  | 2082 | 2082 |
| &nbsp;&nbsp;&nbsp;Change in nonadmitted assets |  |  | (279) | (279) |
| &nbsp;&nbsp;&nbsp;Change in asset valuation reserve |  |  | (8998) | (8998) |
| &nbsp;&nbsp;&nbsp;Dividends to stockholder | - | - | (26000) | (26000) |
| Balance on December 31, 2024 | $**2500** | $**130983** | $**653753** | $**787236** |
| &nbsp;&nbsp;&nbsp;Net income | **-** | **-** | **65597** | **65597** |
| &nbsp;&nbsp;&nbsp;Change in net unrealized capital gains | **-** | **-** | **8849** | **8849** |
| &nbsp;&nbsp;&nbsp;Change in net deferred income tax | **-** | **-** | **844** | **844** |
| &nbsp;&nbsp;&nbsp;Change in nonadmitted assets | **-** | **-** | **(3646)** | **(3646)** |
| &nbsp;&nbsp;&nbsp;Change in asset valuation reserve | **-** | **-** | **(4933)** | **(4933)** |
| &nbsp;&nbsp;&nbsp;Dividends to stockholder | **-** | **-** | **(26600)** | **(26600)** |
| Balance on December 31, 2025 | $**2500** | $**130983** | $**693864** | $**827347** |

---

 

*See accompanying notes.*

**Farm Bureau Life Insurance Company and Subsidiary**

**Combined Statements of Cash Flow - Statutory Basis**

**(Dollars in thousands)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | 2024 | 2023 |
| **Operations:** |  |  |  |
| Premiums and other considerations received, net of reinsurance paid | $**640640** | $639208 | $690960 |
| Net investment income received | **423796** | 418220 | 384182 |
| Miscellaneous income | **31392** | 31088 | 31061 |
|  | **1095828** | 1088516 | 1106203 |
| Benefits paid | **(746295)** | (769335) | (785066) |
| Net transfers from separate accounts | **33523** | 36492 | 28417 |
| Commissions, expenses paid and aggregate write-ins for deductions | **(201535)** | (184172) | (189389) |
| Dividends paid to policyholders | **(5127)** | (5492) | (5804) |
| Federal income taxes paid, including net tax on capital gains | **(13526)** | (22510) | (14850) |
| Net cash provided by operations | **162868** | 143499 | 139511 |
| **Investment activities:** |  |  |  |
| Proceeds from sales, maturities or repayments of investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds | **737280** | 523280 | 429238 |
| &nbsp;&nbsp;&nbsp;Stocks | **17020** | 36617 | 19596 |
| &nbsp;&nbsp;&nbsp;Mortgage loans | **76156** | 63606 | 64689 |
| &nbsp;&nbsp;&nbsp;Real estate | **-** | **-** | 8781 |
| &nbsp;&nbsp;&nbsp;Other invested assets | **34649** | 52412 | 15896 |
| &nbsp;&nbsp;&nbsp;Miscellaneous proceeds | **-** | 2978 | - |
| Total proceeds from sales, maturities or repayments of investments | **865105** | 678893 | 538200 |
| Cost of investments acquired: |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds | **(800028)** | (581772) | (339596) |
| &nbsp;&nbsp;&nbsp;Stocks | **(8342)** | (15406) | (4264) |
| &nbsp;&nbsp;&nbsp;Mortgage loans | **(103550)** | (32210) | (3500) |
| &nbsp;&nbsp;&nbsp;Other invested assets | **(60391)** | (79745) | (95796) |
| &nbsp;&nbsp;&nbsp;Miscellaneous applications | **(7637)** | - | (17525) |
| Total cost of investments acquired | **(979948)** | (709133) | (460681) |
| Net increase in policy loans | **(7584)** | (7267) | (6146) |
| Net cash provided by (used in) investment activities | **(122427)** | (37507) | 71373 |
| **Financing and miscellaneous activities:** |  |  |  |
| Dividends paid to stockholder | **(26600)** | (26000) | (74000) |
| Net withdrawals on deposit-type contracts | **(27166)** | (18271) | (118173) |
| Borrowed funds | **-** |  | (6700) |
| Other uses, net | **20249** | 1738 | 31761 |
| Net used in financing and miscellaneous activities | **(33517)** | (42533) | (167112) |
| Net increase cash and cash equivalents | **6924** | 63459 | 43772 |
| Cash and cash equivalents at the beginning of year | **99830** | 36371 | (7401) |
| Cash and cash equivalents at end of year | $**106754** | $99830 | $36371 |
| Noncash investing transactions excluded from the statements of cash flows are as follows: |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax free exchange of securities | $**97260** | $40716 | $29237 |
| &nbsp;&nbsp;&nbsp;Property transfer from other invested assets to real estate | $**-** | $- | $2625 |
| &nbsp;&nbsp;&nbsp;Transfer of bonds to preferred stock | $**-** | $4027 | $- |
| &nbsp;&nbsp;&nbsp;Interest capitalization | $**59** | $76 | $23 |

---

*See accompanying notes*

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements**

**December 31, 2025**

**1. Nature of Operations and Significant Accounting Policies**

**Organization**

The Farm Bureau Life Insurance Company and Subsidiary (we or the Company), consists of Farm Bureau Life Insurance Company (FB Life), a wholly-owned subsidiary of FBL Financial Group, Inc. and Greenfields Life Insurance Company (Greenfields), a wholly-owned subsidiary of FB Life, which are both domiciled in the state of Iowa. FB Life assumes 100% of the business written by Greenfields through a coinsurance agreement.

We operate predominantly in the life insurance industry. FBL Financial Group, Inc. (our parent) is a majority-owned subsidiary of the Iowa Farm Bureau Federation (IFBF). FB Life markets individual life insurance policies and annuity contracts to Farm Bureau members and other individuals and businesses in the Midwestern and Western sections of the United States through an exclusive agency force. Our distribution force markets under the consumer brand name Farm Bureau Financial Services. Greenfields offers life and annuity products in the state of Colorado.

**Principles of Combination**

The accompanying combined statutory-basis financial statements include the accounts of FB Life and Greenfields. All significant intercompany transactions and balances have been eliminated in preparation of the combined financial statements. These eliminations include, but are not limited to, the carrying values and the capital and surplus accounts from the balance sheets, transactions related to intercompany reinsurance as well as unrealized capital gains and losses due to equity investment in combined subsidiary.

**Basis of Presentation**

The accompanying combined statutory-basis financial statements have been prepared on the basis of accounting practices prescribed or permitted by the Insurance Division, Department of Insurance and Financial Services, of the state of Iowa (Iowa Insurance Division). These statutory accounting principles (SAP) differ in some respects from accounting principles generally accepted in the United States of America (GAAP). The Iowa Insurance Division recognizes only statutory accounting practices prescribed or permitted by the state of Iowa for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under Iowa Insurance Law. The *Accounting Practices and Procedures Manual* of the National Association of Insurance Commissioners (NAIC) contains the statements of statutory accounting principles (SSAPs) and has been adopted as a component of prescribed or permitted practices by the state of Iowa. The Iowa Insurance Division has the right to permit or prescribe specific practices that deviate from those set forth in the NAIC's *Accounting Practices and Procedures Manual* (NAIC SAP).

We have elected to apply the Iowa Insurance Division promulgated Iowa Administrative Code Section 191-97 (IAC 191-97), *Accounting for Certain Derivative Instruments Used to Hedge the Growth in Interest Credited for Indexed Insurance Products and Accounting for the Indexed Insurance Products Reserve,* which prescribes that an insurer may elect (i) to use an amortized cost method to account for certain derivative instruments, such as call options, purchased to hedge the growth in interest credited to the customer on indexed insurance products and (ii) to utilize an indexed annuity reserve calculation methodology under which call options associated with the current index interest crediting term are valued at zero. See table below for the net income and capital and surplus impact of this permitted practice.

There are no other differences in our net income or capital and surplus between NAIC SAP and practices prescribed and permitted by the Iowa Insurance Division as of December 31, 2025, 2024, and 2023.

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

Reconciliation of state basis to NAIC SAP:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | SSAP # | **2025** | 2024 | 2023 |
|  |  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Net income** |  |  |  |  |
| Farm Bureau Life and Subsidiary net income as reported | XXX | $**65597** | $89023 | $69358 |
| State Prescribed Practices that are an increase (decrease) from |  |  |  |  |
| NAIC SAP: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Index and call option accounting - IAC 191-97 | 86 | **(1330)** | 896 | 1876 |
| State Permitted Practices that are an increase from NAIC SAP: |  |  |  |  |
| NAIC SAP net income |  | $**66927** | $88127 | $67482 |
| **Surplus** |  |  |  |  |
| Farm Bureau Life and Subsidiary surplus as reported | XXX | $**827347** | $787236 | $729185 |
| State Prescribed Practices that are an increase (decrease) from |  |  |  |  |
| NAIC SAP: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Index and call option accounting - IAC 191-97 | 86 | **(9734)** | (6049) | (11055) |
| NAIC SAP Surplus |  | $**837081** | $793285 | $740240 |

---

The more significant differences between NAIC SAP and GAAP are as follows:

● bonds and redeemable preferred stocks are generally carried at amortized cost rather than carried at fair value and classified as available-for-sale;

● changes in fair value of common stocks and perpetual preferred stocks are credited or charged directly to surplus rather than reflected as a component of realized gains or losses;

● undistributed earnings of joint ventures, partnerships and limited liability companies are recorded as a component of the change in unrealized gains and losses in unassigned surplus, while distributed earnings of such entities are recorded as a component of net investment income rather than undistributed and distributed recorded as net investment income;

● nonadmitted assets are charged to surplus rather than being reported as assets;

● assets and liabilities are presented at historical cost rather than restated to fair values when a change in ownership occurs;

● amounts recoverable or payable under modified coinsurance agreements include a component based on the book value of bonds backing certain liabilities rather than an embedded derivative based on the fair value of those bonds;

● acquisition costs of new business are charged to current operations as incurred rather than deferred and amortized over the life of the policies;

● policy reserves are based on prescribed mortality and interest rates rather than best estimate assumptions;

● policy reserves on certain investment products use discounting methodologies utilizing statutory interest rates rather than full account values;

● policy reserves for policies subject to principle-based reserves are based on prescribed assumptions for net premium reserves and utilize cash flow projections using company-specific assumptions for deterministic and stochastic reserves;

● net realized gains or losses attributed to changes in the level of market interest rates are deferred and amortized over the remaining life of the bond or mortgage loan, rather than recognized as gains or losses in the statements of operations when the sale is completed;

● a formula-driven statutory investment reserve, changes in which are charged directly to surplus, is recorded as a liability;

● incurred losses on financial instruments are recognized rather than an allowance for credit losses;

● revenues for universal life, investment products and variable products consist of premiums received rather than policy charges for the cost of insurance, policy administration charges, amortization of policy initiation fees and surrender charges assessed; and

● changes in deferred taxes are reflected as a direct adjustment to surplus rather than current tax expense.

The preparation of financial statements in conformity with accounting practices prescribed or permitted by the Iowa Insurance Division requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

disclosure of contingent assets and liabilities at the date of the statutory-basis financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**Accounting Pronouncements Adopted**

Effective January 1, 2025, the Company adopted the NAIC's principles-based bond definition (PBBD) as required by SSAP's No. 26R and 43R. The updated definition establishes principles-based criteria to determine whether a security qualifies as a bond for statutory accounting purposes. The updated definition emphasizes the assessment of the substance of the investment's structure and the underlying cash flow characteristics, rather than the legal form alone.

Under the new definition, a bond is generally defined as a security that represents a creditor relationship, with pre-determined principal and interest payments that do not vary based on appreciation or depreciation of underlying collateral or other non-debt variables. Investments that possess equity-like characteristics require further analysis based on various characteristics to rebut the presumption that they did not meet the creditor relationship.

A key reporting change of the new guidance is the requirement to classify bonds as either issuer credit obligations, or asset-backed securities. Issuer credit obligations are backed by the general creditworthiness of an operating entity, while asset-backed securities are bonds created for the primary purpose of raising debt capital where repayment is supported primarily by the cash flows from an underlying discrete pool of financial assets or cash generating non-financial assets. Asset-backed securities are further evaluated to ensure they have substantive credit enhancement and, for non-financial assets, meet the meaningful cash flow criteria.

To implement the new bond definition, the Company conducted a review of its investment portfolio. This review included an assessment of securities previously classified as bonds to determine whether they qualify as an issuer credit obligation or asset-backed security under the revised definition. The review resulted in no reclassification of securities that no longer meet the bond definition. The Company continues to partner with its investment managers to reflect the principle-based criteria and monitors guidance issued by the NAIC to ensure ongoing compliance.

The NAIC adopted a new Generator of Economic Scenarios (GOES), impacting certain principle-based reserves, effective January 1, 2026. The implementation of GOES is not expected to have a material change to our reserves and the respective change in reserves will be reflected in capital as a change in accounting method.

**Investments**

***Bonds***

Investments in bonds and redeemable preferred stocks are reported at amortized cost or fair value based on their NAIC designation and adjusted for other-than-temporary impairment losses. Premiums and discounts for all bonds and redeemable preferred stocks are amortized/accreted into investment income over the life of the security using the effective interest method. Amortization/accrual of premiums and discounts on asset-backed securities incorporates prepayment assumptions to estimate the securities' expected lives. Prior to January 1, 2025, subsequent revisions in assumptions were recorded using the retrospective or prospective method. Under the retrospective method used for asset-backed securities of high credit quality (ratings equal to or greater than "AA" or an equivalent rating by a nationally recognized rating agency at the time of acquisition or that are backed by a U.S. agency), amortized cost of the security was adjusted to the amount that would have existed had the revised assumptions been in place at the date of acquisition. The adjustments to amortized cost are recorded as a charge or credit to net investment income. Under the prospective method, which was used for all other asset-backed securities, future cash flows were estimated, and interest income was recognized going forward using the new internal rate of return. Effective January 1, 2025, with the adoption of the PBBD as discussed above, the prospective method is used for all asset-backed securities. Bonds with an NAIC designation of six are carried at the lower of amortized cost or fair value, with unrealized gains or losses reflected as a direct adjustment to surplus. The NAIC designation of certain asset-backed securities is based on a multi-step process developed by the NAIC Securities Valuation Office (SVO) which includes the results of financial modeling performed by a third-party modeler designated by the NAIC.

Perpetual preferred stock are carried at fair value, limited to the current effective call price. We do not currently hold any mandatory convertible securities or SVO-Identified investments.

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

***Common Stocks***

Common stocks are carried at fair value. Changes in unrealized gains or losses are credited or charged directly to surplus, net of deferred income taxes.

***Mortgage Loans***

Mortgage loans are reported at cost adjusted for amortization of premiums, accrual of discounts and net of allowance for loan losses. If we determine that the value of any mortgage loan is impaired (i.e., when it is probable we will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to its fair value of the underlying collateral less estimated costs to obtain and sell the property. We evaluate each of our mortgage loans individually and recognize an impairment loss, if needed, for each impaired loan identified. The carrying value of each specific loan is reduced by the estimated loss. Mortgage loans are placed on non-accrual status if we have concerns regarding the collectability of future payments. Interest income on non-performing loans is generally recognized on a cash basis. Once mortgage loans are classified as non-accrual loans, the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan has been restructured such that the collection of all remaining principal and interest is considered likely. There were no mortgage loans impaired during 2025, 2024 or 2023.

***Real Estate***

The Company's real estate is held for production of income and consists of land reported at cost net of allowance for losses. The carrying value of this asset is subject to regular review. For properties held for production of income, if indicators of impairment are present and a property's expected undiscounted cash flows are not sufficient to recover the property's carrying value, an impairment loss is recognized, and the property's cost basis is reduced to fair value. There were no properties held for the production of income impaired during 2025, 2024 or 2023.

***Policy Loans***

Policy loans are reported at unpaid principal balance.

***Other Invested Assets***

Other invested assets consist of investments in limited liability companies and partnerships, which are recorded at the equity in underlying net assets except for tax credit investments which use the proportional amortization method, surplus notes valued at cost adjusted for amortization of premiums and accrual of discounts and residual interests carried at the lower of cost or fair value. For a decline in the fair value of an investment in a joint venture that is determined to be an other-than-temporary impairment (OTTI), the carrying value is reduced to the fair value, which becomes the new cost basis, and the amount of the write down is accounted for as a realized loss in the statement of operations. We consider an OTTI to have occurred if it is probable that we will be unable to recover the carrying amount of the investment or if there is evidence indicating inability of the investee to sustain earnings that would justify the carrying amount of the investment. The Company recorded impairments of $0.8 million in 2025, $0.1 million in 2024 and $0.4 million in 2023. These impairments were related to partnerships where the decline in value of the funds were deemed OTTI and a recovery in the value of the remaining funds in the investments were not anticipated.

Other admitted assets are valued principally at cost.

***Derivative Instruments***

Derivative instruments are reported in other invested assets on the balance sheet and include one-year and two-year call options used to offset the market risk associated with our index contracts under which we provide index credits to contract holders based on the performance of the S&P 500 Index. The Company follows IAC 191-97, which allows call option derivative instruments that hedge the growth in interest credited on index products to be accounted for at amortized cost with the corresponding amortization recorded as a decrease in net investment income. Derivatives also include credit default swaps (CDS) which can be either assets or liabilities and are used in our replication (synthetic asset) transactions. In asset replication strategies, derivatives

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

are entered into in conjunction with other investments in order to reproduce the investment characteristics of otherwise permissible investments. Derivatives used in these transactions are reported in a manner consistent with the synthetic asset and/or cash instrument, which is normally amortized cost. The cost of the CDS is amortized over the life of the contract and recorded as an increase or decrease in net investment income. See Note 2 for additional discussion of our derivative instruments.

***Realized Gains and Losses on Investments***

Realized gains and losses on sales of investments are determined on the basis of specific identification. The carrying values of all our investments are reviewed on an ongoing basis for credit deterioration. When our review indicates a decline in fair value is deemed other-than-temporary on issuer creditor obligations, preferred stocks or common stocks, we treat the security as an OTTI and reduce the carrying value to fair value through a specific write down to realized capital losses. When our review indicates a decline in fair value for asset-backed securities is other-than temporary and we intend to sell or do not have the intent and ability to hold for a sufficient time to recover our amortized cost, we treat the security as an OTTI and reduce the carrying value to fair value through a specific write down to realized capital losses. Asset-backed securities where the present value of expected future cash flows is less than the amortized cost. we treat the security as an OTTI and reduce the carrying value to the present value of expected cash flows through a specific write down to realized capital losses.

We monitor the financial condition and operations of the issuers of bonds, common stocks and preferred stocks that could potentially have a credit impairment that is an OTTI. In determining whether or not an unrealized loss is an OTTI, we review factors such as:

● historical operating trends;

● business prospects;

● status of the industry in which the issuer operates;

● analyst ratings on the issuer and sector;

● quality of management;

● size of the 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 and ability to hold the security.

In order to determine the credit and non-credit impairment loss for an asset-backed security, every quarter we estimate the future cash flows we expect to receive over the remaining life of the instrument as well as review our plans to hold or sell the instrument. Significant assumptions regarding the present value of expected cash flows for each security are used when an OTTI occurs and there is a non-credit portion of the unrealized loss that will not be recognized in earnings. Our assumptions for asset-backed securities include collateral pledged, guarantees, vintage, anticipated principal and interest payments, prepayments, default levels, severity assumptions, delinquency rates and the level of nonperforming assets for the remainder of the investments' expected term. We use a single best estimate of cash flows approach and use the effective yield prior to the date of impairment to calculate the present value of cash flows.

After an OTTI write down of all bonds not backed by other loans, common stock and preferred stock, the cost basis is not adjusted for subsequent recoveries in fair value. However, for asset-backed securities for which we can reasonably estimate future cash flows after a write down, the discount or reduced premium recorded, based on the new cost basis, is amortized over the remaining life of the security. Amortization in this instance is computed using the prospective method and the current estimate of the amount and timing of future cash flows.

The asset valuation reserve (AVR) is established to provide for anticipated losses in the event of default by issuers of certain invested assets. These amounts are determined using a formula prescribed by the NAIC and are reported as a liability. The formula for the AVR provides for a corresponding adjustment for unrealized capital gains and losses and realized capital gains and losses including credit related OTTI's, net of amounts attributed to changes in the general level of interest rates. We defer, in the interest maintenance reserve (IMR), the portion of realized gains and losses on sales of fixed income investments, principally bonds and mortgage loans attributable to changes in the general level of interest rates including non-credit related OTTI's and amortize those deferrals over the remaining period to maturity of the security.

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

***Interest Income***

Interest income is recognized on an accrual basis. Dividends are recorded on the ex-dividend date. All past due interest on invested assets, if deemed uncollectible, is excluded from investment income. Interest income due on bonds more than 90 days overdue and mortgages more than 180 days overdue and deemed collectible are nonadmitted assets. We did not have any interest income more than 90 days overdue on December 31, 2025, 2024, and 2023. The gross and admitted amount for interest income due and accrued is $69.1 million at December 31, 2025 and $69.2 at December 31, 2024. Deferred interest is $0.1 million at December 31, 2025, and less than $0.1 million at December 31, 2024 and no deferred interest in 2023. Cumulative paid-in-kind interest included in principal is less than $0.1 million at December 31, 2025, 2024, and 2023.

**Cash and Cash Equivalents**

For purposes of the statement of cash flows, we consider all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.

**Other Assets**

Other assets consists primarily of company owned life insurance which is carried at the policy's cash surrender value totaling $83.3 million at December 31, 2025 and $80.9 million at December 31, 2024. As of December 31, 2025, the cash surrender value of the investments held within the policy's investment vehicle totaled $82.4 million and was allocated into the following categories based on primary underlying investment characteristics: 6% bonds, 8% cash and cash equivalents and 86% other invested assets. As of December 31, 2024, the cash surrender value of the underlying investments held within the policy's investment vehicle totaled $76.2 million and was allocated into the following categories based on primary underlying investment characteristics: 14% bonds, 14% cash and cash equivalents and 72% other invested assets.

**Property and Equipment**

Property and equipment, comprised primarily of furniture, equipment and capitalized software costs, are reported at cost less allowances for depreciation and amortization. We have no property and equipment included as an admitted asset on our balance sheets on December 31, 2025 or 2024. Depreciation and amortization expense is computed primarily using the straight-line method over the estimated useful lives of the assets, ranging from three to twenty years. Depreciation and amortization expense was $3.0 million in 2025, $3.6 million in 2024 and $2.9 million in 2023.

There have been no material changes to our capitalization policy during the year.

**Deferred Income Taxes**

Deferred income tax assets or liabilities are computed based on the differences between the financial statement and income tax bases of assets and liabilities using the enacted tax rates expected to be in effect when the assets or liabilities are recovered or settled. Deferred income taxes do not include amounts for state taxes. Changes in deferred income tax assets and liabilities are recorded directly to unassigned surplus. Gross deferred income tax assets are reduced by a statutory valuation allowance if it is more-likely-than-not that all or a portion of the deferred income tax assets will not be realized. Any remaining adjusted gross deferred income tax assets are admitted in an amount equal to (a) the amount of federal income taxes paid in prior years that can be recovered through loss carrybacks of existing deductible temporary differences that are expected to reverse during the time frame corresponding with the IRS capital loss carryback provisions, not to exceed three years, (b) the lesser of the remaining adjusted gross deferred income tax assets expected to reverse within the applicable period following the balance sheet date or the applicable percentage of statutory capital and surplus excluding any net deferred income tax assets, EDP equipment and operating system software, and net positive goodwill, and (c) the amount of adjusted gross deferred income tax assets that can be offset against existing gross deferred income tax liabilities. Any remaining adjusted gross deferred income tax assets are nonadmitted. The applicable period (ranging from 0-3 years) and the applicable percentage (ranging from 0%-15%) thresholds used to determine admitted deferred income tax assets are based on a sliding scale of the authorized control level risk-based capital ratio, excluding deferred income tax assets.

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

**Policy Reserves**

The reserves for life, annuity and accident and health (A&H) policies, all developed by actuarial methods, are established and maintained on the basis of valuation methods and assumptions that will provide, in aggregate, reserves that are equal to or greater than the minimum valuation required by law and guaranteed policy cash values. Principle-based reserving guidance, which incorporates both company-specific assumptions and prescribed rule-based requirements, is used for certain life insurance products issued on or after January 1, 2017, and for all life insurance products issued on or after January 1, 2020.

**Recognition of Premium Revenues and Costs**

Premiums are recognized as revenues over the premium-paying period, whereas commissions and other costs applicable to the acquisition of new business are charged to operations as incurred.

**Dividends to Policyholders**

Dividends payable to policyholders in the following year are charged to operations and are established by our Board of Directors. Participating business comprises approximately 6.0% in 2025, 6.3% in 2024 and 6.8% in 2023 of life insurance in force.

**Separate Accounts**

Our separate accounts are restricted assets and relate to variable individual annuities, supplementary contracts and life insurance products. Assets and liabilities of separate accounts are disclosed in the aggregate in the balance sheets. The statements of operations include the premiums, benefits and other items arising from the operations of our separate accounts. Premiums received related to separate accounts totaled $17.5 million in 2025, $19.8 million in 2024 and $21.1 million in 2023. The separate accounts, which are not guaranteed as to interest, are carried at the fair value of the underlying mutual funds and are available for withdrawal at fair value. The excess of the fair value of separate account assets over the aggregate reserves has been recorded as an additional liability, which represents the amount accrued for expense allowances recognized in the reserve. Aggregate reserves were $690.0 million on December 31, 2025 and $661.8 million on December 31, 2024 and accrued expense allowances were $0.2 million on December 31, 2025 and December 31, 2024.

**Restricted Assets**

Assets of a restricted nature include the following held at carrying value unless otherwise stated:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | 2024 |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Federal Home Loan Bank of Des Moines (FHLB) capital stock | $**28543** | $29054 |
| Bonds on deposit with states for the protection of policyholders | **1678** | 1697 |
| Bonds pledged as collateral to the FHLB, see Note 4 | **734754** | 753609 |
| Other collateral | **12970** | 12317 |
| Collateral for derivative instruments | **85274** | 71591 |
| Assets held under modco reinsurance agreement | **9244** | 9531 |
| Total restricted assets | $**872463** | $877799 |

---

**Reinsurance**

We use reinsurance to manage certain risks associated with our insurance operations. These reinsurance arrangements provide for greater diversification of business, allow management to control exposure to potential risks arising from large claims and provide additional capacity for growth. All insurance-related revenues, benefits and expenses are reported net of reinsurance ceded. See Note 5 for additional reinsurance discussion.

**Stockholder Dividends**

We paid cash dividends of $26.6 million to our parent in 2025. A cash dividend totaling $6.6 million was paid on March 17, 2025, a cash dividend of $6.7 million was paid on June 25, 2025, a cash dividend of $6.6 million was paid on September 22, 2025, and

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

a cash dividend of $6.7 million was paid on December 18, 2025. In 2024, we paid dividends of $26.0 million. A cash dividend totaling $6.5 million was paid on March 29, 2024, a cash dividend of $6.5 million was paid on June 26, 2024, a cash dividend of $6.5 million was paid on September 26, 2024, and a cash dividend of $6.5 million was paid on December 26, 2024. We obtain regulatory approval for dividends that are considered extraordinary due to the timing and amount of dividends paid in the prior year. There were no extraordinary dividends paid in 2025 or in 2024.

Our ability to pay dividends to our stockholder is restricted by the Iowa Insurance Holding Company Act to earned surplus arising from our business as of the date the dividend is paid. In addition, prior approval of the Iowa Insurance Commissioner is required for a dividend distribution of cash or other property whose fair value, together with that of other dividends made within the preceding 12 months, exceeds the greater of (i) 10% of policyholders' surplus as of the preceding year end, or (ii) the statutory net gain from operations of the insurer for the preceding calendar year. During 2026, the maximum amount legally available for distribution that we could pay to our parent company without further regulatory approval is $82.5 million.

**2. Investment Operations**

On December 31, 2025 and 2024, the carrying value and estimated fair value of our bonds and preferred stock investments, which comprise our portfolio of debt securities, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Carrying Value** | **Gross Unrealized**<br>**Gains** | **Gross Unrealized**<br>**Losses** | <br>**Fair Value** |
| **December 31, 2025** |  | **(Dollars in thousands)** | **(Dollars in thousands)** |  |
| Bonds: |  |  |  |  |
| Issuer credit obligations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government obligations | $**54708** | $**55** | $**(19686)** | $**35077** |
| &nbsp;&nbsp;&nbsp;Other U.S. Government obligations | **4939** | **-** | **(818)** | **4121** |
| &nbsp;&nbsp;&nbsp;Non-U.S. sovereign jurisdiction | **14913** | **29** | **(2896)** | **12046** |
| &nbsp;&nbsp;&nbsp;Municipal bonds - general obligations | **344578** | **3411** | **(46582)** | **301407** |
| &nbsp;&nbsp;&nbsp;Municipal bonds - special revenue | **430799** | **6322** | **(53816)** | **383305** |
| &nbsp;&nbsp;&nbsp;Corporate bonds | **3312089** | **42307** | **(331427)** | **3022969** |
| &nbsp;&nbsp;&nbsp;Project finance bonds | **52725** | **1154** | **(2505)** | **51374** |
| &nbsp;&nbsp;&nbsp;Single entity backed obligations | **82848** | **1804** | **(3499)** | **81153** |
| &nbsp;&nbsp;&nbsp;Bonds issued by funds representing operating entities | **246329** | **3640** | **(9283)** | **240686** |
| Total issuer credit obligations | **4543928** | **58722** | **(470512)** | **4132138** |

---

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Carrying Value** | **Gross Unrealized**<br>**Gains** | **Gross Unrealized**<br>**Losses** | <br>**Fair Value** |
|  |  | **(Dollars in thousands)** | **(Dollars in thousands)** |  |
| Asset-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency RMBS guaranteed \* | **63824** | **429** | **(12361)** | **51892** |
| &nbsp;&nbsp;&nbsp;Agency CMBS guaranteed \* | **838789** | **925** | **(161760)** | **677954** |
| &nbsp;&nbsp;&nbsp;Agency RMBS not guaranteed \* | **126186** | **183** | **(22572)** | **103797** |
| &nbsp;&nbsp;&nbsp;Agency CMBS not guaranteed \* | **39351** | **5** | **(11985)** | **27371** |
| &nbsp;&nbsp;&nbsp;Non-agency RMBS \* | **487404** | **8159** | **(47178)** | **448385** |
| &nbsp;&nbsp;&nbsp;Non-agency CMBS \* | **149949** | **1484** | **(11138)** | **140295** |
| &nbsp;&nbsp;&nbsp;Non-agency CLO's \* | **285760** | **458** | **(2994)** | **283224** |
| &nbsp;&nbsp;&nbsp;Other financial asset-backed self-liquidating | **350985** | **3036** | **(9318)** | **344703** |
| &nbsp;&nbsp;&nbsp;Other financial asset-backed not self-liquidating | **9578** | **42** | **-** | **9620** |
| &nbsp;&nbsp;&nbsp;Non-financial asset-backed practical expedient | **94448** | **482** | **(3648)** | **91282** |
| &nbsp;&nbsp;&nbsp;Non-financial asset-backed full analysis | **145611** | **1300** | **(3968)** | **142943** |
| &nbsp;&nbsp;&nbsp;Lease-backed practical expedient | **87771** | **508** | **(9742)** | **78537** |
| &nbsp;&nbsp;&nbsp;Lease-backed full analysis | **97072** | **1793** | **(218)** | **98647** |
| Total asset-backed securities | **2776728** | **18804** | **(296882)** | **2498650** |
| Total bonds | **7320656** | **77526** | **(767394)** | **6630788** |
| Preferred stocks | **19063** | **198** | **(80)** | **19181** |
|  | $**7339719** | $**77724** | $**(767474)** | $**6649969** |

---

\* RMBS (Residential mortgage-backed security), CMBS (Commercial mortgage-backed security, CLO (Collateralized Loan Obligation)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Carrying Value | Gross Unrealized<br>Gains | Gross Unrealized<br>Losses | <br>Fair Value |
| December 31, 2024 |  | (Dollars in thousands) | (Dollars in thousands) |  |
| Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States Government and agencies | $60277 | $- | $(20662) | $39615 |
| &nbsp;&nbsp;&nbsp;Foreign Governments | 12970 |  | (3254) | 9716 |
| &nbsp;&nbsp;&nbsp;States and political subdivisions | 964033 | 7463 | (128883) | 842613 |
| &nbsp;&nbsp;&nbsp;Industrial and miscellaneous | 3626360 | 25419 | (410161) | 3241618 |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed | 523528 | 5022 | (90411) | 438139 |
| &nbsp;&nbsp;&nbsp;Commercial mortgage-backed | 1035732 | 941 | (203891) | 832782 |
| &nbsp;&nbsp;&nbsp;Other asset-backed | 1028532 | 8357 | (36859) | 1000030 |
| Total bonds | 7251432 | 47202 | (894121) | 6404513 |
| Preferred stocks | 19123 | 58 | (194) | 18987 |
|  | $7270555 | $47260 | $(894315) | $6423500 |

---

The carrying value and estimated fair value of our portfolio of debt securities on December 31, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Debt securities not due at a single maturity date have been included in the table below in the year of final contractual maturity.

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

---

| | | |
|:---|:---|:---|
|  | **Carrying Value** | **Fair Value** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Due in one year or less | $**95639** | $**95799** |
| Due after one year through five years | **573754** | **581173** |
| Due after five years through ten years | **602723** | **594215** |
| Due after ten years | **3271812** | **2860951** |
|  | **4543928** | **4132138** |
| Asset-backed | **2776728** | **2498650** |
| Total bonds | $**7320656** | $**6630788** |

---

On December 31, 2025 and 2024, the cost and estimated fair value of our common stocks and gross unrealized gains and losses from these investments are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Unrealized Gains** | **Losses** | **Fair Value** |
| **December 31, 2025** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Unaffiliated common | $**28547** | $**-** | $**-** | $**28547** |
| December 31, 2024 |  |  |  |  |
| Unaffiliated common | $39155 | $- | $(766) | $38389 |

---

The following tables set forth the estimated fair value and gross unrealized losses of securities in an unrealized loss position as of December 31, 2025 and 2024, listed by the length of time the securities have been in an unrealized loss position:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than one year** | **Less than one year** | **One year or more** | **One year or more** | **Total** | **Total** | **Total** |
|  |<br>**Fair Value** | **Gross**<br>**Unrealized**<br>**Losses** |<br>**Fair Value** | **Gross**<br>**Unrealized**<br>**Losses** |<br>**Fair Value** | **Gross**<br>**Unrealized**<br>**Losses** |<br>**Percent of**<br>**Total** |
| **December 31, 2025** | | | **(Dollars in thousands)** | **(Dollars in thousands)** | | | |
| Issuer credit obligations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government obligations | $**-** | $**-** | $**30105** | $**(19686)** | $**30105** | $**(19686)** | **2.6**&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;&nbsp;Other U.S. Government obligations | **-** | **-** | **4121** | **(818)** | **4121** | **(818)** | **0.1** |
| &nbsp;&nbsp;&nbsp;Non-U.S. sovereign jurisdiction | **-** | **-** | **10287** | **(2896)** | **10287** | **(2896)** | **0.4** |
| &nbsp;&nbsp;&nbsp;Municipal bonds - general obligations | **8057** | **(10)** | **188712** | **(46572)** | **196769** | **(46582)** | **6.1** |
| &nbsp;&nbsp;&nbsp;Municipal bonds - special revenue | **15772** | **(143)** | **242877** | **(53673)** | **258649** | **(53816)** | **7.0** |
| &nbsp;&nbsp;&nbsp;Corporate bonds | **256154** | **(7499)** | **1754651** | **(323928)** | **2010805** | **(331427)** | **43.2** |
| &nbsp;&nbsp;&nbsp;Project finance bonds | **-** | **-** | **20976** | **(2505)** | **20976** | **(2505)** | **0.3** |
| &nbsp;&nbsp;&nbsp;Single entity backed obligations | **4743** | **(56)** | **26760** | **(3443)** | **31503** | **(3499)** | **0.5** |
| &nbsp;&nbsp;&nbsp;Bonds issued by funds representing operating entities | **8127** | **(69)** | **120970** | **(9214)** | **129097** | **(9283)** | **1.2** |

---

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Asset-backed securities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency RMBS guaranteed | **3973** | **(137)** | **33237** | **(12224)** | **37210** | **(12361)** | **1.6** |
| &nbsp;&nbsp;&nbsp;Agency CMBS guaranteed | **18605** | **(477)** | **627746** | **(161283)** | **646351** | **(161760)** | **21.1** |
| &nbsp;&nbsp;&nbsp;Agency RMBS not guaranteed | **1214** | **(3)** | **95147** | **(22569)** | **96361** | **(22572)** | **2.9** |
| &nbsp;&nbsp;&nbsp;Agency CMBS not guaranteed | **-** | **-** | **25969** | **(11985)** | **25969** | **(11985)** | **1.6** |
| &nbsp;&nbsp;&nbsp;Non-agency RMBS | **46839** | **(270)** | **250676** | **(46908)** | **297515** | **(47178)** | **6.1** |
| &nbsp;&nbsp;&nbsp;Non-agency CMBS | **14488** | **(123)** | **89118** | **(11015)** | **103606** | **(11138)** | **1.5** |
| &nbsp;&nbsp;&nbsp;Non-agency CLO's | **82993** | **(484)** | **70514** | **(2510)** | **153507** | **(2994)** | **0.4** |
| &nbsp;&nbsp;&nbsp;Other financial asset-backed self-liquidating | **36899** | **(505)** | **84306** | **(8813)** | **121205** | **(9318)** | **1.2** |
| &nbsp;&nbsp;&nbsp;Other financial asset-backed not self-liquidating | **2431** | **-** | **-** | **-** | **2431** | **-** | **-** |
| &nbsp;&nbsp;&nbsp;Non-financial asset-backed practical expedient | **29774** | **(54)** | **22906** | **(3594)** | **52680** | **(3648)** | **0.5** |
| &nbsp;&nbsp;&nbsp;Non-financial asset-backed full analysis | **7554** | **(82)** | **101847** | **(3886)** | **109401** | **(3968)** | **0.5** |
| &nbsp;&nbsp;&nbsp;Lease-backed practical expedient | **9806** | **(914)** | **25172** | **(8828)** | **34978** | **(9742)** | **1.3** |
| &nbsp;&nbsp;&nbsp;Lease-backed full analysis | **9287** | **(54)** | **9789** | **(164)** | **19076** | **(218)** | **0.0** |
| Preferred stocks | **-** | **-** | **2930** | **(80)** | **2930** | **(80)** | **0.0** |
| Total | $**556716** | $**(10880)** | $**3838816** | $**(756594)** | $**4395532** | $**(767474)** | **100.0**&nbsp;&nbsp;**%** |
| December 31, 2024 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States Government and agencies | $4856 | $(12) | $34759 | $(20650) | $39615 | $(20662) | 2.3&nbsp;&nbsp;% |
| &nbsp;&nbsp;&nbsp;Foreign Government | 1399 | (86) | 8317 | (3168) | 9716 | (3254) | 0.4 |
| &nbsp;&nbsp;&nbsp;States and political subdivisions | 122714 | (3990) | 488362 | (124893) | 611076 | (128883) | 14.4 |
| &nbsp;&nbsp;&nbsp;Industrial and miscellaneous | 510578 | (18199) | 2039371 | (391962) | 2549949 | (410161) | 45.9 |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed | 36105 | (533) | 335318 | (89878) | 371423 | (90411) | 10.1 |
| &nbsp;&nbsp;&nbsp;Commercial mortgage-backed | 116458 | (5782) | 691913 | (198109) | 808371 | (203891) | 22.8 |
| &nbsp;&nbsp;&nbsp;Other asset-backed | 99966 | (2431) | 432143 | (34428) | 532109 | (36859) | 4.1 |
| &nbsp;&nbsp;&nbsp;Preferred stocks | - | - | 2806 | (194) | 2806 | (194) | 0.0 |
| Total | $892076 | $(31033) | $4032989 | $(863282) | $4925065 | $(894315) | 100&nbsp;&nbsp;% |

---

The above table represents 1,685 securities from 1,026 issuers on December 31, 2025 and 2,010 securities from 1,260 issuers on December 31, 2024 with unrealized losses.

Unrealized losses decreased during 2025 primarily due to a decrease in US Treasury rates. We do not consider securities to be OTTI when the market decline is attributable to factors such as interest rate movements, market volatility, liquidity, spread widening and credit quality when recovery of all amounts due under the contractual terms of the security is anticipated. Based on our intent not to sell or our belief that we will not be required to sell these securities before recovery of their amortized cost basis, we do not consider these investments to be OTTI on December 31, 2025. We will continue to monitor the investment portfolio for future changes in issuer facts and circumstances that could result in future impairments beyond those currently identified.

The following table sets forth the asset-backed in aggregate, based on the inability or lack of intent to retain such investments for a period of time sufficient to recover the amortized cost basis, with a recognized OTTI as of December 31, 2025. There were no asset-backed securities with a recognized OTTI as of December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Amortized Cost<br> Before<br> Impairment** | **OTTI<br> Recognized in<br> Earnings<br> (Interest)** | **OTTI<br> Recognized in<br> Loss (Non<br> Interest)** | **Fair Value** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **December 31, 2025** | $**1949** | $**-** | $**1033** | $**916** |

---

The Company did not have any securities with a recognized OTTI due to the present value of cash flows expected to be collected being less than the amortized cost basis of the securities during 2025 or 2024.

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

The following table shows the estimated fair value and gross unrealized losses of our asset-backed securities held as of the end of the year for which an OTTI loss has not been recognized in earnings as a realized capital loss, aggregated by length of time these bonds have been in a continuous gross unrealized loss position.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Less than one year** | **Less than one year** | **One year or more** | **One year or more** | **Total** | **Total** |
|  |<br>**Fair Value** | **Gross**<br>**Unrealized**<br>**Losses** |<br>**Fair Value** | **Gross**<br>**Unrealized**<br>**Losses** |<br>**Fair Value** | **Gross**<br>**Unrealized**<br>**Losses** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **December 31, 2025** | $**263863** | $**(3103)** | $**1436427** | $**(293779)** | $**1700290** | $**(296882)** |
| December 31, 2024 | $260185 | $(9012) | $1461204 | $(322509) | $1721389 | $(331521) |

---

We held real estate investments that have been non-income producing for the twelve months ended December 31, 2025 and December 31, 2024 with a carrying value totaling $1.0 million on December 31, 2025 and December 31, 2024.

Our mortgage loan portfolio consists of commercial mortgage loans that we have originated. Our lending policies require that the loans be collateralized by the value of the related property, establish limits on the amount that can be loaned to one borrower and require diversification by geographic location and collateral type. We originate loans with an initial loan-to-value ratio that provides sufficient collateral to absorb losses should we be required to foreclose and take possession of the collateral. In order to identify impairment losses, management maintains and regularly reviews a watch list of mortgage loans that have heightened risk. These loans may include those with borrowers delinquent on contractual payments, borrowers experiencing financial difficulty, increases in rental real estate vacancies and significant declines in collateral value. We evaluate each of our mortgage loans individually and recognize an impairment loss, if needed, for each impaired loan identified. An estimated loss is needed for loans for which we do not believe we will collect all amounts due according to the contractual terms of the respective loan agreements.

Any loan delinquent on contractual payments is considered non-performing. Mortgage loans are placed on non-accrual status if we have concerns regarding the collectability of future payments. Interest income on non-performing loans is generally recognized on a cash basis. Once mortgage loans are classified as non-accrual loans, the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan has been restructured such that the collection of interest is considered likely. On December 31, 2025 and December 31, 2024, there were no non-performing loans over 90 days past due on contractual payments.

Our commercial mortgage loan portfolio can include loans that have been modified. We assess loan modifications on a loan-by loan basis to evaluate whether a troubled-debt restructuring has occurred. Generally, the types of concessions include reduction of the contractual interest rate to a below-market rate, extension of the maturity date, and/or a reduction of accrued interest. The amount, timing and extent of the concession granted is considered in determining if an impairment loss is needed for the restructuring. There were no loan modifications during the years ended December 31, 2025 or December 31, 2024.

***Mortgage Loans by Collateral Type***

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | December 31, 2024 | December 31, 2024 |
|  | **Carrying Value** | **Percent of Total** | Carrying Value | Percent of Total |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Industrial | $**274007** | **29.7**&nbsp;&nbsp;**%** | $252123 | 28.2&nbsp;&nbsp;% |
| Retail | **258077** | **28.0** | 272094 | 30.4 |
| Apartment | **172861** | **18.7** | 152426 | 17.0 |
| Office | **163912** | **17.8** | 184981 | 20.7 |
| Hotel motel | **37858** | **4.1** | 23288 | 2.6 |
| Other | **15351** | **1.7** | 9807 | 1.1 |
| Total | $**922066** | **100.0**&nbsp;&nbsp;**%** | $894719 | 100.0&nbsp;&nbsp;% |

---

 ****

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

***Mortgage Loans by Geographic Location within the United States***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | December 31, 2024 | December 31, 2024 |
|  | **Carrying Value** | **Percent of Total** | Carrying Value | Percent of Total |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Pacific | $**207901** | **22.5**&nbsp;&nbsp;**%** | $192386 | 21.5&nbsp;&nbsp;% |
| South Atlantic | **179378** | **19.5** | 174708 | 19.5 |
| East North Central | **164718** | **17.9** | 158921 | 17.8 |
| Mountain | **135920** | **14.7** | 132390 | 14.8 |
| East South Central | **77312** | **8.4** | 79746 | 8.9 |
| West South Central | **55445** | **6.0** | 43000 | 4.8 |
| Middle Atlantic | **54505** | **5.9** | 62652 | 7.0 |
| West North Central | **43457** | **4.7** | 47134 | 5.3 |
| New England | **3430** | **0.4** | 3782 | 0.4 |
| Total | $**922066** | **100.0**&nbsp;&nbsp;**%** | $894719 | 100.0&nbsp;&nbsp;% |

---

***Mortgage Loans by Loan-to-Value Ratio***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | December 31, 2024 | December 31, 2024 |
|  | **Carrying Value** | **Percent of Total** | Carrying Value | Percent of Total |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| 0% - 50% | $**655563** | **71.1**&nbsp;&nbsp;**%** | $537955 | 60.1&nbsp;&nbsp;% |
| 51% - 60% | **173284** | **18.8** | 229590 | 25.7 |
| 61% - 70% | **93219** | **10.1** | 117809 | 13.2 |
| 71% - 80% | **-** | **-** | 9365 | 1 |
| Total | $**922066** | **100.0**&nbsp;&nbsp;**%** | $894719 | 100.0&nbsp;&nbsp;% |

---

The loan-to-value ratio is determined using the most recent appraised value. Appraisals are updated periodically when there is indication of a possible significant collateral decline or loan modifications or refinance requests.

***Mortgage Loans by Year of Origination***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | December 31, 2024 | December 31, 2024 |
|  | **Carrying Value** | **Percent of Total** | Carrying Value | Percent of Total |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| 2025 | $**103184** | **11.2**&nbsp;&nbsp;**%** | $- | -&nbsp;&nbsp;% |
| 2024 | **31558** | **3.4** | 31984 | 3.6 |
| 2023 | **3455** | **0.4** | 3494 | 0.4 |
| 2022 | **162810** | **17.7** | 165885 | 18.5 |
| 2021 | **140228** | **15.2** | 145605 | 16.3 |
| 2020 and prior | **480831** | **52.1** | 547751 | 61.2 |
| Total | $**922066** | **100.0**&nbsp;&nbsp;**%** | $894719 | 100.0&nbsp;&nbsp;% |

---

We had no impaired loans during 2025 or 2024. There was no interest income recognized on impaired loans during 2025, 2024 or 2023. Interest income on impaired loans is recognized on the accrual basis to the extent it is deemed collectible (delinquent less

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

than 90 days) and the loan continues to perform under its original or restructured contractual terms. Interest income on non-performing loans is generally recognized on a cash basis.

The minimum and maximum new lending rates for mortgage loans issued during 2025 was 5.57-6.30%. For the portfolio of mortgage loans, the maximum percentage of any one loan to the value of the property at the time of the loan, exclusive of insured or guaranteed or money mortgages, was 86%. During 2025, there were no mortgage loans that experienced interest rate reductions through refinancing.

We had outstanding commitments of $14.5 million on December 31, 2025 to provide additional funding for mortgage loans.

On December 31, 2025, we have privately placed corporate securities commitments totaling $35.1 million.

Our tax credit investments remaining years of unexpired tax credits ranged from 1 to 4 years on December 31, 2025. These investments have a required holding period of 15 years. The Company recognized tax credits and other tax benefits of $2.0 million during 2025, $2.8 million during 2024 and $4.8 million in 2023. There are no tax credit investments under regulatory review. The tax credit investments do not exceed 10% of the total admitted assets. The carrying value of these investments, which are included in the other invested assets, was $3.2 million on December 31, 2025 and $5.0 million on December 31, 2024. The Company recognized amortization as a component of net investment income of $0.4 million at December 31, 2025, $2.5 million at December 31, 2024 and $3.9 million at December 31, 2023. The remaining tax credits are summarized by year in the following table:

---

| | |
|:---|:---|
|  | **Transferable** |
|  | **(Dollars in thousands)** |
| 2026 | $**174** |
| 2027 | **50** |
| 2028 | **2** |
| 2029 | **1** |
| Total | $**227** |

---

We have given commitments to provide additional capital to various limited partnerships and limited liability corporations. The total remaining commitment amount is $232.1 million. Of this amount, $231.8 million represents limited partnership and limited liability corporation commitments and $0.3 million represents tax credit investment commitments due in 2029.

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

**Components of net investment income are as follows:**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | 2024 | 2023 |
| Income (loss) | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| &nbsp;&nbsp;&nbsp;Bonds | $**338191** | $331677 | $326809 |
| &nbsp;&nbsp;&nbsp;Preferred stocks | **1176** | 1604 | 2920 |
| &nbsp;&nbsp;&nbsp;Common stocks | **3295** | 3726 | 3507 |
| &nbsp;&nbsp;&nbsp;Mortgage loans | **39157** | 38330 | 40046 |
| &nbsp;&nbsp;&nbsp;Policy loans | **9534** | 9297 | 9133 |
| &nbsp;&nbsp;&nbsp;Amortization of interest maintenance reserve | **930** | 995 | 1497 |
| &nbsp;&nbsp;&nbsp;Derivative instruments | **30050** | 28299 | (380) |
| &nbsp;&nbsp;&nbsp;Other invested assets | **17309** | 17414 | 9564 |
| &nbsp;&nbsp;&nbsp;Other | **3897** | 2618 | 1791 |
| Total investment income | **443539** | 433960 | 394887 |
| Total investment expenses | **(9897)** | (10023) | (8699) |
| Net investment income | $**433642** | $423937 | $386188 |

---

There were 36 securities called with prepayment penalty income totaling $1.9 million during 2025, 25 securities called with prepayment penalty income totaling $1.6 million during 2024 and 9 securities called with prepayment penalty totaling $2.4 million during 2023.

Components of realized capital gains and losses are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | 2024 | 2023 |
| Realized capital gains (losses) | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| &nbsp;&nbsp;&nbsp;Bonds | $**(3884)** | $(4256) | $(9011) |
| &nbsp;&nbsp;&nbsp;Preferred stocks | **-** | (195) | (20) |
| &nbsp;&nbsp;&nbsp;Common stocks | **(1930)** |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage loans | **-** |  | (659) |
| &nbsp;&nbsp;&nbsp;Real estate | **-** |  | 6156 |
| &nbsp;&nbsp;&nbsp;Derivatives | **(51)** | 13 | 5 |
| &nbsp;&nbsp;&nbsp;Other invested assets | **(826)** | (127) | (552) |
| Total realized capital gains (losses) | **(6691)** | (4565) | (4081) |
| Realized gains/losses transferred to IMR, net of tax | **(949)** | 2095 | 545 |
| Capital gains tax benefit | **1403** | 958 | 857 |
| Net realized capital losses | $**(6237)** | $(1512) | $(2679) |

---

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

Proceeds from sales and disposals and realized capital gains (losses) on bonds and realized losses from OTTI by type are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | 2024 | 2023 |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Proceeds from sales | $**178505** | $130220 | $106045 |
| Gross realized capital gains | **3479** | 1274 | 1070 |
| Gross realized capital losses | **(3299)** | (3493) | (6868) |
| OTTI bonds | **(3558)** | (110) | (2575) |
| OTTI common stock | **(212)** |  |  |
| OTTI other invested assets | **(826)** | (50) | (450) |

---

**Derivative Instruments**

We hold call options backing our index products. Although the call options are designed to be effective hedges from an economic standpoint, they do not meet the requirements for hedge accounting treatment under SSAP No. 86, *Accounting for Derivative Instruments and Hedging Activities.* We have elected to adopt Iowa Administrative Code Section 191-97, which allows call option derivative instruments that hedge the growth in interest credited on index products to be accounted for at amortized cost with the corresponding amortization recorded as a decrease in net investment income. Call options with a book value of $31.9 million on December 31, 2025 and $27.7 million on December 31, 2024 are included in other invested assets in the balance sheets. The notional amounts of the call options were $1,570.9 million at December 31, 2025 and $1,407.7 million on December 31, 2024.

We utilize a credit default swap (CDS) program initiative focused on enhancing investment portfolio return through underwriting comparable exposure to fixed income securities that may not be available in the primary market. We sell protection on an identified name or names on an unfunded or synthetic basis in return for receiving a quarterly premium. The premium generally corresponds to a referenced name's credit spread at the time the agreement is executed. At the same time of executing the sell protection trade, we enter into a synthetic transaction where we utilize a currently owned quality cash bond matched against the CDS thereby entering into a synthetic transaction replicating a cash security. Premium payments paid or received on CDS are recorded as an adjustment to net investment income. The CDS are recorded at amortized cost, consistent with the synthetic asset transactions and cash component. Therefore, they are not marked to market. CDS book value is $1.7 million on December 31, 2025 and $1.4 million on December 31, 2024 and included in other invested assets in the company financial statements.

We may be exposed to credit losses in the event of non-performance of the counterparties with regard to derivatives. The credit exposure of the Company's derivatives is limited to the net positive value of derivatives at the reporting date after taking into account the existence of collateral received from the counterparty. The company manages its credit risk related to derivatives by entering into transactions with credit-worthy counterparties and monitoring exposure limits. The Company's over-the-counter (OTC) derivative transactions are governed by ISDA Master Agreements and include Credit Support Annex provisions that require both the pledging and accepting of collateral in connection with its OTC derivatives. The Company's CDS derivatives are cleared and settled through a central clearing counterparty. The CDS derivative transactions are subject to events of default defined within the terms of the contract, which normally consist of bankruptcy, failure to pay, or modified restructuring of the reference entity and/or issue. If a default event occurs for a reference name or security, we are obligated to pay the counterparty an amount equal to the notional amount of the credit derivative transaction. As a result, our maximum future payment is equal to the notional amount of the credit derivative which was $245.0 million on December 31, 2025 and $210.0 million at December 31, 2024 and a fair value of $0.9 million and $0.6 million respectively.

We have cash collateral related to derivative transactions with a market value of $85.3 million on December 31, 2025 and $71.6 million on December 31, 2024. We do not hold any off-balance sheet collateral on December 31, 2025 or December 31, 2024.

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

**3. Fair Values of Financial Instruments**

Fair value is based on an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As not all financial instruments are actively traded, various valuation methods may be used to estimate fair value. These methods rely on observable market data or, if observable market data is not available, the best information available. Significant judgment may be required to interpret the data and select the assumptions used in the valuation estimates, particularly when observable market data is not available.

In the discussion that follows, we have ranked our financial instruments by the level of judgment used in the determination of the fair values presented above. The levels are defined as follows:

● Level 1 - Fair values are based on unadjusted quoted prices in active markets for identical assets or liabilities.

● Level 2 - Fair values are based on inputs, other than quoted prices from active markets, that are observable for the asset or liability, either directly or indirectly.

● Level 3 - Fair values are based on significant unobservable inputs for the asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. From time to time there may be movements between levels as inputs become more or less observable, which may depend on several factors including the activity of the market for the specific security, the activity of the market for similar securities, the level of risk spreads and the source from which we obtain the information. Transfers in or out of any level are measured as of the beginning of the period.

We have no financial instruments measured at fair value on a nonrecurring basis. The following methods and assumptions were used in estimating the fair value of our financial instruments on a recurring basis:

***Bonds:***

Level 1 bonds consist of U.S. Treasury issues that are actively traded, allowing us to use current market prices as an estimate of their fair value.

Level 2 bonds consist of asset-backed securities, United States Government agencies, state and political subdivisions and corporate bonds with observable market data, and in some circumstances recent trade activity. When quoted prices of identical assets in active markets are not available, our first priority is to obtain prices from third party pricing vendors. We have regular interaction with these vendors to ensure we understand their pricing methodologies and to confirm they are utilizing observable market information. Their methodologies vary by asset class and include inputs such as estimated cash flows, benchmark yields, reported trades, credit quality, industry events and economic events. Bonds with validated prices from pricing services, which includes the majority of our public bonds in all asset classes, are generally reflected in Level 2.

Also included in Level 2 are private placement corporate bonds with no quoted market prices available, for which an internal model using substantially all observable inputs or a matrix pricing valuation approach is used. In the matrix approach, securities are grouped into pricing categories that vary by sector, rating and average life. Each pricing category is assigned a risk spread based on studies of observable public market data. The expected cash flows of the security are then discounted back at the current Treasury curve plus the appropriate risk spread.

Level 3 bonds include private placements and asset-backed securities for which there is little or no current market data available. We use external pricing sources, or if prices are not available, we will estimate fair value internally. Fair values of private investments in Level 3 are determined by reference to the public market, private transactions or valuations for comparable companies or assets in the relevant asset class when such amounts are available. For other securities for which an exit price based on relevant observable inputs is not obtained, the fair value is determined using a matrix calculation.

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

Fair values estimated through use of matrix pricing methods rely on an estimate of credit spreads to a risk-free U.S. Treasury yield. Selecting the credit spread requires judgment based on an understanding of the security and may include a market liquidity premium. Our selection of comparable companies as well as the level of spread requires significant judgment. Increases in spreads used in our matrix models, or those used to value comparable companies, will result in a decrease in discounted cash flows used, and accordingly in the estimated fair value of the security.

We obtain bond fair values from a variety of external independent pricing services, including brokers, with access to observable data including recent trade information, if available. In certain circumstances in which an external price is not available for a Level 3 security, we will internally estimate its fair value. Our process for evaluation and selection of the fair values includes:

● We follow a "pricing waterfall" policy, which establishes the pricing source preference for a particular security or security type. The order of preference is based on our evaluation of the valuation methods used, the source's knowledge of the instrument and the reliability of the prices we have received from the source in the past. Our valuation policy dictates that fair values are initially sought from third party pricing services. If our review of the prices received from our preferred source indicates an inaccurate price, we will use an alternative source within the waterfall and document the decision. In the event that fair values are not available from one of our external pricing services or upon review of the fair values provided it is determined that they may not be reflective of market conditions, those securities are submitted to brokers familiar with the security to obtain non-binding price quotes. Broker quotes tend to be used in limited circumstances such as for newly issued, private placement and other instruments that are not widely traded. For those securities for which an externally provided fair value is not available, we use cash flow modeling techniques to estimate fair value.

● We evaluate third party pricing source estimation methodologies to assess whether they will provide a fair value that approximates a market exit price.

● We perform an overall analysis of portfolio fair value movement against general movements in interest rates and spreads.

● We compare period-to-period price trends to detect unexpected price fluctuation based on our knowledge of the market and the particular instrument. As fluctuations are noted, we will perform further research that may include discussions with the original pricing source or other external sources to ensure we are in agreement with the valuation.

● We compare prices between different pricing sources for unusual disparity.

● We meet at least quarterly with our Investment Committee, the group that oversees our valuation process, to discuss valuation practices and observations during the pricing process.

***Preferred stocks:***

Level 2 preferred stocks are priced with an estimated fair value obtained from external pricing sources using a matrix pricing approach.

In the case for which external pricing services are used for Level 2 preferred stocks, our review process is consistent with the process used to determine the fair value of bonds as discussed above.

***Common stocks:***

Level 1 common stocks consist of common stock with unadjusted quoted prices in active markets.

Level 2 common stocks consist of common stock issued by the Federal Home Loan Bank, with estimated fair value based on the current redemption value.

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

Level 3 common stocks consist of private stock that was priced at estimated fair value.

In the case for which external pricing services are used for certain Level 2 common stocks, our review process is consistent with the process used to determine the fair value of bonds as discussed above.

***Mortgage loans:***

Mortgage loans are a Level 3 measurement as there is no current market for the loans. The fair value of our mortgage loans is estimated internally using a matrix pricing approach. Along with specific loan terms, two key management assumptions are required including the risk rating of the loan (our current rating system A-highest quality, B-moderate quality, C-low quality and W-watch or F-foreclosure) and estimated spreads for new loans over the U.S. Treasury yield curve. Spreads are updated quarterly and loans are reviewed and rated annually with quarterly adjustments should significant changes occur. Our determination of each loan's risk rating as well as selection of the credit spread requires significant judgment. A higher risk rating, as well as an increase in spreads, would result in a decrease in discounted cash flows used, and accordingly the fair value of the loan. The fair value of mortgage loans may also be based on the fair value of the underlying real estate collateral less cost to sell.

***Policy loans:***

Policy loans are a Level 3 measurement as there is no current market since they are specifically tied to the underlying insurance policy. The loans are relatively risk free as they cannot exceed the cash surrender value of the insurance policy. Fair values are estimated by discounting expected cash flows using a risk-free interest rate based on the U.S. Treasury curve. An increase in the risk-free interest rate would result in a decrease in discounted cash flows used, and accordingly the fair value of the loan.

***Cash and cash equivalents:***

Level 1 cash and cash equivalents are highly liquid instruments for which historical cost approximates fair value.

***Other invested assets:***

Derivatives include index options valued by a third-party service that uses observable terms, dividend yields and index values and credit default swaps that are valued by the clearinghouse. Both of these are Level 2.

Level 2 surplus notes are priced by third party pricing vendors of which our review process is consistent with the process used to determine the fair value of bonds as discussed above. The level 3 promissory note and residuals are valued at our internal estimate of the proceeds we will receive. As allowed by NAIC SAP, fair values are not assigned to investments accounted for using the equity method.

***Assets held in separate accounts:***

Level 1 assets held in separate accounts consist of mutual funds that are actively traded, allowing us to use current market prices as an estimate of their fair value.

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

**Valuation of our Financial Instruments at Fair Value by Hierarchy Levels**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Aggregate Fair<br> Value** | **Admitted<br> Assets** | **Level 1** | **Level 2** | **Level 3** | **Not Practicable<br> (Carrying Value)** | **Net Asset<br> Value (NAV)** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Assets** |  |  |  |  |  |  |  |
| Bonds |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuer credit obligations | $**4132138** | $**4543928** | $**33509** | $**4072413** | $**26216** | $**-** | $**-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | **2498650** | **2776728** | **-** | **2378031** | **120619** | **-** | **-** |
| Preferred stocks | **19181** | **19063** | **-** | **19181** | **-** |  |  |
| Common stocks unaffiliated | **28547** | **28547** | **-** | **28543** | **4** | **-** | **-** |
| Mortgage loans | **862600** | **922066** | **-** | **-** | **862600** | **-** | **-** |
| Policy loans | **221373** | **205107** | **-** | **-** | **221373** | **-** | **-** |
| Cash and cash equivalents | **106754** | **106754** | **106754** | **-** | **-** | **-** | **-** |
| Other invested assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments | **83131** | **33661** | **-** | **83131** | **-** | **-** | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | **72348** | **78473** | **-** | **69073** | **3275** | **-** | **-** |
| Assets held in separate accounts | **690209** | **690209** | **690209** | **-** | **-** | **-** | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $**8714931** | $**9404536** | $**830472** | $**6650372** | $**1234087** | $**-** | $**-** |
| **Liabilities** |  |  |  |  |  |  |  |
| Derivatives | **864** | **(151)** | **-** | **864** | **-** | **-** | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $**864** | $**(151)** | $**-** | $**864** | $**-** | $**-** | $**-** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Aggregate Fair<br> Value | Admitted<br> Assets | Level 1 | Level 2 | Level 3 | Not Practicable<br> (Carrying Value) | Net Asset<br> Value (NAV) |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| **Assets** |  |  |  |  |  |  |  |
| Bonds | $6404513 | $7251432 | $33839 | $6235599 | $135075 | $- | $- |
| Preferred stocks | 18987 | 19123 |  | 18987 |  |  |  |
| Common stocks unaffiliated | 38389 | 38389 | 9335 | 29054 |  |  |  |
| Mortgage loans | 797980 | 894719 |  |  | 797980 |  |  |
| Policy loans | 207564 | 197523 |  |  | 207564 |  |  |
| Cash and cash equivalents | 99830 | 99830 | 99830 |  |  |  |  |
| Other invested assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments | 69142 | 29093 |  | 69142 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Surplus notes | 65214 | 74204 |  | 64163 | 1051 |  |  |
| Assets held in separate accounts | 662062 | 662062 | 662062 | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $8363681 | $9266375 | $805066 | $6416945 | $1141670 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Liabilities** |  |  |  |  |  |  |  |
| Derivatives | 1180 | (299) | - | 1180 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1180 | $(299) | $- | $1180 | $- | $- | $- |

---

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

**Valuation of our Financial Instruments held at Fair Value by Fair Value Hierarchy Levels**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** | **NAV** |
| **Assets** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Preferred stock | $**-** | $**9014** | $**-** | $**9014** | $**-** |
| Asset-backed securities | **-** | **-** | **916** | **916** | **-** |
| Common stocks unaffiliated | **-** | **28543** | **4** | **28547** | **-** |
| Assets held in separate accounts | **690209** | **-** | **-** | **690209** | **-** |
| Total assets at fair value/NAV | $**690209** | $**37557** | $**920** | $**728686** | $**-** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Level 1 | Level 2 | Level 3 | Total | NAV |
| Assets | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Industrial and miscellaneous bonds | $- | $638 | $- | $638 | $- |
| Preferred stock |  | 9074 |  | 9074 |  |
| Common stocks unaffiliated | 9335 | 29054 |  | 38389 |  |
| Assets held in separate accounts | 662062 | - | - | 662062 | - |
| Total assets at fair value/NAV | $671397 | $38766 | $- | $710163 | $- |

---

**Change in Level 3 Financial Instruments Measured at Fair Value**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Balance,<br> December 31,<br> 2024** | **Transfers into<br> Level 3** | **Transfers out of<br> Level 3** | **Realized<br> gains/(losses)<br> included in<br> Income** | **Unrealized<br> gains/(losses)<br> included in<br> Surplus** | **Purchases** | **Sales** | **Balance,<br> December 31,<br> 2025** |
| **Assets** | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Asset-backed securities | $**-** | $**-** | $**-** | $**-** | $**-** | $**916** | $**-** | $**916** |
| Common stocks unaffiliated | **-** | **-** | **-** | **(212)** | **-** | **216** | **-** | **4** |
| Total | $**-** | $**-** | $**-** | $**(212)** | $**-** | $**1132** | $**-** | $**920** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Balance,<br> December 31,<br> 2023 | Transfers into<br> Level 3 | Transfers out of<br> Level 3 | Realized<br> gains/(losses)<br> included in<br> Income | Unrealized<br> gains/(losses)<br> included in<br> Surplus | Purchases | Sales | Balance,<br> December 31,<br> 2024 |
| Assets | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Common stocks unaffiliated | $- | $- | $- | $- | $- | $- | $- | $- |
| Total | $- | $- | $- | $- | $- | $- | $- | $- |

---

**Farm Bureau Life Insurance Company and Subsidiary**

 **Notes to Combined Financial Statements (continued)**

**4. Policy and Contract Attributes and Borrowed Money**

We waive deduction of deferred fractional premiums upon death of the insured and return any portion of the final premium beyond the date of death. Surrender values are not promised in excess of the legally computed reserves. Several methods are employed in the reserving for substandard lives, depending on the plan and date of issue. In some cases, extra premiums are charged for substandard lives in addition to the regular gross premium for the true age. Mean reserves are generally based on appropriate multiples of standard rates of mortality, but in some cases, the extra reserve held is equal to one-half the gross annual premium. There is one plan for which substandard cases are assigned an adjusted age and all reserves are calculated at standard mortality rates for the adjusted age. The tabular interest has been determined by formula as described in the NAIC *Annual Statement Instructions* (Instructions) for all business except universal life and variable universal life, for which tabular interest was determined from basic policy data. The tabular less actual reserve released and tabular cost have been determined by formula as described in the Instructions. The determination of tabular interest on funds not involving life contingencies is based on accounting data.

A portion of our policy reserves and other policyholders' funds relate to liabilities established on a variety of our products that are not subject to significant mortality or morbidity risk; however, there may be certain restrictions placed upon the amount of funds that can be withdrawn without penalty.

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

The carrying values on these products by withdrawal characteristics are summarized as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **General<br> Account** | **Account with<br> Guarantees** | **Separate<br> Account<br> Nonguaranteed** | **Total** | **Percent<br> of Total** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Individual Annuities** |  |  |  |  |  |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;with market value adjustment | $**-** | $**-** | $**-** | $**-** | **-**&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;&nbsp;at book value less current surrender charge of 5% or more | **629657** | **-** | **-** | **629657** | **16**&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;&nbsp;at fair value | **-** | **-** | **-** | **-** | **-**&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| Total with market value adjustment or at fair value | **629657** | **-** | **-** | **629657** | **16**&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| At book value with minimal adjustment | **2826561** | **-** | **292053** | **3118614** | **80**&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| Not subject to discretionary withdrawal | **147221** | **-** | **108** | **147329** | **4**&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| Total (gross: direct + assumed) | **3603439** | **-** | **292161** | **3895600** | **100**&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| Reinsurance ceded | **-** | **-** | **-** | **-** |  |
| Total (net) | $**3603439** | $**-** | $**292161** | $**3895600** |  |
| Amount included at book value less surrender charge that will move to book value with minimal adjustment in the year after the statement date: | $**140473** | $**-** | $**-** | $**140473** |  |
| **Group Annuities** |  |  |  |  |  |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total with market value adjustment or at fair value | $**-** | $**-** | $**-** | $**-** | **-**&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;&nbsp;At book value with minimal adjustment | **19657** | **-** | **-** | **19657** | **54**&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| Not subject to discretionary withdrawal | **17076** | **-** | **-** | **17076** | **46**&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| Total (gross: direct + assumed) | **36733** | **-** | **-** | **36733** | **100**&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| Reinsurance ceded | **-** | **-** | **-** | **-** |  |
| Total (net) | $**36733** | $**-** | $**-** | $**36733** |  |
| Amount included at book value less surrender charge that will move to book value with minimal adjustment in the year after the statement date: | $**-** | $**-** | $**-** | $**-** |  |
| **Deposit-Type Contracts (without life contingencies)** |  |  |  |  |  |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total with market value adjustment or at fair value | $**-** | $**-** | $**-** | $**-** | **-**&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;&nbsp;At book value with minimal adjustment | **331585** | **-** | **-** | **331585** | **36**&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| Not subject to discretionary withdrawal | **601963** | **-** | **-** | **601963** | **64**&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| Total (gross: direct + assumed) | **933548** | **-** | **-** | **933548** | **100**&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| Reinsurance ceded | **-** | **-** | **-** | **-** |  |
| Total (net) | $**933548** | $**-** | $**-** | $**933548** |  |
| Amount included at book value less surrender charge that will move to book value with minimal adjustment in the year after the statement date: | $**-** | $**-** | $**-** | $**-** |  |

---

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | General<br> Account | Account with<br> Guarantees | Separate<br> Account<br> Nonguaranteed | Total | Percent<br> of Total |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| **Individual Annuities** |  |  |  |  |  |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;with market value adjustment | $- | $- | $- | $- | -&nbsp;&nbsp;&nbsp;&nbsp;% |
| &nbsp;&nbsp;&nbsp;at book value less current surrender charge of 5% or more | 906524 |  |  | 906524 | 23&nbsp;&nbsp;&nbsp;&nbsp;% |
| &nbsp;&nbsp;&nbsp;at fair value | - | - | - | - | -&nbsp;&nbsp;&nbsp;&nbsp;% |
| Total with market value adjustment or at fair value | 906524 |  |  | 906524 | 23&nbsp;&nbsp;&nbsp;&nbsp;% |
| At book value with minimal adjustment | 2600770 |  | 286840 | 2887610 | 73&nbsp;&nbsp;&nbsp;&nbsp;% |
| Not subject to discretionary withdrawal | 145870 | - | 102 | 145972 | 4&nbsp;&nbsp;&nbsp;&nbsp;% |
| Total (gross: direct + assumed) | 3653164 |  | 286942 | 3940106 | 100&nbsp;&nbsp;&nbsp;&nbsp;% |
| Reinsurance ceded | - | - | - | - |  |
| Total (net) | $3653164 | $- | $286942 | $3940106 |  |
| Amount included at book value less surrender charge that will move to book value with minimal adjustment in the year after the statement date: | $483073 | $- | $- | $483073 |  |
| **Group Annuities** |  |  |  |  |  |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total with market value adjustment or at fair value | $- | $- | $- | $- | -&nbsp;&nbsp;&nbsp;&nbsp;% |
| &nbsp;&nbsp;&nbsp;At book value with minimal adjustment | 21123 |  |  | 21123 | 54&nbsp;&nbsp;&nbsp;&nbsp;% |
| Not subject to discretionary withdrawal | 17978 | - | - | 17978 | 46&nbsp;&nbsp;&nbsp;&nbsp;% |
| Total (gross: direct + assumed) | 39101 |  |  | 39101 | 100&nbsp;&nbsp;&nbsp;&nbsp;% |
| Reinsurance ceded | - | - | - | - |  |
| Total (net) | $39101 | $- | $- | $39101 |  |
| Amount included at book value less surrender charge that will move to book value with minimal adjustment in the year after the statement date: | $- | $- | $- | $- |  |
| **Deposit-Type Contracts (without life contingencies)** |  |  |  |  |  |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total with market value adjustment or at fair value | $- | $- | $- | $- | -&nbsp;&nbsp;&nbsp;&nbsp;% |
| &nbsp;&nbsp;&nbsp;At book value with minimal adjustment | 372397 |  |  | 372397 | 39&nbsp;&nbsp;&nbsp;&nbsp;% |
| Not subject to discretionary withdrawal | 580700 | - | - | 580700 | 61&nbsp;&nbsp;&nbsp;&nbsp;% |
| Total (gross: direct + assumed) | 953097 |  |  | 953097 | 100&nbsp;&nbsp;&nbsp;&nbsp;% |
| Reinsurance ceded | - | - | - | - |  |
| Total (net) | $953097 | $- | $- | $953097 |  |
| Amount included at book value less surrender charge that will move to book value with minimal adjustment in the year after the statement date: | $- | $- | $- | $- |  |

---

**Farm Bureau Life Insurance Company and Subsidiary<br> Notes to Combined Financial Statements (continued)**

A reconciliation of total annuity actuarial reserves and deposit fund liabilities follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | December 31, 2024 |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Life and A&H Annual Statement:** |  |  |
| Annuity reserves, total net | $**3546073** | $3590456 |
| Supplementary contracts with life contingencies, total net | **94099** | 101809 |
| Deposit-type contracts, total net | **933548** | 953097 |
|  | **4573720** | 4645362 |
| **Separate Accounts Annual Statement:** |  |  |
| Annuity reserves | **292053** | 286840 |
| Supplementary contracts with life contingencies | **108** | 102 |
| Total annuity actuarial reserves and deposit fund liabilities | $**4865881** | $4932304 |

---

Analysis of life actuarial reserves by withdrawal characteristics are below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **General Account** | **General Account** | **General Account** | **Separate Account - Guaranteed and <br> Nonguaranteed** | **Separate Account - Guaranteed and <br> Nonguaranteed** | **Separate Account - Guaranteed and <br> Nonguaranteed** |
|  | **Account<br> Value** | **Cash Value** | **Reserve** | **Account<br> Value** | **Cash Value** | **Reserve** |
| Subject to discretionary withdrawal: | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Term policies with cash value | $**-** | $**77494** | $**154042** | $**-** | $**-** | $**-** |
| &nbsp;&nbsp;&nbsp;Universal life | **622469** | **593334** | **622053** | **-** | **-** | **-** |
| &nbsp;&nbsp;&nbsp;Universal life with secondary guarantees | **81239** | **60332** | **457882** | **-** | **-** | **-** |
| &nbsp;&nbsp;&nbsp;Indexed universal life | **484033** | **386045** | **408649** | **-** | **-** | **-** |
| &nbsp;&nbsp;&nbsp;Other permanent cash value life with secondary guarantees | **-** | **1316945** | **1669315** | **-** | **-** | **-** |
| &nbsp;&nbsp;&nbsp;Variable universal life | **154353** | **153041** | **139270** | **398048** | **398048** | **397887** |
| Not subject to discretionary withdrawal |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term policies without cash value | **XXX** | **XXX** | **271406** | **XXX** | **XXX** | **-** |
| &nbsp;&nbsp;&nbsp;Accidental death benefits | **XXX** | **XXX** | **225** | **XXX** | **XXX** | **-** |
| &nbsp;&nbsp;&nbsp;Disability - active lives | **XXX** | **XXX** | **3138** | **XXX** | **XXX** | **-** |
| &nbsp;&nbsp;&nbsp;Disability - disabled lives | **XXX** | **XXX** | **13071** | **XXX** | **XXX** | **-** |
| &nbsp;&nbsp;&nbsp;Miscellaneous reserves | **XXX** | **XXX** | **43709** | **XXX** | **XXX** | **-** |
| Total (gross: direct + assumed) | $**1342094** | $**2587191** | $**3782760** | $**398048** | $**398048** | $**397887** |
| Reinsurance ceded | **-** | **-** | **67296** | **-** | **-** | **-** |
| Total (net) | $**1342094** | $**2587191** | $**3715464** | $**398048** | $**398048** | $**397887** |

---

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | General Account | General Account | General Account | Separate Account - Guaranteed and<br> Nonguaranteed | Separate Account - Guaranteed and<br> Nonguaranteed | Separate Account - Guaranteed and<br> Nonguaranteed |
|  | Account<br> Value | Cash Value | Reserve | Account<br> Value | Cash Value | Reserve |
| Subject to discretionary withdrawal: | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Term policies with cash value | $- | $66572 | $148009 | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;Universal life | 641219 | 610034 | 639565 |  |  |  |
| &nbsp;&nbsp;&nbsp;Universal life with secondary guarantees | 81923 | 59598 | 421445 |  |  |  |
| &nbsp;&nbsp;&nbsp;Indexed universal life | 396707 | 304781 | 321475 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other permanent cash value life with secondary guarantees |  | 1296968 | 1650924 |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable universal life | 177281 | 175969 | 142003 | 375120 | 375120 | 374886 |
| Not subject to discretionary withdrawal |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term policies without cash value | XXX | XXX | 273882 | XXX | XXX |  |
| &nbsp;&nbsp;&nbsp;Accidental death benefits | XXX | XXX | 246 | XXX | XXX |  |
| &nbsp;&nbsp;&nbsp;Disability - active lives | XXX | XXX | 2957 | XXX | XXX |  |
| &nbsp;&nbsp;&nbsp;Disability - disabled lives | XXX | XXX | 13724 | XXX | XXX |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous reserves | XXX | XXX | 34895 | XXX | XXX | - |
| Total (gross: direct + assumed) | $1297130 | $2513922 | $3649125 | $375120 | $375120 | $374886 |
| Reinsurance ceded | - | - | 70895 | - | - | - |
| Total (net) | $1297130 | $2513922 | $3578230 | $375120 | $375120 | $374886 |

---

A reconciliation of total life and A&H insurance actuarial reserves:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | December 31, 2024 |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Life and A&H Annual Statement:** |  |  |
| Life insurance, total net | $**3663894** | $3534934 |
| Accidental death benefits, total net | **225** | 246 |
| Disability - active lives, total net | **3138** | 2957 |
| Disability - disabled lives, total net | **13071** | 13724 |
| Miscellaneous reserves, total net | **35136** | 26369 |
| Subtotal | **3715464** | 3578230 |
| **Separate Accounts Annual Statement:** |  |  |
| Life reserves | **397887** | 374886 |
| Total life and A&H insurance actuarial reserves | $**4113351** | $3953116 |

---

There are no reserves for asset default risk in lieu of AVR in 2025 and 2024. All separate account assets are registered with the Securities and Exchange Commission and we do not have separate account liabilities guaranteed by the general account. We do not engage in securities lending transactions within the separate account. All separate account products are classified the same under SAP and GAAP.

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

A reconciliation of the amounts transferred to and from the separate accounts is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | 2024 | 2023 |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Transfers as reported in the statements of operations of the separate accounts statement: |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfers to separate accounts | $**17457** | $19754 | $21115 |
| &nbsp;&nbsp;&nbsp;Transfers from separate accounts | **46869** | 51825 | 45951 |
| Net transfers from separate accounts | **(29412)** | (32071) | (24836) |
| Reconciling adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net transfers assumed | **(4037)** | (4439) | (3606) |
| &nbsp;&nbsp;&nbsp;Reinsurance reserve adjustments | **1** | 31 | 10 |
| Transfers as reported in the statements of operations herein | $**(33448)** | $(36479) | $(28432) |

---

Reserves on our traditional life products are computed using mean reserving methodologies. These methodologies result in the establishment of assets for the amount of the net valuation premiums that are anticipated to be received between the policy's paid-through date to the policy's next anniversary date. Additionally, we establish a receivable for A&H premiums, which are unpaid at the end of the period. On December 31, 2025 and 2024, these assets (which are reported as premiums deferred and uncollected) and the amounts of the related gross premiums and loading are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross** | **Loading** | **Net** |
| **December 31, 2025** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Life and annuity: |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary direct first-year | $**7388** | $**6942** | $**446** |
| &nbsp;&nbsp;&nbsp;Ordinary direct renewal | **91894** | **(12658)** | **104552** |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | **892** | **-** | **892** |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | **(4070)** | **-** | **(4070)** |
| Total life and annuity | **96104** | **(5716)** | **101820** |
| Direct A&H | **25** | **-** | **25** |
| Reinsurance ceded | **(3)** | **-** | **(3)** |
| Total | $**96126** | $**(5716)** | $**101842** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Gross | Loading | Net |
| December 31, 2024 | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Life and annuity: |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary direct first-year | $7031 | $6565 | $466 |
| &nbsp;&nbsp;&nbsp;Ordinary direct renewal | 90822 | (13169) | 103991 |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | 1285 |  | 1285 |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | (3993) | - | (3993) |
| Total life and annuity | 95145 | (6604) | 101749 |
| Direct A&H | 54 |  | 54 |
| Reinsurance ceded | (3) | - | (3) |
| Total | $95196 | $(6604) | $101800 |

---

We have insurance in force for which the gross premiums are less than the net premiums according to the standard valuation set by the Iowa Insurance Division. Direct in force amounts were $1.8 billion on December 31, 2025 and $2.0 billion on December

**Farm Bureau Life Insurance Company and Subsidiary<br> Notes to Combined Financial Statements (continued)**

31, 2024. Deficiency reserves included in policy reserves to cover the above insurance totaled $35.1 million on December 31, 2025 and $26.4 million on December 31, 2024.

We are a member of the FHLB. We did not have any borrowed money outstanding on December 31, 2025 or December 31, 2024.

We have a Reciprocal Line of Credit Agreement with our parent, FBL Financial Group, Inc. This agreement allows either company to borrow from the other in the form of a short-term note not to exceed $20.0 million with interest, equal to the three-month U.S. Treasury bill plus 125 basis points. No loans were outstanding related to this agreement on December 31, 2025 or December 31, 2024.

In addition, we have issued funding agreements to the FHLB in the amount of $501.3 million on December 31, 2025 and $514.9 million on December 31, 2024. We use these funds in an invested spread strategy, consistent with our other investment spread operations. As such, we apply SSAP No. 52, *Deposit-Type Contracts,* to these funds, consistent with our other deposit type contracts. We have determined the estimated maximum borrowing capacity as $1,149.2 million as of December 31, 2025. We calculated this amount on the lesser of 30% of total admitted assets or our eligible collateral market value.

**FHLB Capital Stock**

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2025** | **Total** | **General<br> Account** | **Separate<br> Accounts** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Membership stock - class B | $**5985** | $**5985** | $**-** |
| Activity stock | **22558** | **22558** | **-** |
| Aggregate total | $**28543** | $**28543** | $**-** |
| Estimated maximum borrowing capacity | $**1149247** |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| December 31, 2024 | Total | General Account | Separate <br> Accounts |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Membership stock - class B | $5882 | $5882 | $- |
| Activity stock | 23172 | 23172 | - |
| Aggregate total | $29054 | $29054 | $- |
| Estimated maximum borrowing capacity | $1100694 |  |  |

---

No membership stock is eligible for redemption in 2025 or 2024.

Total collateral pledged under the FHLB funding agreements was as follows on December 31, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Collateral Pledged** | **Fair Value** | **Carrying Value** | **Aggregate Total<br> Borrowing** | **Funding Agreements<br> Reserves Established** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **December 31, 2025** | $**590120** | $**734754** | $**501285** | $**503068** |
| December 31, 2024 | $590985 | $753609 | $514931 | $516038 |

---

**Farm Bureau Life Insurance Company and Subsidiary**

 **Notes to Combined Financial Statements (continued)**

The maximum collateral pledged under the FHLB funding agreements during the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Maximum Collateral Pledged** | **Fair Value** | **Fair Value** | **Carrying Value** | **Carrying Value** | **Amount Borrowed at<br> Time of Maximum<br> Collateral** | **Amount Borrowed at<br> Time of Maximum<br> Collateral** | **Maximum Amount<br> Borrowed** | **Maximum Amount<br> Borrowed** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **During 2025** |  | **628,602** |  | **780,171** |  | **512,326** |  | **515,917** |
| During 2024 |  | 648763 |  | 809225 |  | 565618 |  | 565618 |

---

We monitor the level of our contract liabilities, the level of interest rates credited to our interest sensitive products and the assumed rate of return provided within the pricing structure of our other products. These amounts are taken into consideration in our overall management of interest rate risk, which minimizes exposure to changing interest rates.

We have variable annuities with guaranteed minimum death benefits and/or guaranteed minimum income benefits that are being reserved for using a principle-based methodology, under NAIC Valuation Manual Requirements for Principle-Based Reserves for Variable Annuities (VM-21). VM-21 guidance defines the reserve for the variable annuity block, at an aggregate level, as the greater of cash surrender value or a Standard Projection Amount which is calculated using a cash flow model under a range of stochastically generated economic scenarios. Of the two options available under VM-21 for the calculation of the Standard Projection Amount, we have elected the conditional tail expectation with prescribed assumptions method.

**5. Reinsurance**

In the normal course of business, we seek to limit our exposure to loss on any single insured or event and to recover a portion of benefits paid by ceding reinsurance to other insurance enterprises or reinsurers. Our reinsurance coverage for life insurance varies according to the age and risk classification of the insured with current retention limits ranging up to $1.0 million of coverage per individual life. Certain term life products are reinsured on a first dollar quota share basis. We do not use financial or surplus relief reinsurance. We have assumed closed blocks of certain life and annuity business through coinsurance and modified coinsurance agreements.

We may cede certain losses under an annual 100% quota share accidental death reinsurance agreement. Coverage includes all acts of terrorism including those of a nuclear, chemical or biological origin. Coverage is subject to an annual aggregate retention of $20.0 million per event.

Reinsurance contracts do not relieve us of our obligations to policyholders. To the extent that reinsuring companies are later unable to meet their obligations under reinsurance agreements, we would be liable for these obligations, and payment of these obligations could result in losses. To limit the possibility of such losses, we evaluate the financial condition of our reinsurers and monitor concentrations of credit risk. No allowance for uncollectible amounts has been established against our asset for reinsurance recoverable since none of our receivables are deemed to be uncollectible.

**Impact of Reinsurance on our Financial Statements**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | 2024 | 2023 |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Ceded (reductions to financial statement items): |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | $**38527** | $37853 | $34290 |
| &nbsp;&nbsp;&nbsp;Policy reserves | **85778** | 91871 | 98838 |
| &nbsp;&nbsp;&nbsp;Insurance benefits | **30227** | 39289 | 27481 |
| Assumed (additions to financial statement items): |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | **7328** | 5613 | 5139 |
| &nbsp;&nbsp;&nbsp;Policy reserves (not including modified coinsurance) | **31941** | 32749 | 33606 |
| &nbsp;&nbsp;&nbsp;Insurance benefits | **3879** | 4100 | 3615 |

---

**Farm Bureau Life Insurance Company and Subsidiary<br> Notes to Combined Financial Statements (continued)**

**Reinsurance in Force and Percentages of Life Insurance in Force**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2025** | 2024 | 2024 | 2023 | 2023 |
|  | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
| Ceded reinsurance | $**14339** | **18.1**&nbsp;&nbsp;&nbsp;**%** | $14068 | 18.2&nbsp;&nbsp;&nbsp;% | $13813 | 18.5&nbsp;&nbsp;&nbsp;% |
| Assumed reinsurance | **384** | **0.5**&nbsp;&nbsp;&nbsp;**%** | 406 | 0.5&nbsp;&nbsp;&nbsp;% | 419 | 0.6&nbsp;&nbsp;&nbsp;% |

---

**6. Federal Income Taxes**

We file a consolidated federal income tax return with our parent and certain of its subsidiaries. The companies included in the consolidated return each report current income tax expense as allocated under a consolidated tax allocation agreement. Generally, this allocation results in profitable companies recognizing a tax provision as if the individual company filed a separate return and loss companies recognizing a benefit to the extent their losses contribute to reduce consolidated taxes.

The effective tax rate on net gain from operations before federal income taxes and net realized capital loss is different from the prevailing federal income tax rate as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | 2024 | 2023 |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Income before taxes | $**76683** | $107670 | $85141 |
| Federal statutory tax rate | **21.00**&nbsp;&nbsp;&nbsp;**%** | 21.00&nbsp;&nbsp;&nbsp;% | 21.00&nbsp;&nbsp;&nbsp;% |
| Expected income tax expense at statutory rate | $**16103** | $22611 | $17880 |
| Tax-exempt interest | $**(2276)** | $(2483) | $(3218) |
| Dividends received deduction | **(312)** | (322) | (444) |
| Revenues not subject to tax | **(195)** | (209) | (314) |
| Other tax exempt income | **(664)** | (364) | (350) |
| Expense not deductible for tax | **355** | 365 | 367 |
| Deferred tax on surplus items | **1612** | 534 | 1203 |
| Tax credits | **(280)** | (3052) | (4997) |
| Other | **(1748)** | 75 | (758) |
| Total | $**12595** | $17155 | $9369 |
| Federal income tax expense | $**12744** | $19048 | $16496 |
| Tax on capital gains/losses | **(1657)** | (402) | (712) |
| Current income tax incurred | **11087** | 18646 | 15784 |
| Change in net deferred income tax | **1508** | (1491) | (6415) |
| Total statutory income taxes | $**12595** | $17155 | $9369 |

---

On December 31, 2025, we had no net operating loss carryforwards.

The company has determined that it is not subject to the corporate alternative minimum tax.

**Farm Bureau Life Insurance Company and Subsidiary<br> Notes to Combined Financial Statements (continued)**

The income tax expense for 2023, 2024 and 2025 available for recoupment in the event of future net losses is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year** | **Ordinary** | **Capital Gains** | **Total** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **2023** | $**-** | $**-** | $**-** |
| **2024** | **210** | **-** | **210** |
| **2025** | **50** | **-** | **50** |
| **Total** | $**260** | $**-** | $**260** |

---

The components of deferred tax assets (DTA) and deferred tax liabilities (DTL) are as follows on December 31, 2025 and 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | December 31, 2024 | December 31, 2024 | December 31, 2024 | |
|  | **Ordinary** | **Capital** | **Total** | Ordinary | Capital | Total |<br>**Change** |
|  | **(Dollar in thousands)** | **(Dollar in thousands)** | **(Dollar in thousands)** | **(Dollar in thousands)** | **(Dollar in thousands)** | **(Dollar in thousands)** | **(Dollar in thousands)** |
| Gross deferred tax assets | $**122174** | $**10049** | $**132223** | $121213 | $9665 | $130878 | $**1345** |
| Deferred tax assets nonadmitted | **145** | **-** | **145** | 21 | - | 21 | **124** |
| Subtotal (net deferred tax assets) | **122029** | **10049** | **132078** | 121192 | 9665 | 130857 | **1221** |
| Deferred tax liabilities | **24354** | **25176** | **49530** | 26054 | 20623 | 46677 | **2853** |
| Net admitted deferred tax assets | $**97675** | $**(15127)** | $**82548** | $95138 | $(10958) | $84180 | $**(1632)** |

---

The individual components of our gross deferred income tax assets and liabilities on December 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | |
|  | **2025** | 2024 |<br>**Change** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Deferred tax assets** |  |  |  |
| Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;Deferred policy acquisition costs | $**51590** | $47914 | $**3676** |
| &nbsp;&nbsp;&nbsp;Reserves | **63253** | 66193 | **(2940)** |
| &nbsp;&nbsp;&nbsp;Employee benefits | **3995** | 4167 | **(172)** |
| &nbsp;&nbsp;&nbsp;Other (including items less than 5% of total ordinary tax assets) | **3336** | 2939 | **397** |
|  | **122174** | 121213 | **961** |
| Nonadmitted | **145** | 21 | **124** |
| Admitted ordinary deferred tax assets | **122029** | 121192 | **837** |
| Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds | **2293** | 1664 | **629** |
| &nbsp;&nbsp;&nbsp;Preferred and common stock | **12** | 220 | **(208)** |
| &nbsp;&nbsp;&nbsp;Real estate | **37** | 37 | **-** |
| &nbsp;&nbsp;&nbsp;Other (including items less than 5% of total capital tax assets) | **7707** | 7744 | **(37)** |
|  | **10049** | 9665 | **384** |
| Nonadmitted | **-** | - | **-** |
| Admitted capital deferred tax assets | **10049** | 9665 | **384** |
| Admitted deferred tax assets | $**132078** | $130857 | $**1221** |

---

**Farm Bureau Life Insurance Company and Subsidiary<br> Notes to Combined Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | |
|  | **2025** | 2024 |<br>**Change** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Deferred tax liabilities** |  |  |  |
| Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;Deferred and uncollected premiums | $**21462** | $21294 | $**168** |
| &nbsp;&nbsp;&nbsp;Fixed assets | **1934** | 840 | **1094** |
| &nbsp;&nbsp;&nbsp;Eight year spread on change in reserves | **-** | 1967 | **(1967)** |
| &nbsp;&nbsp;&nbsp;Other | **958** | 1953 | **(995)** |
|  | **24354** | 26054 | **(1700)** |
| Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds | **14547** | 12410 | **2137** |
| &nbsp;&nbsp;&nbsp;Preferred stock | **4** |  | **4** |
| &nbsp;&nbsp;&nbsp;Other invested assets | **10625** | 8213 | **2412** |
|  | **25176** | 20623 | **4553** |
| Deferred tax liabilities | **49530** | 46677 | **2853** |
| Admitted deferred tax assets | **132078** | 130857 | **1221** |
| Net deferred tax assets/liabilities | $**82548** | $84180 | **(1632)** |
| Deferred tax on unrealized gains |  |  | **2352** |
| Deferred tax nonadmitted |  |  | **124** |
| Change in deferred tax as reported in our consolidated statement of changes in capital and surplus |  |  | $**844** |

---

The components of the deferred tax asset admission calculation as provided in SSAP No. 101, *Income Taxes,* are as follows for the years ended December 31, 2025 and 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | December 31, 2024 | December 31, 2024 | December 31, 2024 | |
|  | **Ordinary** | **Capital** | **Total** | Ordinary | Capital | Total |<br>**Change** |
|  | | | **(Dollars in thousands)** | **(Dollars in thousands)** | | | |
| Admissions calculations components: |  |  |  |  |  |  |  |
| a. Federal income taxes paid in prior years recoverable through loss carrybacks | $**38** | $**-** | $**38** | $16 | $1 | $17 | $**21** |
| b. Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets after application of the threshold limitation). | **80307** | **2305** | **82612** | 84388 |  | 84388 | **(1776)** |
| &nbsp;&nbsp;&nbsp;1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date | **80307** | **2305** | **82612** | 84388 |  | 84388 | **(1776)** |
| &nbsp;&nbsp;&nbsp;2. Adjusted gross deferred tax assets allowed per limitation threshold | **XX** | **XX** | **-** | XX | XX | 106859 | **(106859)** |
| c. Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from above) offset by gross deferred tax liabilities | **41684** | **7744** | **49428** | 36788 | 9664 | 46452 | **2976** |
| d. Deferred tax assets admitted as the result of applications of SSAP No. 101 | $**122029** | $**10049** | $**132078** | $121192 | $9665 | $130857 | $**1221** |

---

**Farm Bureau Life Insurance Company and Subsidiary<br> Notes to Combined Financial Statements (continued)**

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Ratio percentage used to determine recovery period and threshold limitation amount | **1079.59**&nbsp;&nbsp;&nbsp;**%** | 1034.83&nbsp;&nbsp;&nbsp;% |
| Amount of adjusted capital and surplus used to determine recovery period and threshold limitation | $**865567** | $819000 |

---

The impact from tax planning strategies on the determination of the net admitted deferred income tax assets by percentage and character on December 31, 2025 and 2024 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | December 31, 2024 | December 31, 2024 | **Change** | **Change** |
|  | **Ordinary** | **Capital** | Ordinary | Capital | **Ordinary** | **Capital** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Impact of tax planning strategies** |  |  |  |  |  |  |
| Adjusted gross DTAs amount | $**122174** | $**10049** | $121213 | $9665 | $**961** | $**384** |
| Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies | **-**&nbsp;&nbsp;&nbsp;&nbsp;**%** | **-**&nbsp;&nbsp;&nbsp;&nbsp;**%** | -&nbsp;&nbsp;&nbsp;&nbsp;% | -&nbsp;&nbsp;&nbsp;&nbsp;% | **-**&nbsp;&nbsp;&nbsp;&nbsp;**%** | **-**&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| Net admitted adjusted gross DTAs amount | $**121231** | $**10049** | $121192 | $9665 | $**39** | $**384** |
| Percentage of net admitted adjusted gross DTAs by tax character admitted because of the impact of tax planning strategies of reinsurance | **13**&nbsp;&nbsp;&nbsp;&nbsp;**%** | **23**&nbsp;&nbsp;&nbsp;&nbsp;**%** | 15&nbsp;&nbsp;&nbsp;&nbsp;% | -&nbsp;&nbsp;&nbsp;&nbsp;% | **(2** **) %** | **23**&nbsp;&nbsp;&nbsp;&nbsp;**%** |

---

We had no temporary differences for which deferred tax liabilities were not established.

We had no unused transferable small business investment credits admitted as of December 31, 2025. Unused transferable small business investment credits of $0.2 million, related to the state of Nebraska, were admitted as of December 31, 2024. The 2025 premiums are sufficient to fully utilize the unused credit on the 2025 premiums tax return.

The Company has commitments to purchase federal transferable energy tax credits through 2034. The amount of credits to be purchased is contingent on actual energy production, and based on current production projections, total purchases could be up to $25.0 million. The Company, along with its affiliates, also has commitments to purchase state tax credits of up to $18.8 million in multiple states through 2030.

There were no Internal Revenue Code section 6603 deposits admitted on December 31, 2025 or December 31, 2024.

There were no interest and penalties related to federal income taxes during 2025 or 2024. We are no longer subject to U.S. federal, state and local income tax examinations by tax authorities for tax years prior to 2015.

The One Big Beautiful Bill Act of 2025, which includes both tax and non-tax provisions was enacted on July 4, 2025. The primary tax provisions impacting the Company include the timing of when depreciation and other capitalized costs can be deducted for tax purposes which resulted in a decrease to current tax expense of $2 million and an increase to deferred tax expense of $2 million at December 31, 2025.

**7. Retirement and Compensation Plans**

Our parent sponsors or participates in multiple benefit plans, including a multiemployer defined benefit plan, a defined contribution plan and a postretirement benefit plan. All participants are direct employees of our parent and related plan expenses are allocated to us and our affiliates. We had $3.3 million on December 31, 2025 and $2.9 million on December 31, 2024 due to our parent for unsettled allocated expenses associated with these plans. We have no direct legal obligation for benefits under these plans.

**Farm Bureau Life Insurance Company and Subsidiary<br> Notes to Combined Financial Statements (continued)**

The multiemployer defined benefit plan is considered qualified under Internal Revenue Service regulations, and covers substantially all employees of the group who had accrued service in the Plan prior to January 1, 2013. Benefits are based on years of service and employee's compensation. Pension cost of the plan is allocated between participating employers generally on a basis of time incurred by the respective employees for each company. Such allocations are reviewed annually. Those participants who had not attained age 40 and ten years of service as of January 1, 2013 no longer accrue additional years of service in the plan. We also provide supplemental pension benefits to employees with salaries and/or pension benefits in excess of the qualified plan limits imposed by federal law, as well as benefits to former employees who accepted an early retirement program. Our share of pension expense for all defined benefit pension plans aggregated $2.9 million in 2025, $1.8 million in 2024 and $1.6 million in 2023. Defined benefit pension expense for 2025 included $1.1 million associated with an early retirement window offering.

The 401(k) defined contribution plan covers substantially all employees of the group and includes matching contributions. Costs are allocated between participating employers generally on a basis of time incurred by the respective employees for each company. New employees and current employees who had not attained age 40 and ten years of service as of January 1, 2013 and who are employed on December 31 are eligible to receive a discretionary company contribution. Related expense totaled $4.2 million in 2025, $3.6 million in 2024 and $3.2 million in 2023. The 2025 401(k) defined contribution expense includes $0.3 million associated with an early retirement window offering.

The postretirement benefit plan provides group term life insurance benefits to retired employees who worked full-time for ten years and attained age 55 while in service. The Company stopped offering this benefit as of December 31, 2016 such that no new participants will enter the plan. Postretirement benefit expense is allocated in a manner consistent with pension expense discussed above. Postretirement benefit expense was immaterial in 2025, 2024 and 2023.

We and our parent have established deferred compensation plans for certain current and former employees. Liabilities for these plans are accrued as the related benefits are earned. Related expenses were immaterial 2025, 2024 and 2023.

**8. Management and Other Agreements**

We share certain office facilities and services with the IFBF and its affiliated companies. These expenses are allocated on the basis of cost and time studies that are updated annually and consist primarily of rent, salaries and related expenses, travel and other operating costs.

We participate in a management agreement with our parent, under which our parent provides general business, administrative and management services. In addition, Farm Bureau Management Corporation, a wholly-owned subsidiary of the IFBF, provides certain services to us under a separate arrangement. We incurred related expenses totaling $9.8 million in 2025, $9.2 million in 2024 and $8.5 million in 2023.

We have software, equipment and auto lease agreements with FBL Leasing Services, Inc., a wholly-owned subsidiary of our parent. We incurred expenses under these agreements of $1.8 million in 2025, $2.2 million in 2024 and $2.1 million in 2023. We also have an expense allocation agreement with Farm Bureau Property & Casualty Insurance Company (Farm Bureau Property & Casualty), an affiliate, for the use of property and equipment. Expense relating to this agreement totaled $0.5 million in 2025, $0.4 million in 2024 and $0.3 million in 2023.

Farm Bureau Property & Casualty and another affiliate have entered into structured settlement agreements with another affiliate, FBL Assigned Benefit Company (ABC). For a fee, ABC relieved the purchaser of contractual obligations relating to the underlying claim and funds payments to the policyholder with an annuity contract purchased from us. ABC discontinued issuing new structured settlement agreements in 2020. We have $31.5 million in structured settlements for which ABC guarantees we will honor our obligations under the annuity contract.

We have service agreements with the Farm Bureau property-casualty companies operating within our marketing territory, including Farm Bureau Property & Casualty and another affiliate. Under the service agreements, the property-casualty companies are responsible for development and management of our agency force for a fee. Under these agreements, we paid $12.2 million during 2025, $11.6 million during 2024 and $11.7 million during 2023.

**Farm Bureau Life Insurance Company and Subsidiary<br> Notes to Combined Financial Statements (continued)**

We are licensed by the IFBF to use the Farm Bureau and FB designations in Iowa. In connection with this license, we incurred royalty expense totaling $0.6 million in 2025, $0.6 million in 2024 and $0.7 million in 2023. We have similar arrangements with Farm Bureau organizations in other states in our market territory. Total royalty expense to Farm Bureau organizations other than the IFBF was $1.9 million in 2025, $1.8 million in 2024 and $2.0 million in 2023. The loss of the right to use these designations in a state with a high premium concentration could have a material adverse effect on operating results.

---

| | | | |
|:---|:---|:---|:---|
| **Premium Concentration by State** | | | |
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | 2024 | 2023 |
| Life and annuity direct premiums: |  |  |  |
| &nbsp;&nbsp;&nbsp;Iowa | **26.2**&nbsp;&nbsp;&nbsp;**%** | 26.7&nbsp;&nbsp;&nbsp;% | 27.7&nbsp;&nbsp;&nbsp;% |
| &nbsp;&nbsp;&nbsp;Kansas | **14.3** | 14.1 | 15.0 |
| &nbsp;&nbsp;&nbsp;Nebraska | **7.7** | 7.7 | 7.7 |
| &nbsp;&nbsp;&nbsp;Oklahoma | **7.2** | 7.1 | 7.0 |

---

**9. Commitments and Contingencies**

**Legal Proceedings**

In the normal course of business, we may be involved in litigation in which damages are alleged that are substantially in excess of contractual policy benefits or certain other agreements. We are not aware of any such claims threatened or pending against the Company.

**Other**

We self-insure our employee health and dental claims. However, claims in excess of self-insurance limits are fully insured. Expenses equal to our best estimate of claims will continue to be reflected in operations. An allowance for incurred but not reported claims is included in other liabilities.

Our parent leases our home office properties from a wholly-owned subsidiary of the IFBF under a 10-year operating lease, which expires in 2026, with automatic five-year extensions unless terminated by one of the parties at least six months prior to the expiration date. The lease includes a provision for both base rent and an adjustment for actual maintenance costs incurred. Our expected share of future remaining minimum lease payments under this lease as of December 31, 2025 is $2.0 million through 2026. Rent expense for the lease totaled $4.7 million in 2025 and in 2024, and $4.5 million in 2023.

From time to time, assessments are levied on us by life and health guaranty associations in most states in which we are licensed. These assessments, which are accrued for, are to cover losses of policyholders of insolvent or rehabilitated companies. In some states, these assessments can be partially recovered through a reduction in future premium tax. We had undiscounted reserves of $0.4 million on December 31, 2025 and on December 31, 2024 to cover estimated future assessments on known insolvencies. We had assets totaling $2.4 million on December 31, 2025 and $2.6 million on December 31, 2024 representing estimated premium tax offsets on paid and future assessments. Expenses incurred for guaranty fund assessments, net of related premium tax offsets, totaled a benefit of $0.2 million in 2025 and a net expense of $1.3 million in 2024 and $1.1 million in 2023. It is anticipated that estimated future guaranty fund assessments on known insolvencies will be paid in future years and substantially all the related future premium tax offsets will be realized according to the premiums offset statutes of each jurisdiction. We believe the reserve for guaranty fund assessments is sufficient to provide for future assessments based upon known insolvencies and projected premium levels.

**Farm Bureau Life Insurance Company and Subsidiary**

**Notes to Combined Financial Statements (continued)**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **(Dollars in** **thousands)** | **(Dollars in** **thousands)** |
| **Assets recognized from paid and accrued premium tax offsets and policy surcharges prior year end** | $**2645** | $1357 |
| **Decreases current year:** |  |  |
| &nbsp;&nbsp;&nbsp;**Guaranty fund accrual** | **-** | 923 |
| &nbsp;&nbsp;&nbsp;**Premium tax offset applied** | **252** | 29 |
| **Increases current year:** |  |  |
| &nbsp;&nbsp;&nbsp;**Future premium tax offset for assessments paid or accrued** | **35** | 2240 |
| **Assets recognized from paid and accrued premium tax offsets and policy surcharges current year end** | $**2428** | $2645 |

---

Guaranty fund liabilities and assets related to assessments from insolvencies of entities that wrote long-term care contracts are not discounted.

Undiscounted and discounted amount of the guaranty fund assessments and related assets by insolvency:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Guaranty Fund Assessment** | **Guaranty Fund Assessment** | **Related Assets** | **Related Assets** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| <br>**Name of Insolvency** | **Undiscounted** | **Discounted** | **Undiscounted** | **Discounted** |
| **Penn Treaty** | $**26** | $**-** | $**26** | $**-** |

---

Number of jurisdictions, ranges of years used to discount and weighted average number of years of the discounting time for payables and recoverable by insolvency:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Payable** | **Recoverable** | **Recoverable** |
| <br>**Name of Insolvency** | **Number of**<br>**Jurisdictions** |  | <br>**Range of years** | **Number of**<br>**Jurisdictions** | **Range of**<br>**Years** |
| **Penn Treaty** | **3** | **1-5** | **1-5** **NA** | **3** | **1-5** **NA** |

---

**10. Subsequent Events**

Subsequent events have been evaluated through April 30, 2026, which is the date the financial statements were available to be issued. In February 2026, Farm Bureau Life Insurance Company's board of directors declared a cash dividend payable to our parent for $6.9 million. The dividend was paid in March 2026.

**Farm Bureau Life Insurance Company and Subsidiary<br> Combined Supplementary Information<br> Year Ended December 31, 2025** 

**Independent Auditor's Report on Supplementary Information**

The Board of Directors and Stockholders

Farm Bureau Life Insurance Company and Greenfields Life Insurance Company

West Des Moines, Iowa

We have audited the combined statutory-basis financial statements of Farm Bureau Life Insurance Company and Greenfields Life Insurance Company (the Company) as of and for the years ended December 31, 2025 and 2024 and have issued our report thereon dated April 30, 2026. Our audits of the combined statutory-basis financial statements included the financial statement schedules: Schedule I – Summary of Investments – Other That Investments in Related Parties, Schedule III – Supplemental Insurance Information, and Schedule IV – Reinsurance (the "schedules"). These schedules are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's schedules, based on our audits.

In our opinion, the schedules present fairly, in all material respects, the information set forth therein when considered in conjunction with the combined statutory-basis financial statements.

/s/ Forvis Mazars LLP

**West Des Moines, Iowa**

**April 30, 2026**

**Farm Bureau Life Insurance Company and Subsidiary**

**Schedule I – Summary of Investments – Other Than Investments in Related Parties**

**As of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Type of Investment** |<br>**Cost** |<br>**Estimated Market**<br>**Value** | **Statement of**<br>**Financial Position**<br>**Amount** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;United States Government and agencies | $59647 | $39198 | $59647 |
| &nbsp;&nbsp;&nbsp;Foreign Government | 14913 | 12046 | 14913 |
| &nbsp;&nbsp;&nbsp;States and political subdivisions | 775377 | 684712 | 775377 |
| &nbsp;&nbsp;&nbsp;Corporate | 3693991 | 3396182 | 3693991 |
| &nbsp;&nbsp;&nbsp;Asset-backed | 2776728 | 2498650 | 2776728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 7320656 | $6630788 | 7320656 |
| Equity securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks, trusts and insurance companies | 28543 | $28543 | 28543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial, miscellaneous and all other | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;Preferred stocks | 19063 | 19181 | 19063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 47610 | $47728 | 47610 |
| Mortgage loans | 922066 |  | 922066 |
| Investment real estate | 955 |  | 955 |
| Policy loans | 205107 |  | 205107 |
| Cash and cash equivalents | 106754 |  | 106754 |
| Other investments | 467990 |  | 467990 |
| Total investments | $9071138 |  | $9071138 |

---

**Farm Bureau Life Insurance Company and Subsidiary**

**Schedule III – Supplemental Insurance Information**

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Policy Reserves** |<br>**Claim reserves** | **Other Policyholder**<br>**funds** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| December 31, 2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;Life and Annuity | $7355636 | $35475 | $8944 |
| &nbsp;&nbsp;&nbsp;Accident and Health | 122 | 11 | 73 |
| &nbsp;&nbsp;&nbsp;Supplementary Contracts | 933548 | - | - |
| &nbsp;&nbsp;&nbsp;Total | $8289306 | $35486 | $9017 |
| December 31, 2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;Life and Annuity | $7270495 | $37602 | $8774 |
| &nbsp;&nbsp;&nbsp;Accident and Health | 112 | 13 | 77 |
| &nbsp;&nbsp;&nbsp;Supplementary Contracts | 953097 | - | - |
| &nbsp;&nbsp;&nbsp;Total | $8223704 | $37615 | $8851 |
| December 31, 2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;Life and Annuity | $7200931 | $33314 | $8984 |
| &nbsp;&nbsp;&nbsp;Accident and Health | 149 | 13 | 57 |
| &nbsp;&nbsp;&nbsp;Supplementary Contracts | 975972 | - | - |
| &nbsp;&nbsp;&nbsp;Total | $8177052 | $33327 | $9041 |

---

**Farm Bureau Life Insurance Company and Subsidiary**

**Schedule III – Supplemental Insurance Information (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums and Other**<br>**Considerations** | **Net Investment**<br>**Income** |<br>**Policyholder Benefits** | **Other Operating**<br>**Expenses** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| December 31, 2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Life and Annuity | $639668 | $427760 | $749184 | $211381 |
| &nbsp;&nbsp;&nbsp;Accident and Health | 216 |  | 106 | 72 |
| &nbsp;&nbsp;&nbsp;Supplementary Contracts | 1823 | 5882 | 12934 | 17 |
| &nbsp;&nbsp;&nbsp;Total | $641707 | $433642 | $762224 | $211470 |
| December 31, 2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Life and Annuity | $633334 | $418154 | $741810 | $204041 |
| &nbsp;&nbsp;&nbsp;Accident and Health | 191 |  | 117 | 88 |
| &nbsp;&nbsp;&nbsp;Supplementary Contracts | 3274 | 5783 | 14286 | 29 |
| &nbsp;&nbsp;&nbsp;Total | $636799 | $423937 | $756213 | $204158 |
| December 31, 2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Life and Annuity | $691968 | $380438 | $747303 | $200680 |
| &nbsp;&nbsp;&nbsp;Accident and Health | 341 |  | 104 | 106 |
| &nbsp;&nbsp;&nbsp;Supplementary Contracts | 2654 | 5750 | 14888 | 30 |
| &nbsp;&nbsp;&nbsp;Total | $694963 | $386188 | $762295 | $200816 |

---

**Farm Bureau Life Insurance Company and Subsidiary**

**Schedule IV – Reinsurance**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br><br>**Gross Amount** |<br>**Ceded to Other**<br>**Companies** |<br>**Assumed**<br>**from Other**<br>**Companies** |<br><br>**Net Amount** | **Percent of**<br>**Amount**<br>**Assumed to**<br>**Net** |
|  | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| Year ended December 31, 2025: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Life insurance in force, at end of year | $79366145 | $14338716 | $384438 | $65411867 | 0.6% |
| &nbsp;&nbsp;&nbsp;Premiums and considerations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Annuity | $456015 | $36294 | $2332 | $422053 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | 212664 | 45 | 4996 | 217615 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplementary Contracts | 1823 |  |  | 1823 | -% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accident and Health Premiums | 2405 | 2189 | - | 216 | -% |
|  | $672907 | $38528 | $7328 | $641707 | 1.1% |
| Year ended December 31, 2024: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Life insurance in force, at end of year | $77146506 | $14067817 | $405507 | $63484196 | 0.6% |
| &nbsp;&nbsp;&nbsp;Premiums and considerations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Annuity | $432856 | $34905 | $2403 | $400354 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | 230111 | 341 | 3210 | 232980 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplementary Contracts | 3274 |  |  | 3274 | -% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accident and Health Premiums | 2798 | 2607 | - | 191 | -% |
|  | $669039 | $37853 | $5613 | $636799 | 0.9% |
| Year ended December 31, 2023: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Life insurance in force, at end of year | $74536933 | $13813183 | $419212 | $61142962 | 0.7% |
| &nbsp;&nbsp;&nbsp;Premiums and considerations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life and Annuity | $418499 | $31159 | $2471 | $389811 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuities | 299552 | 63 | 2668 | 302157 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplementary Contracts | 2495 |  | 159 | 2654 | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accident and Health Premiums | 3409 | 3068 | - | 341 | -% |
|  | $723955 | $34290 | $5298 | $694963 | 0.8% |

---