FBL Financial Group Increases Quarterly Cash Dividend, Declares Special Cash Dividend, Authorizes New $50 Million Stock Repurchase Program and Names New Director

FBL Financial Group, Inc. (NYSE: FFG) today announces a five percent increase in its quarterly cash dividend to $0.42 per share, a special cash dividend of $2.00 per share and authorization for the repurchase of up to $50 million of its Class A common stock. FBL Financial Group also named a new Class B director.

“FBL Financial Group has a strong financial foundation with ample excess capital,” said James P. Brannen, Chief Executive Officer of FBL Financial Group, Inc. “Given this foundation and our confidence in Farm Bureau Life Insurance Company, we are committed to returning cash to shareholders as demonstrated by the payment of this special dividend and by increasing our regular quarterly dividend.”

Quarterly Dividend Increase to $0.42 Per Share. FBL Financial Group’s Board of Directors has declared a quarterly cash dividend of $0.42 per share, payable on March 31, 2016 to Class A and Class B common stockholders of record as of March 15, 2016. This represents a five percent increase from the prior quarterly dividend of $0.40 per share paid in December 2015, and reflects an annual indicated dividend rate of $1.68 per share. Based on this dividend rate, FBL Financial Group’s indicated dividend yield is currently 2.9 percent.

Special Cash Dividend of $2.00 Per Share. FBL Financial Group’s Board of Directors has declared a special cash dividend of $2.00 per share, payable on March 31, 2016 to Class A and Class B common stockholders of record as of March 15, 2016. The total amount of the special cash dividend payment is estimated to be approximately $50 million.

Stock Repurchase. The Board of Directors has authorized the repurchase of up to $50 million of FBL Financial Group’s Class A common stock. Under this repurchase program, repurchases may be made in the open market or through privately negotiated transactions, with the timing and terms of the purchases to be determined by management based on market conditions. Completion of the program is dependent on market conditions and other factors. There is no guarantee as to the exact timing of any repurchases or the number of shares, if any, that FBL Financial Group will repurchase. The share repurchase program may be modified or terminated by FBL Financial Group at any time without prior notice.

New Class B Director Named. James Holte has been named to FBL Financial Group’s Board of Directors as a Class B Director, effective March 3, 2016. Holte is President of the Wisconsin Farm Bureau Federation. Holte was elected to the Wisconsin Farm Bureau Federation Board of Directors in 1995 and has served as president of the Wisconsin Farm Bureau Federation since 2013.

Certain statements in this release concerning FBL Financial Group's prospects for the future are forward-looking statements intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act. These statements generally can be identified by their context, including terms such as “believes,” “anticipates,” “expects,” or similar words. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statement. These risks and uncertainties are detailed in FBL Financial Group's reports filed with the Securities and Exchange Commission and include, but are not limited to, difficult conditions in financial markets and the economy, lack of liquidity and access to capital, investment valuations, interest rate changes, changes in laws and regulations, competitive factors, relationships with Farm Bureau organizations, differences between actual claims experience and underwriting assumptions, the ability to attract and retain sales agents, adverse results from litigation and a decrease in ratings. These forward-looking statements are based on assumptions which FBL Financial Group believes to be reasonable; however, no assurance can be given that the assumptions will prove to be correct. We undertake no obligation to update any forward-looking statements.

FBL Financial Group is a holding company whose purpose is to protect livelihoods and futures. Its primary operating subsidiary, Farm Bureau Life Insurance Company, underwrites and markets a broad range of life insurance and annuities to individuals and businesses, which are distributed by multiline exclusive Farm Bureau agents. In addition, FBL Financial Group manages all aspects of two Farm Bureau affiliated property-casualty insurance companies for a management fee. FBL Financial Group, headquartered in West Des Moines, Iowa, is traded on the New York Stock Exchange under the symbol FFG. For more information, please visit www.fblfinancial.com.

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