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FBL Financial Group, Inc. Announces Preliminary Results Of Modified Dutch Auction Tender Offer

FBL Financial Group, Inc. (NYSE: FFG) announced today the preliminary results of its modified “Dutch auction” tender offer, which expired on March 27, 2012.

Based on the preliminary count by Computershare Shareowner Services LLC, the depositary for the tender offer, 2,578,046 shares of FBL Financial Group’s Class A Common Stock (the “Shares”), including 245,906 Shares that were tendered through notice of guaranteed delivery, were properly tendered and not withdrawn at a price at or below $35.00. Based on these preliminary results, FBL expects to purchase 2,578,046 Shares, at a purchase price of $35.00 per Share for an expected total cost of $90,231,610, excluding fees and expenses relating to the tender offer. Payment for the Shares accepted for purchase, and return of all Shares tendered and not purchased, will occur promptly after the final number of Shares tendered is confirmed.

On February 26, 2012, FBL Financial Group entered into a Share repurchase agreement with Iowa Farm Bureau Federation (“IFBF”), pursuant to which FBL Financial Group agreed to purchase up to an aggregate of 1,000,000 Shares for a total purchase price of up to $35.0 million. Assuming the conditions to the private repurchase are satisfied, FBL Financial Group expects to purchase 644,511 Shares from IFBF, at a price of $35.00 per Share for an expected total cost of $22,557,885, excluding fees and expenses relating to the private repurchase. The private repurchase is expected to occur on April 11, 2012, the eleventh business day following the expiration date of the tender offer.

The aggregate purchase price for the Shares repurchased in the tender offer and those repurchased from IFBF is expected to total $112,789,495, and the aggregate number of Shares repurchased in the tender offer and those repurchased from IFBF is expected to total 3,222,557. FBL Financial Group will fund the purchase of the Shares in the tender offer and the private repurchase using cash on hand.

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