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FBL Financial Group Reports Second Quarter 2012 Results

FBL Financial Group, Inc. (NYSE: FFG):

Financial Highlights(Dollars in thousands, except per share data)
    Three months ended June 30,
2012     2011
Net income attributable to FBL $ 20,291     $ 36,239
Net income from continuing operations 20,277 24,224
Operating income 19,917 23,406
Earnings per common share (assuming dilution):
Net income 0.73 1.16
Net income from continuing operations 0.73 0.78
Operating income       0.72       0.75

FBL Financial Group, Inc. (NYSE: FFG) today reported net income attributable to FBL for the second quarter of 2012 of $20.3 million, or $0.73 per diluted common share compared to $36.2 million, or $1.16 per diluted common share, for the second quarter of 2011. Net income from continuing operations for the second quarter of 2012 was $20.3 million, or $0.73 per diluted common share compared to $24.2 million, or $0.78 per diluted common share, for the second quarter of 2011.

Operating Income (1) . Operating income totaled $19.9 million, or $0.72 per common share, for the second quarter of 2012, compared to $23.4 million, or $0.75 per common share, for the second quarter of 2011. Second quarter 2011 operating income included the one-time benefit of $0.15 per share from refinements to actuarial estimates. Operating income differs from the GAAP measure, net income attributable to FBL Financial Group, in that it excludes the impact of realized gains and losses on investments, the change in net unrealized gains and losses on derivatives, the net impact of discontinued operations and the loss on debt redemption. For further information on this non-GAAP financial measure, please refer to Note (1) and the reconciliation provided within this release.

"I am pleased to report a solid quarter with net income of $0.73 per share and operating income of $0.72 per share. We've been addressing the challenges of the low interest rate environment from several aspects, including emphasizing life insurance sales while deliberately reducing annuity sales. Our exclusive Farm Bureau agency force is receptive to the changes this environment brings, as they have a wide portfolio of products with which to meet the needs of their customers. In addition, our balanced life and annuity product mix and in force business provides earnings stability in these challenging times," said James P. Brannen, Chief Executive Officer of FBL Financial Group, Inc. "The valuation of FBL Financial Group stock continues to be compelling, so we repurchased 0.9 million shares of FBL stock during the quarter, making additional progress in deploying excess capital. Year to date we have repurchased thirteen percent of total common shares outstanding as of the beginning of the year."

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