FBL Financial Group, Inc. (NYSE: FFG) announced today that its Board of Directors has approved share repurchase transactions totaling up to $175 million. The repurchases will be effected by a tender offer for up to $140 million of shares of its Class A Common Stock (the “Shares”) and a separate agreement to repurchase up to 1,000,000 Shares from Iowa Farm Bureau Federation, its majority shareholder, for the price at which Shares are purchased in the tender offer. These transactions are part of FBL Financial Group’s $200 million stock repurchase authorization announced on October 7, 2011. The tender offer is expected to commence the week of February 27, 2012. “Executing a repurchase via a tender offer is a very efficient way to utilize excess capital,” said James E. Hohmann, Chief Executive Officer of FBL Financial Group. “We believe this repurchase, combined with our increased focus on our attractive Farm Bureau niche, will create value for shareholders.” Under the tender offer, which is structured as a modified “Dutch action,” shareholders may tender all or a portion of their Shares at a price between $33.00 and $35.00 per Share, in increments of $0.25 per Share. When the tender offer expires, FBL Financial Group will select the lowest price within the range enabling it to purchase up to $140 million of Shares and all Shares purchased will be purchased at the same price. Participating shareholders will receive the purchase price in cash, without interest and subject to applicable withholding taxes. All Shares tendered at prices higher than the purchase price will be returned promptly to shareholders. However, FBL Financial Group reserves the right to purchase up to an additional 2% of the outstanding Shares without amending or extending the tender offer. In the event the tender offer is not fully subscribed, the aggregate number of Shares to be repurchased from Iowa Farm Bureau Federation will be proportionately reduced.