To My Fellow Shareholders,
I am pleased to report to you that 2010 was a great year for FBL Financial Group. In fact, it was a record year for earnings. We achieved excellent financial results for 2010, with record net income of $3.92 per share and operating income of $3.42 per share. Book value per share increased 30% to $36.95 and assets grew 8% to $15.3 billion. Our results were rewarded with a 55% gain in our stock price to close at $28.67. These financial results build shareholder value, and by serving our many customers and constituents, we are fulfilling our purpose.

Protection Through Strength
In 2010, FBL Financial Group defined its purpose: to protect livelihoods and futures. To protect, we must be in a position of strength, and our top priority during the past two years has been conserving and building capital strength. While we further strengthened our balance sheet in 2010, we also directed our energies toward growing the business.

Our Farm Bureau Life subsidiary set several records for sales growth in 2010. Farm Bureau Life has consistently increased sales, growing even during the financial crisis. In 2010, Farm Bureau Life developed new products, streamlined its operations and reduced expenses. FBL's other insurance subsidiary, EquiTrust Life, is in the second phase of a successful reinvention process. During 2010 EquiTrust diversified its product portfolio with the introduction of two life insurance products and further refined its distribution, allowing for deeper engagement with distribution partners and customers.

While the A.M. Best financial strength rating of Farm Bureau Life was upgraded to A- (Excellent) in October, in our opinion the capital position, discipline and strategic focus of both Farm Bureau Life and EquiTrust Life warrant "A" level ratings. It is our objective to have this more fully recognized over time.

Security Through Simplicity
We have worked to be visionary, innovative and value-driven in the past year. We recognize that the foundation of our company is our relationships with agents and clients. Our efforts center on knowing our customers, and working to make their lives simpler and more secure.

Going forward, Farm Bureau Life will build upon its rural market leadership through superior market knowledge, product design and customer service. We will also strengthen and strategically grow our exclusive agent distribution force to build deep customer relationships. EquiTrust will selectively extend its suite of life insurance products, delivering growth within its capital and return standards, by leveraging its agility and connections with a national marketplace.

Growth Through Strategy
I'm very excited about the future of FBL Financial Group, and proud of our past performance. We've come a long way and celebrate 2010 as a very successful year. Our record results are a partial realization of the growth and the financial potential we have as a company. We are moving forward in an orderly fashion with clarity and urgency.


Sincerely,


James E. Hohmann 
Chief Executive Officer