SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 13E-3

(Rule 13e-100)

TRANSACTION STATEMENT UNDER

SECTION 13(e) OF THE SECURITIES EXCHANGE ACT OF 1934 AND

RULE 13e-3 THEREUNDER

Rule 13e-3 Transaction Statement under Section 13(e)

of the Securities Exchange Act of 1934

FBL FINANCIAL GROUP, INC.

Name of Subject Company (Issuer)

FBL FINANCIAL GROUP, INC.

5400 MERGER SUB, INC.

FARM BUREAU PROPERTY & CASUALTY INSURANCE COMPANY

IOWA FARM BUREAU FEDERATION

FARM BUREAU MUTUAL HOLDING COMPANY

(Names of Filing Persons (other person(s)))

Class A Common Stock

(Title of Class of Securities)

30239F106

(CUSIP Number of Class of Securities)

(Name, address, and telephone numbers of person authorized to receive notices and communications on behalf of filing persons)

With copies to:

This statement is filed in connection with (check the appropriate box):

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: x

Check the following box if the filing is a final amendment reporting the results of the transaction:  ¨

Calculation of Filing Fee

NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THIS TRANSACTION, PASSED UPON THE MERITS OR FAIRNESS OF THIS TRANSACTION, OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS SCHEDULE 13E-3. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Introduction

This Rule 13E-3 Transaction Statement on Schedule 13E-3, together with the exhibits hereto (the “Schedule 13E-3” or the “Transaction Statement”), is being filed with the Securities and Exchange Commission (the “SEC”) pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), by: (i) FBL Financial Group, Inc. (the “Company”) (ii) 5400 Merger Sub, Inc., an Iowa corporation (“Merger Sub”), (iii) Farm Bureau Property & Casualty Insurance Company, an Iowa domiciled stock property and casualty insurance company (“Parent” and together with Merger Sub, the “Purchasers”), (iv) the Iowa Farm Bureau Federation, an Iowa non-profit corporation (“IFBF”) and (v) Farm Bureau Mutual Holding Company, an Iowa domiciled insurance holding company and the ultimate controlling person of Parent (“FBMHC” and, together with the Company, Purchasers and IFBF, the “Filing Persons”).

This Transaction Statement relates to the Agreement and Plan of Merger, dated as of January 11, 2021 (the “Merger Agreement”), by and among Parent, Merger Sub and the Company. Pursuant to the Merger Agreement, if the conditions to the closing of the transactions contemplated thereby are satisfied or waived, Merger Sub will be merged with and into the Company, the separate corporate existence of Merger Sub will cease and the Company will continue its corporate existence under Iowa law as the surviving corporation (the “Merger”). Upon completion of the Merger, each share of Class A common stock of the Company, without par value (the “Class A Common Shares”) and each share of Class B common stock of the Company, without par value (the “Class B Common Shares” and, together with the Class A Common Shares, the “Common Shares”) that is issued and outstanding immediately prior to effective time of the Merger (other than Common Shares that are (i) held by IFBF, Merger Sub or Parent, (ii) held by the Company in treasury or by any wholly-owned subsidiary of the Company or (iii) held by any of the Company’s common shareholders who have neither voted in favor of the merger nor consented thereto in writing and who have demanded properly in writing appraisal for such Common Shares in accordance with Sections 490.1301 through 490.1303 and Sections 490.1320 through 490.1326 of the Iowa Business Corporation Act and have not failed to perfect or have not effectively withdrawn or lost their rights to appraisal of such Common Shares, will be converted into the right to receive merger consideration of $56.00 per common share of the Company in cash, without interest and less any required withholding taxes.

In connection with the transactions contemplated by the Merger Agreement, and concurrently with the entry into the Merger Agreement by the parties thereto, Parent and IFBF (together, the “Rollover Shareholders”) have entered into a rollover agreement with Merger Sub (the “Rollover Agreement”), pursuant to which the Rollover Shareholders have each committed to contribute all of the Common Shares that they own to Merger Sub in exchange for shares of common stock of Merger Sub immediately prior to the closing of the Merger.

At the effective time of the Merger, each share of common stock of Merger Sub that is issued and outstanding immediately prior to the effective time of the Merger will be converted into and become one common share of the surviving corporation. Upon completion of the merger, the Class A Common Shares will no longer be publicly traded, and common shareholders of the Company will cease to have any ownership interest in the Company (other than the direct or indirect ownership of the Rollover Shareholders in the surviving corporation). Following the transactions contemplated by the Merger Agreement and the Rollover Agreement, Parent will own approximately 39.5% of the common shares of the surviving corporation, and IFBF will own approximately 60.5% of the common shares of the surviving corporation and 100% of the Series B preferred shares of the surviving corporation.

Based in part on the unanimous recommendation of a special committee of independent and disinterested directors established to evaluate and negotiate a potential transaction (as described more fully in the Proxy Statement (as defined below)), the board of directors of the Company has unanimously (i) determined that the Merger Agreement, the Merger and the other transactions contemplated thereby are fair to, advisable and in the best interests of, the Public Shareholders (as defined below), (ii) approved and adopted the Merger Agreement, the Merger and the other transactions contemplated thereby and (iii) declared the advisability and recommended that the Company’s common shareholders adopt the Merger Agreement.

The Merger remains subject to the satisfaction or waiver of the conditions to closing provided for in the Merger Agreement, including the non-waivable condition that the Merger Agreement and the transactions contemplated thereby receive the affirmative vote of (i) holders of at least a majority of all outstanding Class A Common Shares and Series B preferred shares of the Company, voting together as a single class, (ii) holders of at least a majority of all outstanding Class B Common Shares and (iii) at least a majority of all outstanding common shares held by all of the holders of outstanding common shares excluding IFBF and its affiliates, Parent and its affiliates, and the directors and officers of IFBF and Parent and their affiliates (such shareholders, the “Public Shareholders”).

Concurrently with the filing of this Transaction Statement, the Company is filing with the SEC a preliminary proxy statement (the “Proxy Statement”) under Regulation 14A of the Exchange Act, pursuant to which the Company’s board of directors is soliciting proxies from common shareholders of the Company in connection with the Merger. The Proxy Statement is attached hereto as Exhibit (a)(1). A copy of the Merger Agreement is attached to the Proxy Statement as Annex A-1 and is incorporated herein by reference.

Pursuant to General Instruction F to Schedule 13E-3, the information in the Proxy Statement, including all annexes thereto, is expressly incorporated by reference herein in its entirety, and responses to each item herein are qualified in their entirety by the information contained in the Proxy Statement. The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Proxy Statement of the information required to be included in response to the items of Schedule 13E-3. As of the date hereof, the Proxy Statement is in preliminary form and is subject to completion or amendment.

All information concerning the Company contained in, or incorporated by reference into, this Transaction Statement and the Proxy Statement was supplied by the Company, and none of the other Filing Persons take responsibility for the accuracy of such information. Similarly, all information concerning each other Filing Person contained in, or incorporated by reference into, this Transaction Statement and the Proxy Statement was supplied by such Filing Person. No Filing Person, including the Company, is responsible for the accuracy of any information supplied by any other Filing Person.

Item 1. Summary Term Sheet

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers about the Special Meeting and the Merger”

Item 2. Subject Company Information

(a) Name and Address. The Company’s name and the address and telephone number of its principal executive offices are as follows:

FBL Financial Group, Inc.

5400 University Avenue

West Des Moines, Iowa 50266

(515) 225-5400

(b) Securities. This Transaction Statement relates to the Class A Common Shares. 24,385,109 Class A Common Shares were issued and outstanding as of January 11, 2021. In addition, 11,413 Class B Common Shares were issued and outstanding as of January 11, 2021. Such Class B Common Shares are immediately convertible share-for-share into Class A Common Shares at the election of the holder. As of the date of this Transaction Statement, 9,425,790 Class A Common Shares were held by Public Shareholders, and restricted stock units had been granted with respect to an additional 167,630 Class A Common Shares. As of the date of this Transaction Statement, 1,404 Class B Common Shares were held by Public Shareholders.

(c) Trading Market and Price. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Important Information Regarding FBL Financial Group, Inc.—Market Price of the Company’s Common Shares”

(d) Dividends. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Important Information Regarding FBL Financial Group, Inc.—Dividends”

“The Merger Agreement—Conduct of Business Pending the Merger”

(e) Prior Public Offerings. None.

(f) Prior Stock Purchases. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Important Information Regarding FBL Financial Group, Inc.—Transactions in Common Shares”

Item 3. Identity and Background of the Filing Persons

(a)–(c) Name and Address; Business and Background of Entities; Business and Background of Natural Persons. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Important Information Regarding FBL Financial Group, Inc.”

“Important Information Regarding FBMHC, Parent, Merger Sub and IFBF”

“The Parties to the Merger”

Item 4. Terms of the Transaction

(a) (1) Tender Offers. Not applicable.

(a) (2) Mergers or Similar Transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers about the Special Meeting and the Merger”

“The Merger Agreement—Structure of the Merger; Articles of Incorporation and Bylaws of the Surviving Corporation”

“The Merger Agreement—When the Merger Becomes Effective”

“The Merger Agreement—Effect of the Merger on the Common Shares of the Company and Merger Sub”

“The Merger Agreement—Treatment of Company Equity Awards”

“The Merger Agreement—Payment for the Common Shares in the Merger”

“The Merger Agreement—Adjustments to the Merger Consideration”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Special Factors—Purposes and Reasons of the Purchaser Filing Persons for the Merger”

“The Special Meeting—Required Vote”

“The Merger Agreement—Conditions to the Merger”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Interests of Certain of the Company’s Directors and Executive Officers in the Merger”

“Special Factors—Anticipated Accounting Treatment of the Merger”

“Special Factors—Material U.S. Federal Income Tax Consequences of the Merger”

(c) Different Terms. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Interests of Certain of the Company’s Directors and Executive Officers in the Merger”

“The Merger Agreement—Effect of the Merger on the Common Shares of the Company and Merger Sub”

(d) Appraisal Rights. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers about the Special Meeting and the Merger”

“Special Factors—Dissenters’ Rights of Appraisal”

“Dissenters’ Rights to Appraisal”

Annex B: Subchapter XIII of the Iowa Business Corporation Act

(e) Provisions for Unaffiliated Security Holders. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Provisions for Public Shareholders”

(f) Eligibility for Listing or Trading. Not applicable.

Item 5. Past Contacts, Transactions, Negotiations and Agreements

(a) (1)–(2) Transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Background of the Merger”

“Special Factors—Interests of Certain of the Company’s Directors and Executive Officers in the Merger”

“Rollover Agreement”

“Important Information Regarding FBL Financial Group, Inc.—Transactions in Common Stock”

(b)–(c) Significant Corporate Events; Negotiations or Contacts. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Questions and Answers About the Special Meeting and the Merger”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Special Factors—Purposes and Reasons of the Purchaser Filing Persons for the Merger”

“Special Factors—Position of the Purchaser Filing Persons as to Fairness of the Merger”

“Special Factors—Interests of Certain of the Company’s Directors and Executive Officers in the Merger”

“Special Factors—Rollover Agreement”

“The Merger Agreement”

“Rollover Agreement”

Annex A-1: Merger Agreement

Annex A-2: Rollover Agreement

(e) Agreements Involving the Subject Company’s Securities. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting and the Merger”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Interests of Certain of the Company’s Directors and Executive Officers in the Merger”

“Special Factors—Rollover Agreement”

“Special Factors—No Solicitation; No Adverse Company Recommendation”

“Special Factors—Termination”

“Special Factors—Termination Fee and Parent Expenses”

“The Special Meeting—Required Vote”

“The Merger Agreement”

“Rollover Agreement”

Annex A-1: Merger Agreement

Annex A-2: Rollover Agreement

Item 6. Purposes of the Transaction and Plans or Proposals.

(b) Use of Securities Acquired. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Certain Effects of the Merger”

“The Merger Agreement—Effect of the Merger on the Common Shares of the Company and Merger Sub”

“The Merger Agreement—Treatment of Company Equity Awards”

(c) (1)–(8) Plans. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers about the Special Meeting and the Merger”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Special Factors—Purposes and Reasons of the Purchaser Filing Persons for the Merger”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Interests of Certain of the Company’s Directors and Executive Officers in the Merger”

“Special Factors—Rollover Agreement”

“The Special Meeting—Required Vote”

“The Merger Agreement— Structure of the Merger; Articles of Incorporation and Bylaws of the Surviving Corporation”

“The Merger Agreement—Effect of the Merger on the Common Shares of the Company and Merger Sub”

“The Merger Agreement—Treatment of Company Equity Awards”

“Rollover Agreement”

“Important Information Regarding FBL Financial Group, Inc.—Dividends”

Annex A-1: Merger Agreement

Annex A-2: Rollover Agreement

Item 7. Purposes, Alternatives, Reasons and Effects

(a) Purposes. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Summary Term Sheet—Purposes and Reasons of the Purchaser Filing Persons for the Merger”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Special Factors—Purposes and Reasons of the Filing Persons for the Merger”

(b) Alternatives. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Summary Term Sheet—Purposes and Reasons of the Purchaser Filing Persons for the Merger”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Special Factors—Purposes and Reasons of the Purchaser Filing Persons for the Merger”

(c) Reasons. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Summary Term Sheet—Purposes and Reasons of the Purchaser Filing Persons for the Merger”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Special Factors—Purposes and Reasons of the Purchaser Filing Persons for the Merger”

“Special Factors—Position of the Purchaser Filing Persons as to Fairness of the Merger”

(d) Effects. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Questions and Answers about the Special Meeting and the Merger”

“Summary Term Sheet”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Special Factors—Purposes and Reasons of the Purchaser Filing Persons for the Merger”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Interests of Certain of the Company’s Directors and Executive Officers in the Merger”

“Special Factors—Anticipated Accounting Treatment of the Merger”

“Special Factors—Material U.S. Federal Income Tax Consequences of the Merger”

“The Merger Agreement— Structure of the Merger; Articles of Incorporation and Bylaws of the Surviving Corporation”

“The Merger Agreement—Effect of the Merger on the Common Shares of the Company and Merger Sub”

“The Merger Agreement—Treatment of Company Equity Awards”

Item 8. Fairness of the Transaction

(a)–(b) Fairness; Factors Considered in Determining Fairness. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Summary Term Sheet—Opinion of Barclays”

“Summary Term Sheet—Purposes and Reasons of the Purchaser Filing Persons for the Merger”

“Summary Term Sheet—Interests of Certain of the Company’s Directors and Executive Officers in the Merger”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Special Factors—Opinion of Barclays”

“Special Factors—Purposes and Reasons of the Purchaser Filing Persons for the Merger”

“Special Factors—Position of the Purchaser Filing Persons as to Fairness of the Merger”

“Special Factors—Projected Financial Information”

“Special Factors—Interests of Certain of the Company’s Directors and Executive Officers in the Merger”

“Important Information Regarding FBL Financial Group, Inc.”

Annex C: Opinion of Barclays

(c) Approval of Security Holders. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—Record Date and Quorum”

“Summary Term Sheet—Required Shareholder Votes for the Merger”

“Summary Term Sheet—Conditions to the Merger”

“Questions and Answers about the Special Meeting and the Merger”

“The Special Meeting—Record Date and Quorum”

“The Special Meeting—Required Vote”

“The Merger Agreement—Conditions to the Merger”

(d) Unaffiliated Representative. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Summary Term Sheet—Opinion of Barclays”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Special Factors—Opinion of Barclays”

Annex C: Opinion of Barclays

(e) Approval of Directors. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Questions and Answers about the Special Meeting and the Merger”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

(f) Other Offers. Not applicable.

Item 9. Reports, Opinions, Appraisals and Negotiations

(a)–(c) Report, Opinion or Appraisal; Preparer and Summary of the Report, Opinion or Appraisal; Availability of Documents. The reports, opinions or appraisals referenced in this Item 9 will be made available for inspection and copying at the principal executive offices of the Company during its regular business hours by any interested equity security holder of the Company or representative who has been so designated in writing. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Summary Term Sheet—Opinion of Barclays”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Special Factors—Opinion of Barclays”

“Special Factors—Purposes and Reasons of the Purchaser Filing Persons for the Merger”

“Special Factors—Position of the Purchaser Filing Persons as to Fairness of the Merger”

“Where You Can Find Additional Information”

Annex C: Opinion of Barclays

Barclays’ Presentations to the Special Committee of the Board of Directors of the Company, presented between October 7, 2020 and January 10, 2021, are filed as Exhibits (c)(2)–(c)(8) and (c)(10) hereto and are incorporated herein by reference.

The Milliman Report is filed as Exhibit (c)(9) hereto and is incorporated herein by reference.

Goldman Sachs’ Presentations to the Board of Directors of Parent and its executive committee, presented between September 1, 2020 and December 9, 2020, are filed as Exhibits (c)(11)-(c)(13) hereto and are incorporated herein by reference.

Item 10. Source and Amounts of Funds or Other Consideration

(a)–(b) Source of Funds; Conditions. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Summary Term Sheet—Financing”

“Special Factors—Financing”

(c) Expenses. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—Termination Fee and Parent Expenses”

“Special Factors—Fees and Expenses”

“The Merger Agreement—Termination Fee and Parent Expenses”

(d) Borrowed Funds. Not applicable.

Item 11. Interest in Securities of the Subject Company

(a) Securities Ownership. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Important Information Regarding FBL Financial Group, Inc.—Security Ownership of Management and Certain Beneficial Owners”

(b) Securities Transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Rollover Agreement”

“Important Information Regarding FBL Financial Group, Inc.—Security Ownership of Management and Certain Beneficial Owners”

“Important Information Regarding FBL Financial Group, Inc.—Transactions in Common Shares”

Item 12. The Solicitation or Recommendation

(d) Intent to Tender or Vote in a Going-Private Transaction. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—Required Shareholder Votes for the Merger”

“Summary Term Sheet—Rollover Agreement”

“Questions and Answers about the Special Meeting and the Merger”

“Special Factors—Rollover Agreement”

“The Special Meeting—Required Vote”

“Rollover Agreement”

(e) Recommendation of Others. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Questions and Answers about the Special Meeting and the Merger”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee; Recommendation of the Board of Directors; Fairness of the Merger”

“Special Factors—Purposes and Reasons of the Purchaser Filing Persons for the Merger”

“Special Factors—Position of the Purchaser Filing Persons as to Fairness of the Merger”

Item 13. Financial Statements

(a) Financial Information. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Important Information Regarding FBL Financial Group, Inc. —Summary Historical Consolidated Financial Data”

“Important Information Regarding FBL Financial Group, Inc. —Book Value Per Share”

“Where You Can Find Additional Information”

The audited financial statements set forth in Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed on February 26, 2020, and the unaudited financial statements set forth in Item 1 of the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2020, filed on November 5, 2020.

(b) Pro Forma Information. Not applicable.

Item 14. Persons/Assets, Retained, Employed, Compensated or Used

(a)–(b) Solicitations or Recommendations; Employees and Corporate Assets. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—Opinion of Barclays”

“Summary Term Sheet—Financing”

“Questions and Answers about the Special Meeting and the Merger”

“Special Factors—Background of the Merger”

“Special Factors—Opinion of Barclays”

“Special Factors—Financing”

“Special Factors—Fees and Expenses”

“The Special Meeting—Solicitation of Proxies”

Item 15. Additional Information

(b) Golden Parachute Compensation. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—Interests of Certain of the Company’s Directors and Executive Officers in the Merger”

“Special Factors—Interests of Certain of the Company’s Directors and Executive Officers in the Merger”

(c) Other Material Information. The information set forth in the Proxy Statement, including all annexes thereto, is incorporated herein by reference.

Item 16. Exhibits

(a)(1) Proxy Statement of FBL Financial Group, Inc. (incorporated herein by reference to the Schedule 14A filed concurrently with the Securities and Exchange Commission on February 10, 2021 (the “Proxy Statement”).

(a)(2) Form of Proxy Card (incorporated herein by reference to the Proxy Statement).

(a)(3) Letter to the Company Shareholders (incorporated herein by reference to the Proxy Statement).

(a)(4) Notice of Special Meeting of Shareholders (incorporated herein by reference to the Proxy Statement).

(a)(5) Press Release of the Company, dated as of January 11, 2021 (incorporated herein by reference to Exhibit 99.1 to the Form 8-K filed by the Company on January 11, 2021).

(b) None.

(c)(1) Opinion of Barclays (incorporated herein by reference to Annex C of the Proxy Statement).

(c)(2) Barclays Presentation to the Special Committee of the Board of the Company, dated October 7, 2020.

(c)(3) Barclays Presentation to the Special Committee of the Board of Directors of the Company, dated October 12, 2020.

(c)(4) Barclays Presentation to the Special Committee of the Board of Directors of the Company, dated October 19, 2020.

(c)(5) Barclays Presentation to the Special Committee of the Board of Directors of the Company, dated November 15, 2020.

(c)(6) Barclays Presentation to the Special Committee of the Board of Directors of the Company, dated November 23, 2020.

(c)(7) Barclays Presentation to the Special Committee of the Board of Directors of the Company, dated November 28, 2020.

(c)(8) Barclays Presentation to the Special Committee of the Board of Directors of the Company, dated December 3, 2020.

(c)(9) Milliman Report.

(c)(10) Barclays Presentation to the Special Committee of the Board of Directors of the Company, dated January 10, 2021.

(c)(11) Goldman Sachs Presentation to the executive committee of the Board of Directors of Parent, dated September 1, 2020.

(c)(12) Goldman Sachs Presentation to the Board of Directors of Parent, dated September 3, 2020.

(c)(13) Goldman Sachs Presentation to the executive committee of the Board of Directors of Parent, dated November 20, 2020.

(c)(14) Goldman Sachs Presentation to the Board of Directors of Parent, dated November 25, 2020.

(c)(15) Goldman Sachs Presentation to the Board of Directors of Parent, dated December 9, 2020.

(d)(1) Agreement and Plan of Merger, dated January 11, 2021, by and among Parent, Merger Sub and the Company (incorporated herein by reference to Annex A-1 of the Proxy Statement).

(d)(2) Rollover Agreement, dated as of January 11, 2021, by and among Merger Sub, Parent and IFBF (incorporated herein by reference to Annex A-2 of the Proxy Statement).

(d)(3) Agreement, dated January 11, 2021, by and between IFBF and Parent (incorporated herein by reference to Exhibit 99.1 of the Schedule 13D filed by IFBF and Parent on January 14, 2021).

(f) Subchapter XIII of the Iowa Business Corporation Act (incorporated herein by reference to Annex B of the Proxy Statement).

(g) None.

SIGNATURES

After due inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated as of February 10, 2021

Exhibit (c)(2)

Discussion Materials FBL Financial Special Committee October 7, 2020

Table of Contents 1. Overview 2 2. Selected Insurance Credentials 4 3. Initial Observations on Valuation 6 4. Special Committee Process 14 5. Timeline and Next Steps 15 6. Conclusion 17 ________________________________________________________________________________________ Appendix A. Team Bios 18 B. FBL Financial Trading Comps 20

The Barclays Team Broad platform allows core team to draw from depth of experience across advisory and capital markets capabilitie s Core FBL Advisory Team Tom Vandever Managing Director Head of FIG Americas M&A Maria DeMuro Director FIG M&A Conor Eckert Analyst FIG Greg Hunt Vice President FIG M&A M&A Leadership Capital Markets Team Senior Insurance Team Gary Antenberg Managing Director Co - Head of FIG Americas Larry Hamdan Managing Director Head of Americas M&A Gautam Chawla Managing Director Vice Chairman, FIG Amrit David Managing Director Taylor Wright Managing Director Co - Head of ECM Radhika Gupte Managing Director Co - Head of FIG DCM Jaime Cohen Managing Director FIG ECM Jeremy Hazan Managing Director Leveraged Finance 1

Overview

Our Understanding of the Situation On September 4, 2020 FBL Financial (the “Company”) received a non - binding proposal (the “Proposal”) to purchase the remaining public minority stake from Farm Bureau Property & Casualty Insurance Company The Proposal offered shareholders $47.00 for each Class A and B common share (which represents a ~26% premium to the Company’s closing stock price on September 3 rd – the day prior to the announcement) The Iowa Farm Bureau Federation owns ~60% and ~67% of the Company’s Class A and Class B common stock, respectively The Special Committee must assess whether accepting the Proposal is fair to and in the best interest of the Company’s shareholders The Company’s stock price, like other life and annuity peers, has been under significant pressure from a number of macro and com pany - specific drivers: Historically low interest rates have squeezed spread margins for interest - sensitive life and annuity products which make up a significant portion of the Company’s business Slowing sales given low crediting rates offered to clients, particularly in the annuity segment While the Company’ stock price has been under pressure over the past couple years, the business has a number of key strengths th at differentiate from its broader peers: Distribution platform and cross - sell capabilities with Farm Bureau P&C policies Brand affiliation with strong relationships to target markets Growing fee income stream from investment advisory services For comparison purposes we’ve used a comp set of other public life and annuity providers. The chart below summarizes the Comp any ’s unaffected valuation and valuation of the proposal: The Proposal represents a premium to the Company’s unaffected stock price and the associated valuation is in - line with the tradi ng value of other Protection peers Situation Overview ___________________________ Source: Factset , SNL Financial. Market data as of 10/6/2020. Financial data as of 10/6/2020. 1. Unaffected based on FBL’s share price at 9/3/2020. The proposal valued at $47.00 per share. 2. Annuity peers include AT H a nd AEL. Life peers include CNO, GL and PRI. We understand that FBL Financial Group (“FBL” or “FFG”) has formed a Special Committee to evaluate a potential “buy - in” transaction for the remaining public minority stake Valuation FBL Financial (1) Peer Set (2) Unaffected The Proposal Annuity Protection Price / Earnings 2020E 9.0x 11.3x 5.4x 11.7x 2021E 7.5x 9.4x 4.5x 10.8x Price / Book Value incl. AOCI 0.58x 0.73x 0.50x 1.10x ex. AOCI 0.84x 1.06x 0.76x 1.54x 2

Why Barclays? Barclays is a bulge bracket firm that brings the full set of investment banking capabilities to our clients Our business model is client - centric, rooted in our deep industry experience and strong advisory capabilities We have a long history in advising Special Committees “Hands - on” – our insurance group is known for its excellence in executing M&A transactions Team - oriented – we are able to bring the full resources of our insurance, M&A and capital markets expertise to bear No “bait - and - switch” – our roles are clearly defined and we will be involved day - to - day Track record of repeat business from our clients demonstrates our commitment and effectiveness We have extensive insurance expertise, and are viewed as a leader in Insurance Investment Banking We have six Managing Directors and Directors in our NY office covering both large and mid - cap U.S. insurance companies Led many complex insurance M&A transactions Barclays has advised on over 100 related party transactions with a total transaction value of more than $250 billion Recent Public Board / Special Committee Assignments Include: ▪ P&C special committee assignment (Ongoing) ▪ Sirius merger with Third Point Re (August 6, 2020) ▪ Apollo acquisition of 18% of Athene (October 28, 2019) The core team has significant experience working together and with your Legal Advisor, Sidley Our team leader, Tom Vandever, worked at Goldman Sachs from 1999 – 2014 and subsequently has had multiple assignments working across the table from GS If mandated, we will commit the full resources of our firm to this assignment Deep Knowledge of the Insurance Sector Special Committee Expertise Collaborative Approach Barclays Overview Barclays is excited to have the opportunity to meet with the Special Committee and would welcome the chance to work together with the full resources of our firm FBL Team 3

Selected Insurance Credentials

No. Bookrunner Amount ($bn) % Market Share 1 JPMorgan 1,162 9.8% 2 Citi 1,079 9.1% 3 BofA Securities 1,015 8.5% 4 767 6.4% 5 Goldman Sachs 756 6.3% Demonstrated Leadership in Across Financial Products M&A Advisory Equity Capital Markets Debt Capital Markets No. Bookrunner Amount ($mm) # of Deals 1 26,389 8 2 BofA Securities 17,847 10 3 Goldman Sachs 16,074 14 4 Morgan Stanley 12,747 8 5 Lazard 8,704 7 No. Bookrunner Amount ($mm) # of Deals 1 Goldman Sachs 5,781 17 2 Morgan Stanley 2,902 16 3 2,748 19 4 JPMorgan 2,008 27 5 Wells Fargo 1,022 8 $ 500,000,000 Follow - On Joint Active Bookrunner June 2020 $ 655,500,000 Initial Public Offering Joint Active Bookrunner May 2020 $ 458,850,000 Follow - On Joint Bookrunner May 2020 $ 126,500,010 Initial Public Offering Joint Active Bookrunner July 2019 $ 964mm Block $943mm Follow - On $1.2bn Follow - On $3.2bn IPO Joint Active / Joint Bookrunner Jun. ’19 / Mar. ’19 Nov. ’18 / May. ‘ 18 $94mm Follow - On $282mm Follow - On $209mm Follow - On $ 97mm IPO Joint Active Bookrunner Jun. ’20 / Jan. ’20 Sept. ’19 / Apr. ‘19 $ 366,850,000 IPO Joint Bookrunner July 2020 Has agreed to acquire for $400mm Exclusive Financial Advisor to State Farm Pending Has agreed to be acquired by for $1.675bn Financial Advisor to Versant Pending Has agreed to merge with Sirius Common Shareholders to Receive an Aggregate Value of ~$788mm Sole Financial Advisor to Sirius Pending ___________________________ Source: Bloomberg and Dealogic . 1. A s of October 6, 2020. Includes SEC registered Insurance equity issuance since January 1, 2016. 2. Includes US Insurance M&A transactions since January 1, 2016. Pro forma to reflect the sale of State Farm’s bank business to US Bank ( ann ounced March 2020). Has agreed to sell its U.S. Corporate Life and Pensions (Group Benefits) business to Financial Adviser to Zurich 2020 has agreed to sell and enter into a strategic alliance for its Credit Card and Deposits portfolio with and had signed a definitive agreement to sell its existing HSAs to Exclusive Financial Advisor 2020 Has agreed to acquire From For a consideration of $9.0bn Financial Adviser to Covea Withdrawn Has agreed to acquire for an undisclosed consideration Financial Adviser to Monument Re Pending $800,000,000 30NC10 FRR Jr. Sub. Notes Active Joint Bookrunner August 2020 $3,800,000,000 Inaugural 5 - year, 10 - year & 30 - year Senior Notes Joint Bookrunner April 2018 $1,000,000,000 Inaugural 10 - year Senior Notes Active Joint Bookrunner January 2018 $1,000,000,000 10 - year Senior Notes Active Joint Bookrunner March 2020 $615,000,000 10 - year Senior Notes Active Joint Bookrunner May 2020 $500,000,000 Inaugural 10 - year Senior Notes Active Joint Bookrunner September 2019 $500,000,000 10 - year Senior Notes Active Joint Bookrunner March 2020 $600,000,000 10 - year Senior Notes Active Joint Bookrunner and Billing & Delivery Agent June 2020 4

Barclays is a Leader in Complicated Insurance M&A The Barclays team has a long track record of advising clients and public company Board of Directors in complicated M&A situations Recent M&A Advisory Has agreed to merge with Sirius Common Shareholders to Receive an Aggregate Value of ~$ 788mm Sole Financial Advisor Pending Special Committee / Board Advisory Advisor to the Independent Committee of Public Insurance Company Board (Ongoing) A Consortium of Investors, led by has agreed to acquire the CBVA segment Financial Advisor to Investor Group June 2018 Has agreed to be acquired by For $531mm Exclusive Financial Advisor to the Special Committee of CastlePoint August 2008 Has agreed to sell Liberty Life Assurance Company to Will acquire Employee Benefits business and legal entity Will reinsure life and annuity business $3.3 billion Exclusive Financial Advisor January 2018 has agreed to reinsure $19 billion of Fixed and Fixed Indexed Annuities from Financial Advisor to Athene December 2017 has agreed to sell its U.S Corporate Life and Pensions (Group Benefits) Business to Exclusive Financial Advisor March 2020 Has agreed to acquire an incremental ~18% stake in For $1.55 billion Financial Advisor to the Conflicts Committee of Apollo’s Board October 2019 has agreed to reinsure $2.7bn of Legacy LTC Reserves f rom Financial Advisor March 2020 5

Initial Observations on Valuation

Valuation Considerations for FBL There are multiple considerations to be weighed in assessing the offer from FBPCIC Macro Environment – judgment as to whether now is the right time to sell Company Projections / Future Business Prospects Balance Sheet Strength Segment Analysis Shareholder Perspectives Additional Considerations – synergies, tax implications, FBPCIC’s ability - to - pay and public market perceptions of negotiations (including potential M&A buyer interest) 1 5 2 3 4 6 6

Macro Environment Historically Low Interest Rates… …and Concerns About the Recession… …Have Driven Significant Downward Pressure on Life and Annuity Stock Prices 1 ___________________________ Source: Factset , Federal Reserve, Barclays Research, Bloomberg. Market data as of 10/6/20. 1. Life & Annuity Index calculated using a market weighting methodology (average of the comp set’s market caps). Index includes: ME T, AFL, PRU, AIG, AMP, PFG, GL, EQH, ATH, RGA, LNC, VOYA, PRI, UNM, AEL, BHF and CNO. (1) 0.25% 0.67% 1.41% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 5Y UST Yield 10Y UST Yield 30Y UST Yield %q/q SAAR Mean Unemployment Rate Mean Q1 Actual (5.0) Q1 Actual 3.8% Q2 Actual (32.9) Q2 Actual 13.0% Q3 Est. 22.9 Q3 Actual 8.8% Q4 Est. 5.1 Q4 Est. 7.5% 2020 (%y/y) (4.5) Bulge Bracket 2020 Real GDP Growth Est. Bloomberg Composite Est. (60%) (45%) (30%) (15%) - 15% Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 (YTD Indexed Performance) Life & Annuity Index S&P 500 4.0% ( 28 .8%) 7

$5.89 $5.94 $7.21 $6.31 $7.81 $7.47 $3.75 $5.09 $4.16 $4.99 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 2017A 2018A 2019A 2020E 2021E Life & Annuity Index FBL Financial Like Many of Its Peers, FBL Faces Headwinds Commentary from Q1 / Q2 Analyst Views of Earnings (1) FBL Financial Stock Price Performance Since 2018 $0 $30 $60 $90 0 250 500 750 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 $50.53 FBL Financial Stock Performance 2-Year 1-Year YTD COVID Low Stock Price $74.92 $57.39 $58.93 $30.51 Current Return (33%) (12%) (14%) 66% Unaffected Return (3) (50%) (35%) (37%) 22% Beta vs. S&P 500 1.29 1.43 1.43 1.42 ___________________________ Source: FactSet . Market data as of 10/6/2020. 1. Callout box highlights the change in analyst estimates from 3/1/2020 to current. 2. Life & Annuity Index calculated using a simple average of all peers EPS estimates. Index includes: MET, AFL, PRU, AIG, AMP, PFG, GL, EQH, ATH, RGA, LNC, VOYA, PRI, UNM, AEL, BHF and CNO . 3. Measured as of 9/3/2020. (Shares traded in ‘000s) (Stock Price) (Adjusted Earnings per Share) 2 (2) “Results for our annuity business continue to be pressured by low market interest rates. Due to this pressure, we took several crediting rate actions in the first quarter… Spreads for our UL business continued to trend down due to the impact of low market interest rates ” - Q1 2020 Earnings Call “From a sales perspective, total life insurance premiums collected decreased 1%, while annuity premiums collected decreased 40% compared to the same period last year. The decline in annuity premiums reflects the impact of lower market interest rates and our financial discipline in determining appropriate crediting rates.” - Q2 2020 Earnings Call Volume is ~2x average of the prior 18 months post - COVID and ~6x since the announcement of the FBPCIC offer Life & Annuity Index Current as of 3/1/20 Change 2020E EPS $6.31 $7.78 (19%) 2021E EPS 7.81 8.61 (9%) FBL Financial 2020E EPS $4.16 $4.75 (13%) Offer Price: $47.00 FBL receives the Proposal (September 4, 2020) 8

Balance Sheet / Segment Analysis FBL’s Business Mix is Balanced… …But the Company Has Significant Investment Leverage Both Life and Annuity Peers Have Lost Value In the Current Environment (2) ___________________________ Source: FactSet , Company Filings, SNL. Market data as of 10/ 6 /2020. Financial data as of 6/30/2020. Note: Life Peers include CNO, PRI and GL. Annuity Peers include ATH and AEL . 1. Based on unaffected price before the bid from Athene and Mass Mutual. 2. Based on the Athene and Mass Mutual bid of $36.00 per share. 4 3 Annuity 41% Life 50% Corporate & Other 9% Total LTM Pre - tax Operating Income: $112.1 million Price / NTM Earnings P/BV (ex. AOCI) 11.0x 9.3x 6.0x 5.5x 2.7x 2.5x AEL ATH FBL CNO GL PRI (Investments / Equity) 0.76x (1) 0.66x 1.14x 0.75x 1.54x 2.72x P/BV ex. AOCI 16.0x 13.3x 10.6x 16.1x 11.3x 11.1x 10.1x 6.4x 4.7x 14.2x 7.4x 8.3x 7.8x 12/31/2017 12/31/2018 10/6/2020 1.59x 1.49x 1.14x 2.16x 1.62x 1.54x 1.31x 0.96x 0.71x 1.34x 1.03x 0.76x 1.25x 12/31/2017 12/31/2018 10/6/2020 Protection Peers (Median) Annuity Peers (Median) (1) FBL Financial All Peers (Median) (1) AEL (Bid Price) (2) FFG 9

Shareholder Perspectives %TSO Owned Account AUM ($bn) Type FFG CNO PRI GL ATH AEL Avg. Dimensional Fund Advisors LP 383.9 Quant 8.2% 7.8% 1.9% 0.8% 1.9% 8.3% 4.1% The Vanguard Group, Inc. 3,582.7 Index 3.8% 10.3% 11.1% 10.6% 8.1% 11.2% 10.3% BlackRock Fund Advisors 2,253.2 Index 2.7% 10.8% 8.4% 4.7% 2.6% 13.3% 8.0% Victory Capital Management, Inc. (Investment Management) 85.8 Active 1.7% 0.2% 0.8% 0.2% 0.1% 0.9% 0.4% SSgA Funds Management, Inc. 1,536.8 Index 1.0% 4.0% 2.7% 4.6% 1.7% 3.7% 3.3% Columbia Management Investment Advisers LLC 234.9 Active 0.9% 0.7% 0.2% 0.1% * 1.2% 0.4% Northern Trust Investments, Inc.(Investment Management) 476.6 Index 0.8% 2.8% 0.9% 1.2% 0.4% 2.6% 1.6% Royce & Associates LP 11.4 Active 0.8% 0.3% - - - * 0.1% Dalton, Greiner, Hartman, Maher & Co. LLC 1.1 Active 0.8% - - * - - 0.0% Norges Bank Investment Management 800.6 Active 0.7% 1.9% 1.1% 1.1% 0.8% 1.5% 1.3% Geode Capital Management LLC 580.8 Index 0.6% 1.4% 1.7% 1.5% 0.7% 1.4% 1.4% Bridgeway Capital Management, Inc. 5.2 Active 0.5% - - - - - - Wells Capital Management, Inc. 96.0 Active 0.4% 2.3% * 0.1% * 0.3% 0.6% Mellon Investments Corp. 194.0 Index 0.4% 0.7% 0.6% 0.4% 0.1% 0.6% 0.5% PhiloSmith Capital Corp. 0.2 Active 0.4% - 0.3% - - 0.4% 0.3% Goldman Sachs Asset Management LP 164.8 Active 0.3% 0.6% 1.5% 0.3% 1.6% 1.2% 1.0% Renaissance Technologies LLC 123.3 Quant 0.3% - 0.1% 0.2% - - 0.1% Millennium Management LLC 49.2 Active 0.3% 0.1% 0.1% 0.2% 0.3% 0.1% 0.1% Charles Schwab Investment Management, Inc. 267.0 Broker/Dealer 0.3% 0.8% 0.8% 0.6% 0.3% 1.2% 0.7% QMA LLC 54.9 Quant 0.2% 0.3% * 0.1% 0.1% 0.8% 0.3% Citadel Advisors LLC 77.6 Active 0.2% 0.1% * 1.1% 1.0% - 0.6% Thrivent Investment Management, Inc. 37.7 Active 0.2% * 0.8% * - 0.1% 0.2% BlackRock Investment Management LLC 148.8 Active 0.2% 0.6% 0.3% 0.3% 0.1% 0.5% 0.4% Parametric Portfolio Associates LLC 143.8 Index 0.1% 1.1% 0.2% 0.4% 0.1% 1.1% 0.6% Keeley-Teton Advisors LLC 0.7 Active 0.1% - - - - - - Brandywine Global Investment Management LLC 10.3 Active 0.1% 0.2% 0.1% 0.2% * 0.3% 0.2% CornerCap Investment Counsel, Inc. 0.6 Active 0.1% * * - - - 0.0% LSV Asset Management 61.8 Quant 0.1% 3.9% - - * 0.9% 1.6% The Bank of New York Mellon Corp. (Investment Management) 153.1 Broker/Dealer 0.1% 0.5% 0.5% 0.4% 0.1% 0.3% 0.4% Thrivent Financial for Lutherans (Investment Portfolio) 9.6 Active 0.1% - 0.4% - - 0.1% 0.2% Top 30 Holders of FBL and Peers ___________________________ Note: Holdings data per 13 - F filings dated 6/30/20. Active managers in bold. An asterisk indicates less than 0.05% in holdings. Source: FactSet . FBL’s public shareholders include a number of prominent active investors, many of whom own stock in FBL’s peers 5 10

Additional Considerations 6 Affiliate Relationships Assess current related party relationships and impact of any go - forward changes Synergies Impact of savings from no longer having public company obligation Assess whether there are additional cost or revenue synergies Growth Profile Ability of FBL to organically originate new business across its existing life and annuity business, and its new wealth management offering Tax Implications Assess corporate and shareholder level tax impact FBPCIC Ability - to - Pay Assess FBPCIC’s sources of capital, impact to capital and ability - to - pay a higher price for the public stock Public Market Perspective Ability (or lack thereof) to solicit outside interest in the company As evidence of a strong negotiating posture, the Special Committee should seek a “bump” to the initial offer 11

Recent Affiliate Transactions (Insurance Only) ___________________________ Source: Dealogic data as of 10/6/2020. 1. The following Dealogic screens were used: includes deals that were (i) announced since January 1, 2006, (ii) have been comple ted or are pending, (iii) U.S. public company targets, (iv) deal sizes >$50mm, (v) cash consideration only, (vi) acquiror’s position in the target pre - announcement was >50% and was >90% post - close and (vii) the targe t is categorized as an insurance company. 2. The following Dealogic screens were used: includes deals that were (i) announced since January 1, 2006, (ii) have been comple ted or are pending, (iii) U.S. and Bermuda public company targets, (iv) deal sizes >$50mm, (v) acquiror’s position in the target pre - announcement was >5% and was >90% post - close, and (vi) the target is categoriz ed as an insurance company. 3. For pending deals, premium calculated using the most recent offer price per share. 4. Purchase of non - voting preferred stock. Precedent Insurance Minority Buy - Ins (1) Precedent Insurance Majority Buy - Ins (2) (4) ($ in millions) % Change from Announce Close % # of Price Initial Offer Price to Premium to Pre-Announce Price (3) Date Date Target Name Acquiror Name Deal Value Acquired Changes Final Offer Price 1 Day Prior 1 Month Prior 4/14/2015 3/18/2016 PartnerRe Ltd Exor SpA $6,410 91% 2 8.1% 17.9% 24.2% 2/18/2010 5/20/2010 Zenith National Insurance Corp Fairfax Financial Holdings Ltd 1,301 92% 0 0.0% 31.4% 26.2% 8/5/2008 2/5/2009 Castlepoint Holdings Ltd Tower Group Inc 531 89% 0 0.0% 42.7% 31.0% 11/1/2006 3/14/2007 Clark Inc AEGON NV 268 87% 1 4.0% 37.6% 57.9% Median $916 90.2% 0.5 2.0% 34.5% 28.6% Average 2,128 89.8% 0.8 3.0% 32.4% 34.8% ($ in millions) % Change from Announce Close % # of Price Initial Offer Price to Premium to Pre-Announce Price (3) Date Date Target Name Acquiror Name Deal Value Acquired Changes Final Offer Price 1 Day Prior 1 Month Prior 9/4/2020 Pending FBL Financial Farm Bureau P&C Insurance Co $455 40% NA NA 26.2% 32.4% 11/16/2018 9/19/2019 EMC Insurance Group Employers Mutual Casualty 356 46% 1 20.0% 50.1% 49.0% 1/9/2018 11/29/2018 Amtrust Financial Services Stone Point Capital 1,539 49% 2 20.4% 45.5% 46.3% 3/7/2016 11/10/2016 National Interstate Corp American Financial Group Inc 315 49% 2 6.7% 41.5% 37.4% 11/1/2010 6/9/2011 CNA Surety Corp CNA 475 39% 1 20.7% 37.9% 46.9% 9/8/2009 10/21/2009 Odyssey Re Holdings Corp Fairfax Financial Holdings Ltd 1,098 28% 1 8.3% 29.8% 39.7% 10/27/2008 11/7/2008 CNA Financial Corp Loews 1,250 NA NA NA NA NA 3/10/2008 1/2/2009 Nationwide Financial Services Inc Nationwide Mutual Insurance Co 2,440 34% 1 10.7% 37.8% 24.3% 7/17/2007 4/16/2008 Alfa Corp Alfa Mutual Insurance Co 811 45% 1 25.0% 44.7% 29.8% 2/23/2007 9/28/2007 Great American Financial Resources Inc American Financial Group Inc 223 19% 1 4.3% 13.0% 11.4% 1/24/2007 9/27/2007 21st Century Insurance Group American International Group Inc - AIG 758 39% 1 11.4% 34.6% 24.9% Median $758 39.5% 1.0 11.4% 37.8% 34.9% Average 884 38.8% 1.2 14.2% 36.1% 34.2% 12

Pre-Ann. Offer FBL Price Price Potential Upside Metric $37.25 $47.00 $50.00 $52.50 $55.00 $57.50 $60.00 Premium / (Discount) to: Current Trading Price (10/6/20 Close) $50.53 (26.3) % (7.0) (1.0) % 3.9 % 8.8 % 13.8 % 18.7 % Unaffected 37.25 0.0 26.2 34.2 40.9 47.7 54.4 61.1 Bid price 47.00 (20.7) 0.0 6.4 11.7 17.0 22.3 27.7 30-Day Average Share Price (1) 37.59 (0.9) 25.0 33.0 39.7 46.3 53.0 59.6 90-Day Average Share Price (1) 35.98 3.5 30.6 39.0 45.9 52.9 59.8 66.8 52 Week High 60.03 (37.9) (21.7) (16.7) (12.5) (8.4) (4.2) (0.0) 52 Week Low 30.51 22.1 54.0 63.9 72.1 80.3 88.5 96.7 Trading Comps Implied Price to 6/30/20 BVPS Multiples Annuity Protection All Comps Stated (incl. AOCI) (2) $64.30 0.58 x 0.73 x 0.78 x 0.82 x 0.86 x 0.89 x 0.93 x 0.50 x 1.10 x 0.55 x Ex. AOCI (2) 44.54 0.84 1.06 1.12 1.18 1.23 1.29 1.35 0.76 1.54 0.71 Implied Price / EPS Multiples 2020E EPS $4.16 9.0 x 11.3 x 12.0 x 12.6 x 13.2 x 13.8 x 14.4 x 5.6 x 11.7 x 8.3 x 2021E EPS 4.99 7.5 9.4 10.0 10.5 11.0 11.5 12.0 4.7 10.8 8.3 Analysis at Various Prices ___________________________ Note: Market Data as of 10/6/20. Source: FactSet, SNL, Wall Street Research. 1. Volume - weighted average unaffected price per FactSet . 2. Based on FBL’s most recent 10 - Q filing. Illustrative, for discussion purposes only; based on publicly available information. Median of precedents at 38% Median of precedents at 35% Median of precedents at 11% 13

Special Committee Process

Barclays’ Role We would envision a role for Barclays that would entail broad representation of the company as it considers alternatives or a more well - defined evaluation of a single proposal In either case, Barclays will support the Special Committee process in a number of ways Process Work hand - in - hand with the Special Committee and counsel to ensure a thorough, complete and transparent process and to arrive at the best recommendation for the minority shareholders Strategic Assessment Assess the company’s strategic, financial and market situation to assist in evaluation and proper response to the Proposal. Evaluate alternatives to the proposed transaction. Due Diligence / Documentation Conduct due diligence and document the process thoroughly to create a body of work to supporting decision - making and upon which the Special Committee can rely in fulfilling its duty of care. Valuation Analysis Assess prospects and valuation under several alternatives scenarios Negotiations Negotiate structure and terms of the proposed transaction with the counterparty Shareholder Communication Frame recommendations and help develop proper communication strategy Fairness Opinion If requested, deliver opinion supported by Barclays’ internal Valuation and Fairness Opinion Committee review process 14

Timeline and Next Steps

1 – 2 Months Initial engagement with financial advisor Evaluate FBL business plan and projections Consider engaging outside actuary to perform “intrinsic” analysis of in - force and new business Prepare initial financial analysis Up to 4 Weeks Engage in detailed transaction negotiation and finalize key terms, if appropriate Document transaction Fairness opinion is delivered by Barclays, if requested Q1 2021 (3 – 4 Months) Prepare proxy Shareholder meeting Seek regulatory approval (including Form A filing, as necessary) Draft Timeline Sign - to - Close (if Applicable) Engagement / Negotiation Evaluation The Special Committee and its advisors should balance the desire for an expedited response with the need to conduct a thorough evaluation 15

Next Steps Engage Barclays Kickoff meeting – level - set on background to the situation, timing expectations, cadence between Special Committee and Advisors Set up standing weekly meeting Initial due diligence with FBL m anagement Begin detailed modeling and valuation work 16

Conclusion

Conclusions The Barclays team will work hand - in - hand with the Special Committee and counsel to ensure a thorough, thoughtful and transparent approach and to arrive at the best recommendation for shareholders The senior members of the Barclays team will be involved day - to - day We believe Barclays is the right firm to advise the Special Committee We are prepared to begin our work immediately 17

Appendix

Team Bios

Tom Vandever is a Managing Director and the Head of Financial Institutions (“FIG”) Americas M&A at Barclays . He joined the firm in 2014 . In this role, he works in partnership with Barclays’ senior coverage bankers across all sectors of FIG, including Insurance, Banks / Specialty Finance, FinTech and Asset Management . In addition to his ongoing role in Barclay’s M&A business, he served as the Head of the Financial Institutions Group for the Americas from 2018 – 2020 . He is also a member of Barclays’ firm - wide Fairness Opinion Committee . Prior to joining Barclays, Mr . Vandever served for 15 years in the Financial Institutions Group at Goldman Sachs, where has was appointed Managing Director in 2006 . In his time at Goldman, he worked on over 100 completed transactions, spanning M&A, financing, risk and capital management with primary focus on the insurance industry . Mr . Vandever graduated from the University of Pennsylvania with a BA in History . He earned an MBA from Columbia Business School . He currently serves as an advisory board member for the Program for Financial Studies at Columbia . Highly Experienced Senior Team Selected Insurance Industry M&A / Advisory Transactions Lincoln National – $7.5bn merger with Jefferson - Pilot. MMC – $3.9bn sale of Putnam to Great - West. USI – $2.4bn sale to Onex. AssuredPartners – $1.8bn sale to Apax . Liberty Mutual – $1.5bn acquisition of GRE US P&C. Sirius - $1.0bn merger with Third Point Re Advised Apollo’s Conflicts Committee during Apollo’s acquisition of Athene shares CNO’s reinsurance of $2.7bn of LTC reserves to Wilton Re Acquisition by Apollo and Athene of Voya’s Closed Block Variable Annuity and Fixed Annuity businesses representing ~$60bn in total separate and general account assets. Advised a large - cap financial services company when it received a bear hug letter from a strategic acquiror backed by a PE firm. Advised a mid - cap life insurance company regarding an unsolicited proposal from a PE consortium. Zurich / Farmers – $814mm acquisition of Foremost. Western World – $690mm sale to Validus . Torus – $692mm sale to Enstar . CastlePoint Special Committee – $531mm sale to its affiliate, Tower Group. Phoenix – advised in defense of Oliver Press’ activist campaign and subsequently represented the company in evaluating strategic alternatives . Bios ___________________________ Note: Deals in bold indicate Special Committee / Board advisory assignments. Tom Vandever Managing Director, Head of FIG Americas M&A Larry Hamdan is Head of M&A – Americas within the Investment Bank at Barclays . Based in New York, he is also a member of the Americas Banking Operating Committee . Prior to joining Barclays in 2010 , he worked for 21 years at Credit Suisse where he was Vice Chairman of Global M&A . He also served as the Global Co - Head of the Industrial Group at Credit Suisse . Larry received an AB degree in Economics, magna cum laude, from Princeton University, a JD degree, magna cum laude, from Harvard Law School, and an MBA degree with high distinction from Harvard Business School where he was a Baker Scholar . Lawrence Hamdan Managing Director, Head of Americas M&A Selected M&A / Advisory Transactions Danaher on its $21 billion acquisition of GE’s BioPharma division US Airways on its $30 billion merger with American Airlines which created the world’s largest airline Delphi and KAR Auction on their spinoffs Parker - Hannifin on their acquisitions of Lord Corp. and Exotic Metals Tenneco on its acquisition of Federal - Mogul from Icahn Enterprises Danaher on the establishment of the Apex Tools joint venture with Cooper and Bain Capital on its subsequent purchase of Apex Tools TRW on its $12 billion hostile defense and sale to Northrop Grumman Sale of Kaydon to SKF Veyance to Continental and Buckeye/Technologies to Georgia - Pacific (Koch Industries ) Larry also has advised numerous clients facing demands from hedge fund activists 18

Greg Hunt is a Vice President in the Financial Institutions Group (“FIG”) at Barclays, where he started his career . In his role, Greg focuses primarily on M&A execution for insurance companies across the Life / Annuity and P&C sectors . More recently, Greg has been a core component of Barclays’ emerging InsureTech franchise, advising clients on a variety of capital raising and strategic alternatives . Greg received a B . S . degree in Finance and Accounting, summa cum laude, from Iowa State University where he was a Wallace E . Barron Scholar, the university’s highest individual honor . He was born and raised in Cedar Rapids, Iowa . Highly Experienced Senior Team Selected Transactions Sirius Global’s $1.0bn merger with Third Point Re Advised Apollo’s Conflicts Committee during Apollo’s acquisition of an incremental 18% of Athene shares for $1.6bn Acquisition by Apollo and Athene of Voya’s Closed Block Variable Annuity and Fixed Annuity businesses representing ~$60bn in total separate and general account assets. Liberty Mutual’s $3.3bn sale of its Group Benefits business to Lincoln Financial and reinsurance of its Individual Life and Annuity business to Protective Life $367mm Lemonade IPO Root IPO Bats Global Market’s $3.4bn sale to CBOE LSE’s $685mm acquisition of the Yield Book and Citi Fixed Income Indices $155mm sale of Earnest to Navient Bios Greg Hunt Vice President, FIG M&A Maria DeMuro is a Director in the Financial Institutions, M&A group at Barclays . In her role, Maria works with all subsectors of FIG to provide M&A execution expertise to the coverage teams . She began her banking career in 2012 after earning her MBA from the Darden School at the University of Virginia . She has extensive experience advising clients on public and private M&A as well debt and equity financing transactions . Prior to her banking career, Maria was a Manager at Alvarez & Marsal Business consulting . Maria received her B . S . in Economics from the Wharton School at the University of Pennsylvania . Maria DeMuro Director, FIG M&A Selected Transactions Buyside advisor to a large regional bank in their acquisition of a broker - dealer Sellside advisor to Sirius International Insurance for the sale of the business to Third Point Re Structuring and financial advisor to Global Atlantic in their $1bn capital raise for reinsurance sidecar vehicle Financial advisor to sovereign wealth fund looking to make a $500mm preferred equity investment in to a privately owned holding company which invests in a diversified set of businesses Bookrunner on SelectQuote's $350mm IPO Buyside advisor for PGGM in their acquisition of Puget Energy Buyside advisor for a pension fund looking to acquire the Aquarion Water Company Buyside advisor for Macquarie in their acquisition of Bayonne Energy Center Sellside advisor to a large utility looking to divest of a subsidiary Sellside advisor to InterGen for the sale of their Mexican business to Actis Sellside advisor to LS Power for sale of Calhoun to Harbert Sellside advisor to Dominion for 33% sale of solar portfolio to SUNE / TERP 19

FBL Financial Trading Comps

Trading Comps ___________________________ Source: FactSet . Market data as of 10/6/2020. Note: Life Peers include CNO, PRI and GL. Annuity Peers include ATH and AEL. 1. Means and medians exclude FBL. 2. Based on unaffected price before the bid from Athene and MassMutual. FBL Financial’s Public Trading Comparables (1) ($ in millions, except per share data) % of Price / Price 52 Week Market 2020E 2021E Book BV TBV Operating ROAE Annual Dividend 10/6/20 High Value EPS EPS Value (ex-AOCI) (ex-AOCI) 2020E 2021E Yield Payout Sort By Market Value FBL Financial Group Inc. $50.53 82.5 % $1,240 12.2 x 10.1 x 0.79x 1.14 x 1.16x 9.1 % 10.5 % 6.8 % 102.7 % Protection Peers Globe Life Inc. $81.06 72.7 % $8,859 11.7 x 11.0 x 1.10x 1.54 x 1.67x 12.2 % 12.1 % 0.9 % 10.8 % Primerica, Inc. 112.67 81.6 4,469 12.2 10.8 2.72 2.85 2.93 23.1 23.3 1.3 16.9 CNO Financial Group Inc. 17.06 81.5 2,418 8.3 8.3 0.51 0.75 0.75 6.2 5.8 2.6 17.8 Mean 78.6 % $5,249 10.8 x 10.0 x 1.44 x 1.71 x 1.78 x 13.8 % 13.7 % 1.6 % 15.2 % Median 81.5 % $4,469 11.7 x 10.8 x 1.10 x 1.54 x 1.67 x 12.2 % 12.1 % 1.3 % 16.9 % Annuity Peers Athene Holding Ltd. $36.29 72.0 % $7,051 6.7 x 4.5 x 0.55x 0.66 x 0.66x 9.9 % 13.5 % 0.0 % 0.0 % American Equity Investment 21.99 90.8 2,861 4.6 4.8 0.46 0.76 0.76 15.5 12.9 1.0 11.5 Mean 81.4 % $4,956 5.6 x 4.7 x 0.50 x 0.71 x 0.71 x 12.7 % 13.2 % 0.5 % 5.7 % Median 81.4 % $4,956 5.6 x 4.7 x 0.50 x 0.71 x 0.71 x 12.7 % 13.2 % 0.5 % 5.7 % (2) 20

Disclaimer The following pages contain material that was provided to the Board of Directors (the “Board”) of FBL Financial, Inc . (the “Company”) by Barclays Capital Inc . (“Barclays”) . The accompanying material was compiled or prepared on a confidential basis solely for consideration by the Board and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barclays . The information contained in this material was obtained from the Company and/or publicly available sources, and Barclays has relied upon such information without independent verification thereof . These materials are being provided in connection with an actual engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Barclays . Any estimates and projections contained herein have been prepared by management of the Company or were obtained from publicly available sources or are based upon such estimates and projections . With respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and judgment of the management of the Company . The projections contained herein may or may not be achieved and differences between projected results and those actually achieved may be material . No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future . The analysis contained herein is based on current market conditions which are subject to change and Barclays assumes no obligation to update or otherwise revise these materials . Because these materials were prepared for use in the context of a presentation to the Board, these materials are incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays . These materials were not prepared to comply with the disclosure standards under state and federal securities laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Board, none of the Company, Barclays, their respective affiliates or any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by persons other than the Board . These materials are not intended to provide the sole basis for evaluation of the proposed transaction and do not purport to contain all information that may be required and should not be considered a recommendation with respect to the proposed transaction . Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other financial and non - financial services . In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in the equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company for its own account and for the accounts of its customers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments . These materials do not constitute nor do they form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any transaction described herein . Barclays Capital Inc . is the United States investment bank of Barclays Bank PLC . Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No . 122702 ) . Registered in England . Registered No . 1026167 . Registered office : 1 Churchill Place, London E 14 5 HP . Copyright Barclays Bank PLC, 2016 (all rights reserved) . 21

Exhibit (c)(3)

Discussion Materials Special Committee Organization Materials October 12, 2020

Agenda / Topics for Discussion Process Update Update on discussions / actions taken since the Proposal was received Due Diligence Initial areas of focus: projections, initial discussions with the Federation / FBPCIC and advisors Barclays and Sidley to draft due diligence request list Actuarial Advisor Resume discussion on engaging actuarial advisor (outcome and timing) Discuss recommended advisors Timeline Discuss desired timeline / timing expectations of the Federation Any key dates Barclays should be aware of Cadence of touchpoints with the Committee (e.g., weekly, bi - weekly) Shareholder Inbounds / Views Review plan to handle shareholder inbounds / assess initial views 1

1 – 2 Months Initial engagement with financial advisor Evaluate FBL business plan and projections Consider engaging outside actuary to perform “intrinsic” analysis of in - force and new business Prepare initial financial analysis Up to 4 Weeks Engage in detailed transaction negotiation and finalize key terms, if appropriate Document transaction Fairness opinion is delivered by Barclays, if requested Q1 2021 (3 – 4 Months) Prepare proxy Shareholder meeting Seek regulatory approval (including Form A filing, as necessary) Draft Timeline Sign - to - Close (if Applicable) Engagement / Negotiation Evaluation The Special Committee and its advisors should balance the desire for an expedited response with the need to conduct a thorough evaluation 2

Working Group List

Working Group List 745 Seventh Avenue New York, NY 10019 Barclays Name / Title Business Contact Larry Hamdan Managing Director and Head of Americas M&A Office: Mobile: E - mail: (212) 526 - 7488 (917) 445 - 7914 larry.hamdan@barclays.com Tom Vandever Managing Director and Head of FIG Americas M&A Office: Mobile: E - mail: (212) 526 - 6221 (917) 903 - 4423 tom.vandever@barclays.com Maria DeMuro Director, FIG M&A Office: Mobile: E - mail: (212) 526 - 7831 (347) 947 - 0674 maria.demuro@barclays.com Greg Hunt Vice President, FIG Office: Mobile: E - mail: (212) 526 - 1957 (319) 270 - 1306 greg.hunt@barclays.com Conor Eckert Analyst, FIG Office: Mobile: E - mail: (212) 526 - 7726 (203) 664 - 2850 conor.eckert@barclays.com Ryan Savell Analyst, FIG Mobile: E - mail: (516) 729 - 8059 ryan.savell@barclays.com 3

Working Group List One South Dearborn Chicago, IL 60603 Sidley Austin Name / Title Business Contact Brian Fahrney Partner Office: Mobile: E - mail: (312) 853 - 2066 (847) 650 - 5665 bhfahrney@sidley.com Sean Carney Partner Office: E - mail: (312) 853 - 2175 scarney@sidley.com Jonathan Blackburn Partner Office: Mobile: E - mail: (312) 853 - 7168 (414) 839 - 7463 jblackburn@sidley.com 4

Disclaimer The following pages contain material that was provided to the Board of Directors (the “Board”) of FBL Financial, Inc . (the “Company”) by Barclays Capital Inc . (“Barclays”) . The accompanying material was compiled or prepared on a confidential basis solely for consideration by the Board and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barclays . The information contained in this material was obtained from the Company and/or publicly available sources, and Barclays has relied upon such information without independent verification thereof . These materials are being provided in connection with an actual engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Barclays . Any estimates and projections contained herein have been prepared by management of the Company or were obtained from publicly available sources or are based upon such estimates and projections . With respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and judgment of the management of the Company . The projections contained herein may or may not be achieved and differences between projected results and those actually achieved may be material . No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future . The analysis contained herein is based on current market conditions which are subject to change and Barclays assumes no obligation to update or otherwise revise these materials . Because these materials were prepared for use in the context of a presentation to the Board, these materials are incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays . These materials were not prepared to comply with the disclosure standards under state and federal securities laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Board, none of the Company, Barclays, their respective affiliates or any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by persons other than the Board . These materials are not intended to provide the sole basis for evaluation of the proposed transaction and do not purport to contain all information that may be required and should not be considered a recommendation with respect to the proposed transaction . Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other financial and non - financial services . In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in the equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company for its own account and for the accounts of its customers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments . These materials do not constitute nor do they form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any transaction described herein . Barclays Capital Inc . is the United States investment bank of Barclays Bank PLC . Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No . 122702 ) . Registered in England . Registered No . 1026167 . Registered office : 1 Churchill Place, London E 14 5 HP . Copyright Barclays Bank PLC, 2016 (all rights reserved) . 5

Exhibit (c)(4)

Project Kinnick Weekly Special Committee Update October 19, 2020

Agenda / Topics for Discussion Discussion with Goldman Sachs Due Diligence Update Milliman Engagement Shareholder Review Additional Other Business 1 2 3 4 5 1

(Week of) Oct. 19 Oct. 25 Nov. 2 Nov. 9 Nov. 16 December Due Diligence / Valuation Work Milliman Negotiation Milestones Valuation Milliman Engagement – Illustrative Timelines Milliman believes it can complete a fully independent appraisal in four weeks if provided with proper access and information • Milliman to produce full appraisal – results are fully independent • Anticipated cost of ~ $600,000 Engage Milliman – Full Appraisal Diligence Prepare Milliman Appraisal Send Response to 9/4 Letter Sign Definitive Agreement (Week of) Oct. 19 Oct. 25 Nov. 2 Nov. 9 Nov. 16 December Due Diligence / Valuation Work Milliman Negotiation Milestones Valuation • Milliman to produce results reliant on FBL’s internal projections • Anticipated cost of ~$400,000 Engage Milliman – Limited Scope Diligence Prepare Milliman Results Send Response to 9/4 Letter Sign Definitive Agreement 2

Selected Precedent Minority - Stake Buy - ins: Life Insurers Timelines of Precedent Transactions Offer Offer to Offer to Actuarial Date Target Name Acquiror Name Response (days) Agreement (days) Appraisal 3/5/2008 Nationwide Financial Services Nationwide Mutual Insurance Company 77 141 P 2/22/2007 Great American Financial Resoruces Inc American Financial Group Inc 57 84 O 3/21/2006 Erie Family Life Insurance Erie Indemnity 29 64 O 3/27/2000 Hartford Life Hartford Financial Services Group 52 52 O ___________________________ Source: Company filings. 3

Summary Investor Inbounds Summary of Investor Inquiries (Sorted by Frequency of Outreach) Discussion Topics Account Representative Type Outreach Frequency Bid Price Timline / Process Shareholder Rights / Litigation Alternative Proposal Schroders (UK) Lin Yang LO 3 P P - - Columbia Jermy Javidi LO 2 P - - P Fort Baker Capital John Frank Event-Driven 2 - P - - Point72 Samir Khare (1) HF 2 - P - - Carlson Capital Josh Wool (2) HF 1 - P P - Milton Partners David C. Pink Event-Driven 1 - - - - Sinclair Capital Araud Mishra Event-Driven 1 P - - - Capital Returns (3) Ron Bobman HF 1 - P P - Avatar Securities Rick Bandazian Prop-Trading 1 - - - - Inst. Total 14 3 5 2 1 - 12 Investors Individuals 16 5 4 4 1 ___________________________ Note: Excludes sell - side analyst feedback as well as reporter and Farm Bureau related inquiries. Frequency determined by number of outreaches (email or telephone) noted in the log. 1. Formerly of Capital Returns. 2. Documented M&A activist (Packaging Corp. of America bid for Boise ). 3. Documented M&A activist (Fed Nat, Watford Re). 4

Disclaimer The following pages contain material that was provided to the Board of Directors (the “Board”) of FBL Financial, Inc . (the “Company”) by Barclays Capital Inc . (“Barclays”) . The accompanying material was compiled or prepared on a confidential basis solely for consideration by the Board and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barclays . The information contained in this material was obtained from the Company and/or publicly available sources, and Barclays has relied upon such information without independent verification thereof . These materials are being provided in connection with an actual engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Barclays . Any estimates and projections contained herein have been prepared by management of the Company or were obtained from publicly available sources or are based upon such estimates and projections . With respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and judgment of the management of the Company . The projections contained herein may or may not be achieved and differences between projected results and those actually achieved may be material . No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future . The analysis contained herein is based on current market conditions which are subject to change and Barclays assumes no obligation to update or otherwise revise these materials . Because these materials were prepared for use in the context of a presentation to the Board, these materials are incomplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays . These materials were not prepared to comply with the disclosure standards under state and federal securities laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Board, none of the Company, Barclays, their respective affiliates or any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by persons other than the Board . These materials are not intended to provide the sole basis for evaluation of the proposed transaction and do not purport to contain all information that may be required and should not be considered a recommendation with respect to the proposed transaction . Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other financial and non - financial services . In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in the equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company for its own account and for the accounts of its customers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments . These materials do not constitute nor do they form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any transaction described herein . Barclays Capital Inc . is the United States investment bank of Barclays Bank PLC . Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No . 122702 ) . Registered in England . Registered No . 1026167 . Registered office : 1 Churchill Place, London E 14 5 HP . Copyright Barclays Bank PLC, 2020 (all rights reserved) . 5

Exhibit (c)(5)

CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 Project Kinnick Special Committee Valuation Materials November 15, 2020 Note that this is a working draft subject to further revision in its entirety from ongoing discussion / negotiation / refinement

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 Table of Contents 1. Overview 1 2. Plan / Street Expectations 8 3. Valuation Analysis 10 4. Next Steps 12 5. Valuation Reference Materials A. Selected Public Trading Comparables 13 B. Selected Precedent Transaction Comparables 15 C. Gordon Growth Model for Financial Institutions 16 ________________________________________________________________________________________ Appendices A. Supplemental Valuation Support 18 B. Historical Operating Results 20 C. Shareholder Analysis 21

Overview

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 Overview On September 4, 2020, the Board of Directors of FBL Financial Group (“FBL” or the “Company”) received a letter (the “Proposal”) from Farm Bureau Property & Casualty Insurance Company (“FBPCIC”) offering $47.00 per share in cash for all Class A common stock and Class B common stock not owned by FBPCIC or the Iowa Farm Bureau Federation (“IFBF”) Together FBPCIC and IFBF own ~60% of the outstanding shares of Class A common stock and ~67% of the outstanding shares of Class B common stock Since being engaged by the Special Committee, Barclays has been conducting due diligence on FBL and preparing a preliminary valuation analysis of the Company to facilitate a response by the Special Committee to the Proposal Milliman was formally engaged to perform an actuarial appraisal on November 2, 2020, and began work in mid - to - late October Barclays’ initial valuation work includes input from Milliman’s actuarial analysis and management’s updated business plan, which was provided by management on November 9, 2020 The objectives of today’s discussion are to: Present preliminary valuation methodologies and key takeaways Discuss potential responses to FBPCIC’s offer ___________________________ Source : Offer letter received by FBL Financial’s Board of Directors on September 4, 2020. 1

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 FBL Financial Group Corporate Structure Farm Bureau Mutual Holding Company Farm Bureau Multi - State Services, Inc. Farm Bureau Property and Casualty Insurance Company FBL Insurance Brokerage, LLC Western Agricultural Insurance Company Farm Bureau Life Insurance Company Greenfields Life Insurance Company FBL Assigned Benefit Company FBL Investment Management Services, Inc. FBL Leasing Services, Inc. FBL Financial Group Capital Trust FBL Marketing Services, LLC FBL Financial Services, Inc. FBL Wealth Management, LLC FBL FINANCIAL GROUP, INC. NYSE: FFG Ownership Management Agreement ___________________________ Source: Company Filings. Public Investors (~40% Class A Ownership) (~33% Class B Ownership) Iowa Farm Bureau Federation (~60% Clas s A Ownership) (~67% Class B Ownership ) 2

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 Annuity 39% Universal Life 6% Permanent Life 25% Term Life 18% Corporate and Other 12% Overview of FBL and FBPCIC FBL is a holding company for Farm Bureau Life Insurance Company (FBL), which underwrites and markets life and annuities products to individuals and small business FBL utilizes a core distribution force of exclusive Farm Bureau agents in 15 Midwestern and Western states, and targets customers that are members of the American Farm Bureau FBL launched FBL Wealth Management in Q1 2019. The division provides wealth management services and investment solutions across 14 Midwestern and Western States Founded: 1939 Headquarters: Des Moines, Iowa FBL Company Overview FBLIC Business Mix Total 2019 Operating Income: $117.5m ___________________________ Source: A.M. Best, Company Filings. Farm Bureau Property and Casualty (FBPCIC) is an indirect subsidiary of the Farm Bureau Mutual Holding Company FBPCIC engages in the sale of property - casualty insurance products to Farm Bureau members across 8 Western and Midwestern states FBPCIC utilizes a network of more than 11,000 exclusive multi - line agents and agency managers Key products include Personal Auto, Personal Property, Farm, Commercial, Crop and Commercial Ag insurance Founded: 1939 Headquarters: Des Moines, Iowa FBPCIC Company Overview Personal Property and Auto 35% Farmowners 21% Homeowners 21% Commercial 9% Crop 8% Commercial Ag 3% Other Personal 3% Total 2019 Direct Written Premiums: $1,551m FBPCIC Business Mix Note: Interest - sensitive reserves represent ~1/3 of total life reserves 3

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 8.4% 10.2% 13.9% 14.4% 18.0% 22.0% CNO FFG GL ATH AEL PRI 2.2x 2.6x 5.3x 5.9x 8.5x 9.3x PRI GL CNO FFG ATH AEL (0.7%) 0.9% 4.6% 11.2% 12.1% 17.9% CNO FFG GL AEL PRI ATH Historical Operating Benchmarking Asset Leverage (2 ) 5 - Year Revenue Growth (1) 3 - Year Avg. Operating ROE (3) _____________________________________________________________________ Source: SNL Financial, FactSet , Company Filings. Financial data as of year - end 2019. 1. Includes revenue from annuity related product charges. 2. Calculated as Total Investments / Total Equity as of 9/30/20. 3. 3 - Year Average Operating ROE based on reported adjusted operating ROE and book value ex. AOCI. Protection Peers FBL Financial Peer Median: 11.2% Annuity Peers Peer Median: 5.3x Peer Median: 14.4% FBL Financial’s operating performance faces headwinds from lower rates, spread pressure, and slowing organic top - line growth 4

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 219.7 218.8 205.9 155.8 158.3 158.0 158.2 117.0 1.94% 1.90% 1.75% 1.65% 1.38% 1.24% 1.04% 0.93% 0.0% 0.5% 1.0% 1.5% 2.0% $0 $100 $200 $300 $400 2017 2018 2019 2020 YTD (Spread) (Spread Income, $mm) Annuity Life Annuity Spread Life Spread Low Rate Environment Driving Spread Compression FBL has Experienced Spread Compression in Recent Years… (1) …Driven by the Drop in Interest Rates (2) 0.85% 0.93% 1.01% 1.10% 1.20% 1.29% 1.39% 1.47% 1.53% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Yield (%) Bloomberg Weighted Average 10-Yr Yield Projections Low Rates are Expected to Persist (3) 0.10% 0.09% 0.10% 0.12% 0.17% 0.23% 0.41% 0.65% 0.89% 1.43% 1.65% 1.56% 1.57% 1.59% 1.57% 1.63% 1.65% 1.69% 1.79% 1.88% 2.20% 2.36% 1.07% 1.24% 1.37% 1.55% 1.70% 1.82% 2.08% 2.27% 2.40% 2.67% 2.87% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 1 Mo 3 Mo 6 Mo 1 Yr 2 Yr 3 Yr 5 Yr 7 Yr 10 Yr 20 Yr 30 Yr Yield (%) Current 1-Yr Ago 3-Yrs Ago ___________________________ Source: Company Filings, US Department of Treasury, and Bloomberg. 1. Data per Financial S upplement and Company Internal Plan provided by FBL’s m anagement on 11/9/20. 2. Data per US Department Treasury as of 11/13/20. 3. Bloomberg Median Forecasts as of 11/13/20. 5

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x Nov-18 Apr-19 Sep-19 Jan-20 Jun-20 Nov-20 FFG Protection Index Annuity Index (80%) (60%) (40%) (20%) 0% 20% Nov-18 Apr-19 Sep-19 Jan-20 Jun-20 Nov-20 FFG Protection Index Annuity Index The life and annuity sector continues to face multiple headwinds which have been compounded by recessionary pressures from COVID - 19: ▪ Macroeconomic and geopolitical uncertainty, as well as associated impact on Fed policy ▪ Drop in interest rates, and market perception of “low - for - long” rate environment ▪ Credit concerns ▪ Equity market volatility, particularly for financial institutions Certain products and exposures have fallen out - of - favor among investors, creating downward pressure on life/annuity sector valuations Current Sector Valuation & Trading Dynamics Key Takeaways Indexed Stock Price Performance 2 - Year Performance Price / Book Value ex. AOCI (3) ___________________________________ Source: FactSet . Market data as of 11/13/20. 1. Offer date – September 4, 2020 . 2. Protection Index includes: CNO, GL, PRI. 3. Annuity Index includes: ATH, AEL. (2) (2) ( 3 ) 6.7% (17.1%) (27.9%) 1.88x 0.73x 1.16x Nov - 20 Nov - 20 Performance since Offer Date (1) Protection 11.8% Annuity 14.8% 6

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 ($ in millions) % Change from Announce Close % # of Price Initial Offer Price to Premium to Pre-Announce Price (3) Date Date Target Name Acquiror Name Deal Value Acquired Changes Final Offer Price 1 Day Prior 1 Month Prior 9/4/2020 Pending FBL Financial Farm Bureau P&C Insurance Co $455 40% NA NA 26.2% 32.4% 11/16/2018 9/19/2019 EMC Insurance Group Employers Mutual Casualty 356 46% 1 20.0% 50.1% 49.0% 1/9/2018 11/29/2018 Amtrust Financial Services Stone Point Capital 1,539 49% 2 20.4% 45.5% 46.3% 3/7/2016 11/10/2016 National Interstate Corp American Financial Group Inc 315 49% 2 6.7% 41.5% 37.4% 11/1/2010 6/9/2011 CNA Surety Corp CNA 475 39% 1 20.7% 37.9% 46.9% 9/8/2009 10/21/2009 Odyssey Re Holdings Corp Fairfax Financial Holdings Ltd 1,098 28% 1 8.3% 29.8% 39.7% 10/27/2008 11/7/2008 CNA Financial Corp Loews 1,250 NA NA NA NA NA 3/10/2008 1/2/2009 Nationwide Financial Services Inc Nationwide Mutual Insurance Co 2,440 34% 1 10.7% 37.8% 24.3% 7/17/2007 4/16/2008 Alfa Corp Alfa Mutual Insurance Co 811 45% 1 25.0% 44.7% 29.8% 2/23/2007 9/28/2007 Great American Financial Resources Inc American Financial Group Inc 223 19% 1 4.3% 13.0% 11.4% 1/24/2007 9/27/2007 21st Century Insurance Group American International Group Inc - AIG 758 39% 1 11.4% 34.6% 24.9% Median $758 39.5% 1.0 11.4% 37.8% 34.9% Average 884 38.8% 1.2 14.2% 36.1% 34.2% Affiliate Transactions in Insurance _______________________________ Source: Dealogic data as of 11/13/2020. 1. The following Dealogic screens were used: includes deals that were (i) announced since January 1, 2006, (ii) have been comple ted or are pending, (iii) U.S. public company targets, (iv) deal sizes >$50mm, (v) cash consideration only, (vi) acquiror’s position in the target pre - announcement was >50% and was >90% post - close and (vii) the targe t is categorized as an insurance company. 2. For pending deals, premium calculated using the most recent offer price per share. 3. Purchase of non - voting preferred stock. Precedent Insurance Minority Buy - Ins (1) (3) U.S. insurance industry transactions Exclusively minority buy - ins, defined as a controlling parent acquiring the remaining shares outstanding in the public entity Deals announced since January 1, 2006 All transactions, except for CNA / Loews, included at least one price increase from the original offer The median increase across the transactions was 11.4% In all cases but one, all final offers represented at least a 20% premium to the pre - announcement share price: 1 - Day: 37.8% (median) 30 - Day: 34.9% (median) Scope of Transactions Chosen Key Takeaways 7

Plan / Street Expectations

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 Summary of FBL’s Revised GAAP Plan The figures below were provided by FBL Financial’s management on November 9, 2020 FBL is currently completing their annual budgeting and internal review process; we expect there to be changes to the projecte d financials for 2020 to 2023 as the company completes this process The projections do not include any impact from the contemplated transaction, including any anticipated expense synergies that wo uld be realized in connection therewith Overview Operating Earnings Earnings per Share Book Value per Share Return on Equity 60.3 53.5 54.9 38.6 35.2 32.8 47.3 67.9 37.6 49.4 53.0 56.4 2018A 2019A 2020E 2021E 2022E 2023E ($ in millions) Annuity Life Corporate and Other $4.36 $4.75 $3.65 $3.84 $3.96 $4.19 2018A 2019A 2020E 2021E 2022E 2023E 108.9 121.4 92.5 94.2 97.2 102.9 $43.69 $45.54 $44.56 $44.96 $46.39 $47.94 2018A 2019A 2020E 2021E 2022E 2023E 10.0% 10.4% 8.2% 8.5% 8.5% 8.7% 2018A 2019A 2020E 2021E 2022E 2023E ___________________________ Source: GAAP financial plan provided by FBL Financial’s management on 11/9/20. 1. Excluded in 2019 and 2020 due to negative operating earnings. (1) 8

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 Research Analyst Perspectives of FBL ___________________________ Source: Broker research provided by FBL Finanical’s management. Broker 1 Broker 2 Date of Last Report 11/10/20 11/6/20 Current Price Target $65.00 $58.00 Current Recommendation Overweight Hold Price Target Evolution 2021 EPS Evolution Selected Commentary “ While we favor cash deals, we firmly believe FFG at a minimum is worth the last reported book value of $63.76… we view FFG as a best - in - class asset in the life insurance industry reflecting the company’s conservative asset leverage and investment portfolio, superb dividend record, competitive advantages in an attractive niche market, and high - quality management team” – Sept. 2020 “While our outlook for continued spread compression and an increasingly competitive annuity sales environment hasn’t changed, we believe FFG represents a more compelling risk/reward opportunity relative to other spread - based businesses in our coverage universe over the next several quarters. Over the past five years, FFG has paid $7.50 per share in special dividends including $1.50 paid on 3/31/20. The company’s current dividend yield is 5.4% (above the peer average of 3.9%), which we believe FFG should be able to sustain…” – Aug. 2020 “Despite the low interest rate environment, FFG reported 3Q:20 revenue of $197.8mm compared to $184.7mm reported in 3Q:19. (We modeled $191.5mm). FFG achieved this growth even though annuity premiums collected fell 19% year - over - year, primarily reflecting lower indexed annuity sales…FFG implemented cost containment efforts to improve operating performance and also tightened requirements for agents on productivity and profitability” – Nov. 2020 “FFG’s wealth management initiative is advancing, which we think could be a catalyst for the stock. Wealth Management adds a new fee - based revenue stream and diversifies revenue away from interest sensitive annuities and other interest sensitive products.” – Aug. 2020 NM NM $60.00 $65.00 $65.00 2/10/2020 5/11/2020 8/19/2020 09/08/20 11/10/20 $47.00 $47.00 $47.00 $47.00 $58.00 03/16/20 05/08/20 06/18/20 08/11/20 11/06/20 $4.75 $4.45 $4.60 $4.60 $4.60 2/10/2020 5/11/2020 8/19/2020 09/08/20 11/10/20 $4.87 $5.37 $5.37 $5.37 $5.37 03/16/20 05/08/20 06/18/20 08/11/20 11/06/20 9

Valuation Analysis

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 $30.72 $36.77 $42.09 $44.52 $39.59 $39.58 $50.29 $46.86 $51.70 $30.51 $36.48 $42.68 $61.91 $55.65 $48.89 $45.60 $52.15 $48.64 $54.05 $60.03 $25.00 $35.00 $45.00 $55.00 $65.00 Preliminary Analysis of Shareholder Consideration ________________________________________ Source: Factset , SNL. Market Data as of 11/13/20. 1. 24.383 million Class A and 0.011 million Class B Common as of 11/2/20. 2. Company Internal Plan provided by FBL’s management on 11/9/20 . 3. Low end based on unaffected price multiplied by average peer appreciation since 9/3/20 divided by BV ex. AOCI as of 9/30/20. High end based on regression including all peers. FFG inputs based on calculated cost of equity using current capital structure and 2021 ROE from the Company Internal Plan. 4. Range established based upon t wo precedent deals: KKR / Global Atlantic as well as Athene and Mass Mutual / AEL. 5. Based on the price as of 9/3/20. 6. Based on the price as of 8/5/20. 7. Based on the 90 - day period prior to the announcement of the FBPCIC bid on 9/4/20. Pre - COVID defined as the 90 days prior to 2/14/20 . Valuation Summary – Implied Value per Share of FBL Financial Class A and Class B Common Stock (1) DCF of Company Stat Cash Flows ( Milliman ) Inclusive of in - force business 7.0% – 10.0% Gordon Growth Methodology Metric Range Discount Rate Financial Institutions Growth Model Based on FBL’s Current Capitalization 9.0% – 11.0% Cost of Equity Trading Price / Earnings 8.0x – 9.5x 2021E EPS ($3.84) (2) Precedent Buy - Ins 1 - Day Premium (5) 35% – 40 % 2 nd Offer Improvement 10% – 1 5% 30 - Day Premium (6) 32% – 37% Other 52 - Week Trading Range Broker Price Targets Txn Life Insurance Transactions 1.00x – 1.25x (4) $37.25 Broker 2 8/11/20 Broker 1 8/19/20 Broker 1 11/10/20 $47.00 (Initial Offer) $35.50 $47.00 $47.00 $60.00 $65.00 3 Q 2020 BV ex. AOCI ($44.52) DCF For Reference Denotes Valuation Range Based on Target Capitalization of 20% Debt to Capital P/BV to ROE Regression (3) 0.95x – 1.39x Sum - of - the - Parts See page 13 for SOTP analysis 3 Q 2020 BV ex. AOCI ($44.52) Intrinsic Comparables $58.00 Broker 2 11/6/20 90 - Day VWAP (7) $35.98 Pre - Covid 90 - Day VWAP (7) $57.84 Preliminary 10

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 Pre-Ann. Offer FBL Price Price Potential Upside Metric $37.25 $47.00 $48.00 $50.00 $52.00 $54.00 $56.00 $58.00 Premium / (Discount) to: Current Trading Price (11/13/20 Close) $51.57 (27.8) % (8.9) (6.9) % (3.0) % 0.8 % 4.7 % 8.6 % 12.5 % Unaffected 37.25 0.0 26.2 28.9 34.2 39.6 45.0 50.3 55.7 Bid price 47.00 (20.7) 0.0 2.1 6.4 10.6 14.9 19.1 23.4 30-Day Average Share Price (1) 37.59 (0.9) 25.0 27.7 33.0 38.3 43.7 49.0 54.3 90-Day Average Share Price (1) 35.98 3.5 30.6 33.4 39.0 44.5 50.1 55.7 61.2 Pre-Covid 90-Day Average Share Price (1) 57.84 (35.6) (18.7) (17.0) (13.6) (10.1) (6.6) (3.2) 0.3 52 Week High 60.03 (37.9) (21.7) (20.0) (16.7) (13.4) (10.0) (6.7) (3.4) 52 Week Low 30.51 22.1 54.0 57.3 63.9 70.4 77.0 83.5 90.1 Trading Comps Avg. Implied Price to 9/30/20 BVPS Multiples Annuity Protection All Comps Stated (incl. AOCI) (2) $66.21 0.56 x 0.71 x 0.72 x 0.76 x 0.79 x 0.82 x 0.85 x 0.88 x 0.60 x 1.64 x 1.22 x Ex. AOCI (2) 44.52 0.84 1.06 1.08 1.12 1.17 1.21 1.26 1.30 0.73 1.88 1.42 Implied Price / EPS Multiples 2020E EPS (3) $3.65 10.2 x 12.9 x 13.1 x 13.7 x 14.2 x 14.8 x 15.3 x 15.9 x 7.0 x 11.6 x 9.8 x 2021E EPS (3) 3.84 9.7 12.2 12.5 13.0 13.5 14.1 14.6 15.1 5.6 11.2 9.0 Illustrative Share Price Analysis ___________________________ Note: Market Data as of 11/13/20. Source: FactSet, SNL, Wall Street Research. 1. Volume - weighted average unaffected price per FactSet . Pre - COVID defined as the 90 days prior to 2/14/20. 2. Based on FBL’s most recent 10 - Q filing. 3. Per Company Internal Plan provided by FBL’s management on 11/9/20. Illustrative, for discussion purposes only. Median % Premium of Selected P recedent I nsurance B uy - In T ransactions Median of precedents at 38% Median of precedents at 35% Median of precedents at 11% 11

Next Steps

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 Response Alternatives Description Strategic Considerations Accept Offer SC accepts the offer without further negotiation The SC will have established that now is right time to sell at $47 Mitigates risk of FBPCIC walking away Potential valuation upside won’t be known Provide a Response to FBPCIC with: A Specific Price Target SC declines the offer but provides a specific price target at which it would support a sale Portrays a constructive posture to FBPCIC and a willingness to negotiate Specific marker gives FBPCIC something to measure an offer bump against A high price target could halt negotiations if the valuation gap is too wide Setting too low of a price target could result in a lower offer price bump Very challenging to increase counter - offer at a later date Depending on timing, may not have a final plan/appraisal report No Specific Valuation Feedback SC declines the offer but indicates that a sale may be possible if FBPCIC is willing to increase its price Creates valuation upside potential for FBL Financial (e.g., no top - end is established) If an offer bump is received, likely indicative of how aggressive FBPCIC is willing to be on valuation / pricing expectations Could be viewed as unconstructive by FBPCIC No counter SC declines to support the offer and indicates that a sale does not make sense at this time The SC will have established that now is not the right time to sell No further offers from FBPCIC are likely to be received – potential valuation upside won’t be known 12

Valuation Reference Materials

Selected Public Trading Comparables

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 22% $241.8 41% $38.6 48% $520.2 53% $49.4 30% $324.2 6% $6.1 Q3 2020 Allocated Equity 2021 Earnings Annuity Life Corporate Q3 2020 Allocated Equity Illustrative Public Comparables Valuation Analysis FBL Peer Comparable (P / ’21 EPS) (1) ___________________________ Source: Factset and SNL. Market data as of 11/13/20. 1. Represents a 60 / 40 Life / Annuity weighting method between business segments. Relevant ranges: Life (10.0x – 12.0x) and Annuit y (5.0x – 6.0x). 2021 EPS estimates per FactSet consensus. 2. Figures based on Company Internal Plan provided by FBL’s management on 11/9/20. 3. Adjustments to Annuity and Life for the removal of excess capital above 425% RBC at 3.0% pre - tax cost of capital. Excess capital allocated to Annuity and Life based on current allocation of GAAP equity. 4. Wealth management currently reported in Corporate & Other. $2.9mm post - tax net loss assumes 21% tax rate and no allocated expens es are able to be separated to the segment. FGL Segment Contribution (2) Sum - of - the - Parts Valuation (2) Selected Blended Valuation Range 8.0x – 9.5x (1) 2021E Earnings Selected Multiple Range Implied Valuation Standalone Adj. (3) Pro Forma Low High Low High Low High Annuity $38.6 ($1.3) $37.3 5.0x 6.0x $186.4 $223.7 $7.64 $9.17 Life 49.4 (2.8) 46.6 10.0x 12.0x 466.4 559.7 19.12 22.94 Corp 6.1 2.9 9.0 8.0x 9.5x 72.2 85.7 2.96 3.51 Wealth Management (4) - (2.9) (2.9) -- -- -- -- -- -- Total Segment Value $94.1 ($4.1) $90.0 8.1x 9.7x $725.0 $869.1 $29.72 $35.63 (+) Excess Capital -- -- -- -- -- 172.1 172.1 7.05 7.05 Total Valuation $94.1 ($4.1) $90.0 10.0x 11.6x $897.1 $1,041.2 $36.77 $42.68 ($ in millions, except per share amounts) $ in Millions 12.1x 11.9x 9.6x GL PRI CNO Annuity Average: 11.2x Average: 5.6x Protection 6.0x 5.2x ATH AEL 2021 Earnings 13

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 ATH AEL CNO GL PRI FFG R² = 86.5% R² = 55.5% 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 3.00x 3.50x (10.00%) (8.00%) (6.00%) (4.00%) (2.00%) - 2.00% 4.00% 6.00% 8.00% 10.00% ___________________________ Source: Company filings, FactSet, Duff & Phelps, Bloomberg. Market data as of 11/13/20. 1. Long - term historical equity risk - premium per Duff and Phelps. 2. 20 - year US Treasury. 3. Based on Market Cap and Duff & Phelp s Size Premium Calculator. 4. Based on FactSet Consensus. FBL ROE based on Company Internal Plan provided by FBL’s management on 11/9/20. 5. Based on unaffected price multiplied by average peer appreciation since 9/3/20 divided by BV ex. AOCI as of 9/30/20. Regression Analysis Regression Analysis Price / Book Value ex. AOCI 2021 ROE Less Cost of Equity Adjusted ROE Build ATH AEL CNO GL PRI FFG Cost of Equity Build-Up: Levered Beta 1.917 1.919 1.502 1.200 1.593 0.971 * Market Risk Premium (1) 7.15% 7.15% 7.15% 7.15% 7.15% 7.15% Investment Risk Premium 13.71% 13.72% 10.74% 8.58% 11.39% 6.94% + Risk free rate (2) 1.43% 1.43% 1.43% 1.43% 1.43% 1.43% + Size Premium (3) 0.79% 1.34% 1.34% 0.73% 0.79% 1.47% Cost of Equity 15.93% 16.49% 13.51% 10.74% 13.61% 9.84% 2021E ROE (4) 12.19% 10.20% 5.40% 11.84% 22.43% 8.64% 2021E ROE - Cost of Equity (3.74%) (6.29%) (8.11%) 1.10% 8.82% (1.20%) (5) 0.95x – 1.39x Implied Price / Book Multiple 14

Selected Precedent Transaction Comparables

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 Selected Precedent Transactions American Equity / Athene / MassMutual Global Atlantic / KKR Description On September 8, 2020 , American Equity Investment Life Holding Company (“AEL”) received an unsolicited bid from Athene Holding Ltd. (“Athene”) and Massachusetts Mutual Life Insurance Company (“MassMutual”) to acquire all outstanding common shares AEL is predominately an annuity - focused company with most of its earnings coming from the sale and administration of fixed and fixed indexed annuities As part of the transaction, MassMutual would acquire all of the insurance operations and personnel of AEL and Athene would reinsure 80% of the in - force policyholder liabilities of AEL AEL ultimately rejected the offer and elected to pursue an independent path, including a partnership with Brookfield, including a 19.9% investment at $37.00 per share On July 8, 2020 , Global Atlantic Financial Group Limited (“Global Atlantic”) and KKR & Co. Inc. (“KKR”) announced that had signed a strategic transaction in which KKR agreed to acquire all of the outstanding shares of Global Atlantic Similar to AEL, Global Atlantic’s business is predominantly annuity - focused, with a focus on fixed and fixed indexed annuities Global Atlantic uses both organic and inorganic growth channels to originate its business Following closing of the transaction, Global Atlantic would continue to operate as a separate business unit with its existing brands and management team Valuation The bidders offered $36.00 per share, representing: ~51% premium to the unaffected closing price 1.25x P / BV ex. AOCI KKR agreed to pay Global Atlantic shareholders an amount equal to 1.00x Global Atlantic’s P / BV ex. AOCI as of the date of closing, subject to an equity roll - over for certain existing investors At announcement, Global Atlantic’s book value was ~$4.4bn ___________________________ Source: Public Filings. 15

Gordon Growth Model for Financial Institutions

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 $811 $917 $203 $97 Target Capital Structure Current Capital Structure Equity Debt Levered ROE Cost of Equity Implied Price/Book 9.8% 9.0% - 11.0% 0.87 x - 1.12x 10.9% 10.0% - 12.0% 0.89x - 1.11x Gordon Growth Model for Financial Institutions Implied Price / Book Using Gordon Growth Method (1) Value / Share (2) ___________________________ Source: Company filings, FactSet , Duff & Phelps, Bloomberg. Market data as of 11/13/20. Financial Data as of 9/30/2020. 1. Targeted capital structure of 20% Debt / Total Capital based on analysis of peer comparables . Capital levels assume dividend of full excess capital at target RBC ratio of 425% and dividend recap, if applicable. 2. Cost of equity based on long - term historical equity risk - premium per Duff and Phelps, 20 - year US Treasury, Decile 7 Size Premium of D uff & Phelps Size Premium Calculator. 3. Calculated as (Levered ROE – 2% Perpetual Growth) / (Cost of Equity – 2% perpetual growth). Standalone f orward ROE based on Company Internal Plan provided by FBL’s management on 11/9/20. 4. Based on high, midpoint and low of the cost of equity ranges. 5. Book Value calculated as PF Book Value ex. AOCI after excess capital dividend and dividend recap. Excludes $3.0 million of preferred equity. Per share data b ased on total of 24.395 million of Class A and Class B common stock outstanding as of 11/2/2020. 6. Dividend calculated as total amount of excess capital (company level excess capital and HoldCo excess capital) based on Target RBC Ratio of 425% and dividend recapitalization equal to PF debt. 90% 10% % of Total Capital 80% 20% % of Total Capital (3) Implied Pro Forma Implied Value Dividend Total Value Price / Book (4) Projected BVPS (5) / Share / Share (6) / Share Low 0.87x $32.54 $39.59 Mid 0.98x $37.47 $36.61 $7.05 $43.66 High 1.12x $41.84 $48.89 Low 0.89x $29.33 $40.72 Mid 0.98x $33.13 $32.59 $11.39 $43.98 High 1.11x $36.66 $48.05 Current Capital Structure Target Capital Structure 16

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 Gordon Growth Model Sensitivity Analysis: Current Capital Str. Cost of Equity x Growth Rate Perpetuity Growth Rate $43.66 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 8.0% $53.59 $54.24 $54.99 $55.86 $56.89 $58.13 9.0% $48.12 $48.34 $48.60 $48.89 $49.23 $49.62 10.0% $43.80 $43.76 $43.71 $43.66 $43.60 $43.54 11.0% $40.30 $40.09 $39.85 $39.59 $39.30 $38.98 12.0% $37.41 $37.08 $36.73 $36.34 $35.91 $35.43 Cost of Equity Growth Rate x Standalone ROE Standalone ROE $43.66 7.5% 8.0% 8.6% 9.0% 9.5% 10.0% 0.5% $38.46 $40.80 $43.80 $45.48 $47.83 $50.17 1.0% $38.12 $40.59 $43.76 $45.54 $48.01 $50.48 1.5% $37.74 $40.36 $43.71 $45.60 $48.21 $50.83 2.0% $37.32 $40.10 $43.66 $45.66 $48.44 $51.23 2.5% $36.84 $39.81 $43.60 $45.74 $48.71 $51.67 Perpetuity Growth Rate Cost of Equity x Standalone ROE Standalone ROE $43.66 7.5% 8.0% 8.6% 9.0% 9.5% 10.0% 8.0% $47.41 $51.12 $55.86 $58.53 $62.24 $65.95 9.0% $41.64 $44.82 $48.89 $51.18 $54.36 $57.54 10.0% $37.32 $40.10 $43.66 $45.66 $48.44 $51.23 11.0% $33.96 $36.43 $39.59 $41.37 $43.85 $46.32 12.0% $31.27 $33.49 $36.34 $37.94 $40.17 $42.39 Cost of Equity Cost of Equity x RBC Ratio RBC Ratio $43.66 350% 375% 400% 425% 450% 475% 8.0% $59.67 $58.40 $57.13 $55.86 $54.59 $53.32 9.0% $52.74 $51.45 $50.17 $48.89 $47.61 $46.32 10.0% $47.53 $46.24 $44.95 $43.66 $42.37 $41.08 11.0% $43.49 $42.19 $40.89 $39.59 $38.29 $36.99 12.0% $40.25 $38.95 $37.64 $36.34 $35.03 $33.73 Cost of Equity ___________________________ Source: Company filings, FactSet , Duff & Phelps, Bloomberg. Market data as of 11/13/20 . Financial Data as of 9/30/2020 and Company Internal Plan provided by FBL’s management on 11/9/20 . 17

Appendices

Supplemental Valuation Support

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 Selected Trading Comparables ___________________________ Source: Financial information sourced from SNL Financial as of 9/30/20. Market data and estimates sourced from FactSet as of 11/13/20 . 1. FBL EPS and ROE estimates per Company Internal Plan provided by FBL’s management on 11/9/20. Price / Book Value ex. AOCI 3 - Year Comparables Valuation 0.0x 3.0x 6.0x 9.0x 12.0x 15.0x 18.0x Oct-17 May-18 Jan-19 Aug-19 Mar-20 Oct-20 Protection Index Annuity Index Price / NTM Earnings 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 3.00x Oct-17 Jun-18 Jan-19 Aug-19 Mar-20 Oct-20 Protection Index Annuity Index ($ in millions, except per share data) % of Price / Price 52 Week Market 2020E 2021E Book BV TBV Operating ROAE Annual Dividend 11/13/20 High Value EPS EPS Value (ex-AOCI) (ex-AOCI) 2020E 2021E Yield Payout Sort By Market Value FBL Financial Group Inc. (1) $51.57 84.2 % $1,258 14.1 x 13.4 x 0.78x 1.16 x 1.17x 8.2 % 8.6 % 6.7 % 108.4 % Protection Peers Globe Life Inc. $92.04 82.6 % $9,670 13.3 x 12.1 x 1.25x 1.70 x 1.89x 12.2 % 12.1 % 0.8 % 11.2 % Primerica, Inc. 127.14 92.1 5,006 13.1 11.9 3.07 3.07 3.31 23.1 23.3 1.2 16.5 CNO Financial Group Inc. 20.40 96.7 2,835 8.4 9.6 0.61 0.86 NA 6.2 5.8 2.3 14.5 Mean 90.5 % $5,837 11.6 x 11.2 x 1.64 x 1.88 x 2.60 x 13.8 % 13.7 % 1.4 % 14.1 % Median 92.1 % $5,006 13.1 x 11.9 x 1.25 x 1.70 x 2.60 x 12.2 % 12.1 % 1.2 % 14.5 % Annuity Peers Athene Holding Ltd. $41.87 83.0 % $8,018 8.4 x 5.2 x 0.63x 0.71 x 0.76x 9.9 % 13.5 % 0.0 % 0.0 % American Equity Investment 26.68 77.9 2,455 5.6 6.0 0.56 0.74 0.92 15.5 12.9 1.1 3.2 Mean 80.5 % $5,237 7.0 x 5.6 x 0.60 x 0.73 x 0.84 x 12.7 % 13.2 % 0.6 % 1.6 % Median 80.5 % $5,237 7.0 x 5.6 x 0.60 x 0.73 x 0.84 x 12.7 % 13.2 % 0.6 % 1.6 % Mean 86.5 % $5,597 9.8 x 9.0 x 1.22 x 1.42 x 1.72 x 13.4 % 13.5 % 1.1 % 9.1 % Median 83.0 % $5,006 8.4 x 9.6 x 0.63 x 0.86 x 1.41 x 12.2 % 12.9 % 1.1 % 11.2 % 2020 YTD 1-Year Avg. 3-Year Avg. Protection Index 1.69x 1.76x 1.93x Annuity Index 0.66x 0.71x 0.96x 2020 YTD 1-Year Avg. 3-Year Avg. Protection Index 10.4x 10.8x 11.9x Annuity Index 5.0x 5.3x 6.9x 1.88x 11.3x 0.71x 5.6x Nov - 20 Nov - 20 18

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 Illustrative WACC Analysis Illustrative WACC Calculations FBL Implied Peer Median Implied Peer Avg. Implied Current Cap. Target Cap. (1) Current Cap. Target Cap. (1) Cost of Equity Build-Up: Unlevered Beta 0.92 0.92 1.24 1.24 * Levering Factor 1.06 1.20 1.06 1.20 Levered Beta 0.97 1.10 1.31 1.48 * Market Risk Premium (2) 7.15% 7.15% 7.15% 7.15% Investment Risk Premium 6.94% 7.84% 9.37% 10.58% + Risk free rate (3) 1.43% 1.43% 1.43% 1.43% + Size Premium (4) 1.47% 1.47% 1.47% 1.47% Cost of Equity 9.84% 10.74% 12.27% 13.48% Cost of Debt Build-Up: Pre-tax Cost of Debt (5) 3.63% 3.63% 3.63% 3.63% * Tax Factor 0.79 0.79 0.79 0.79 After-Tax Cost of Debt 2.86% 2.86% 2.86% 2.86% Implied WACC: Capital Weighted Cost of Equity 9.14% 8.59% 11.39% 10.78% Capital Weighted Cost of Debt 0.21% 0.57% 0.21% 0.57% Weighted Average Cost of Capital 9.34% 9.16% 11.60% 11.35% Selected Peer Comparables ($ in millions) Market Total Total Debt / Debt / Est. Tax Levered Unlevered Cap Debt Cap Total Cap Market Cap Rate Beta Beta Athene Holding $8,017 $1,487 $9,504 15.6 % 18.5 % 14.0 % 1.92 1.65 American Equity Investments 2,455 574 3,029 18.9 23.4 21.6 1.92 1.62 CNO Financial Group 2,835 990 3,825 25.9 34.9 22.3 1.50 1.18 Globe Life 9,633 1,947 11,580 16.8 20.2 18.4 1.20 1.03 Primerica 4,997 1,897 6,894 27.5 38.0 23.7 1.59 1.24 Mean 21.0 % 27.0 % 20.0 % 1.63 1.34 Median 18.9 % 23.4 % 21.6 % 1.59 1.24 ___________________________ Source: Company filings, FactSet, Duff & Phelps, Bloomberg. Market data as of 11/13/20. 1. Targeted capital structure of 20% Debt / Total Capital based on analysis of peer comparables. 2. Long - term historical equity risk - premium per Duff and Phelps. 3. 20 - year US Treasury. 4. Based on Market Cap of $1.2bn, equivalent to Decile 7 Size Premium of Duff & Phelps Size Premium Calculator. 5. Estimated based on current new issue rates for peers. 19

Historical Operating Results

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 FBL Historical Operating Results Detailed ROE Build by Segment ($ in millions) 2018 2019 2020 2021 2022 2023 Actual Actual Plan Plan Plan Plan Operating Income Annuity $54.6 $45.6 $49.9 $38.6 $35.2 $32.8 Permanent life 24.4 29.3 21.5 19.4 19.8 18.8 Term life 15.3 21.0 17.3 22.5 25.2 29.7 Universal life 1.6 7.9 (4.9) 7.5 8.0 7.8 Life insurance 41.4 58.1 34.0 49.4 53.0 56.4 Corporate and other 12.8 13.8 6.0 6.1 8.8 13.6 Total $108.8 $117.5 $89.9 $94.1 $97.0 $102.7 Common Equity Annuity $266.9 $253.1 $245.3 $245.2 $245.2 $245.3 Permanent life 189.0 199.5 213.4 213.3 213.3 213.4 Term life 133.3 142.4 154.3 154.2 154.2 154.3 Universal life 130.0 138.5 149.4 149.3 149.4 149.4 Life insurance 452.3 480.5 517.1 516.8 516.9 517.2 Corporate and other 370.7 394.4 334.6 338.8 373.9 411.9 Total $1,089.8 $1,128.0 $1,097.0 $1,100.8 $1,136.0 $1,174.5 ROE - Rolling 12 Months Annuity 20.2 % 18.0 % 20.4 % 15.8 % 14.4 % 13.4 Permanent life 13.0 14.9 10.3 9.1 9.3 8.8 Term life 11.7 15.1 11.4 14.7 16.3 19.3 Universal life 1.3 5.9 (3.3) 5.1 5.3 5.2 Life insurance 9.3 12.4 6.7 9.6 10.3 10.9 Corporate and other 3.4 3.7 1.8 1.8 2.5 3.5 Total 10.0 % 10.7 % 8.2 % 8.6 % 8.7 % 8.9 ___________________________ Source: Historical and Projected data from Company Internal Plan provided by FBL’s management on 11/9/20. 20

Shareholder Analysis

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 Shareholder Cost - basis Analysis ___________________________ Note: Holdings data per 13 - F filings dated 6/30/20. Active managers in bold. Source: FactSet . 1. Cost - Basis as of 6/30/20 per FactSet . 2. Offer price of $47.00. Return AVP Position Cost Basis Offer 10% 52-Week 52-Week Account Shares (mm) % TSO % Float Per Share (1) Price (2) Premium High Low Dimensional Fund Advisors LP 2.002 8.2% 20.9% $37.47 25.4% 38.0% 63.5% (22.6%) The Vanguard Group, Inc. 0.931 3.8% 9.7% $43.28 8.6% 19.5% 41.6% (33.0%) BlackRock Fund Advisors 0.659 2.7% 6.9% $45.29 3.8% 14.2% 35.3% (35.9%) Victory Capital Management, Inc. (Investment Management) 0.406 1.7% 4.2% $65.09 (27.8%) (20.6%) (5.9%) (55.4%) SSgA Funds Management, Inc. 0.240 1.0% 2.5% $40.76 15.3% 26.8% 50.3% (28.8%) Columbia Management Investment Advisers LLC 0.209 0.9% 2.2% $44.44 5.8% 16.3% 37.9% (34.7%) Northern Trust Investments, Inc.(Investment Management) 0.201 0.8% 2.1% $41.76 12.5% 23.8% 46.7% (30.5%) Royce & Associates LP 0.193 0.8% 2.0% $56.72 (17.1%) (8.9%) 8.0% (48.9%) Dalton, Greiner, Hartman, Maher & Co. LLC 0.185 0.8% 1.9% $74.59 (37.0%) (30.7%) (17.8%) (61.1%) Norges Bank Investment Management 0.172 0.7% 1.8% $39.27 19.7% 31.7% 56.0% (26.1%) Geode Capital Management LLC 0.141 0.6% 1.5% $50.85 (7.6%) 1.7% 20.5% (42.9%) Bridgeway Capital Management, Inc. 0.116 0.5% 1.2% $55.37 (15.1%) (6.6%) 10.7% (47.6%) Wells Capital Management, Inc. 0.107 0.4% 1.1% $64.88 (27.6%) (20.3%) (5.5%) (55.3%) Mellon Investments Corp. 0.100 0.4% 1.0% $55.65 (15.5%) (7.1%) 10.1% (47.9%) PhiloSmith Capital Corp. 0.090 0.4% 0.9% $71.76 (34.5%) (28.0%) (14.6%) (59.6%) Goldman Sachs Asset Management LP 0.078 0.3% 0.8% $64.10 (26.7%) (19.3%) (4.4%) (54.7%) Renaissance Technologies LLC 0.078 0.3% 0.8% $63.08 (25.5%) (18.0%) (2.9%) (54.0%) Millennium Management LLC 0.067 0.3% 0.7% $41.03 14.6% 26.0% 49.4% (29.3%) Charles Schwab Investment Management, Inc. 0.065 0.3% 0.7% $48.80 (3.7%) 5.9% 25.6% (40.6%) QMA LLC 0.060 0.2% 0.6% $49.44 (4.9%) 4.6% 23.9% (41.3%) Citadel Advisors LLC 0.051 0.2% 0.5% $44.75 5.0% 15.5% 36.9% (35.2%) Thrivent Investment Management, Inc. 0.044 0.2% 0.5% $68.83 (31.7%) (24.9%) (11.0%) (57.9%) BlackRock Investment Management LLC 0.040 0.2% 0.4% $43.48 8.1% 18.9% 40.9% (33.3%) Parametric Portfolio Associates LLC 0.036 0.1% 0.4% $36.59 28.5% 41.3% 67.5% (20.7%) Keeley-Teton Advisors LLC 0.034 0.1% 0.4% $44.41 5.8% 16.4% 38.0% (34.7%) Quartile 1 $43.28 8.6% 19.5% 41.6% (33.0%) Median $48.80 (3.7%) 5.9% 25.6% (40.6%) Quartile 3 $63.08 (25.5%) (18.0%) (2.9%) (54.0%) Top 25 Holders of FBL and Returns AVP 21

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 13, 2020 Disclaimer The following pages contain material that was provided to the Special Committee of the Board of Directors (the “Special Commi tte e”) of FBL Financial Group, Inc. (the “Company”) by Barclays Capital Inc. (“Barclays”). The accompanying material and any Barclays presentation related to the material was compiled or pr epa red on a confidential basis solely for consideration by the Board and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barclays. The info rma tion contained in this material was obtained from the Company, and/or publicly available sources, and Barclays has relied upon such information without independent verification thereof and do es not assume any liability for any such information. These materials are being provided in connection with an actual corporate engagement and may not be used or relied upon for any pur pos e other than as specifically contemplated by a written agreement with Barclays. Moreover, any information provided herein was not prepared for or intended for use by any individual fo r personal, family or household purposes. Any estimates, historical financial information, projections and other information contained herein have been prepared by man age ment of the Company and Milliman , Inc. or were obtained from publicly available sources (approved for Barclays’ use by the Company) or are based upon such estimates and projections. Wi th respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and ju dgment of the management of the Company or Milliman , Inc. The projections contained herein may or may not be achieved and differences between projected results and those actually achi eve d may be material. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shal l b e relied upon as, a promise or representation, whether as to the past or the future. The analysis contained herein is based on current market conditions which are subject to change and B arc lays assumes no obligation to update or otherwise revise these materials. Nothing in these materials shall be deemed to constitute a recommendation or investment, legal, tax, financ ial , accounting or other advice. Because these materials were prepared for use in the context of a presentation to the Board, these materials are incomplete w ith out reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays to the Board (in their capacity as directors and not in any individual capacity and is not for the benefit of any individual, including any individual officer, director, shareholder or any other person). These materials were not prepared for or intended for use by any indivi dua l for personal, family or household purposes nor were they prepared to comply with the disclosure standards under state and federal securities laws or any other applicable laws and, to th e extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Board, none of the Company, Barclays, their respective affiliate s o r any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by persons other than the Board. The se materials are not intended to provide the sole basis for evaluation of the proposed corporate transaction and do not purport to contain all information that may be required and shoul d n ot be considered a recommendation with respect to the proposed corporate transaction. Barclays has not made or obtained any evaluations or appraisals of the assets or liabilities of the Company or any other part y t o any corporate transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federa l l aws relating to bankruptcy, insolvency or similar matters. The analyses contained herein do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or s ecu rities actually may be sold or purchased. Barclays’ role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and a nal ysis and shall not be on behalf of the Company, the Board or any individual officer, director, shareholder or any other person. Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lendin g, asset management and other financial and non - financial services. In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in t he equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company for its own account and for the accounts of its cus tomers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments or in other financial products and instruments. Unless ot herwise expressly agreed or provided for in other applicable Barclays disclosures governing such corporate transactions or required by law or regulation, Barclays conducts these activiti es as principal and executes its principal transactions as an arm’s length counterparty. Barclays does not act as a fiduciary in relation to these corporate transactions. These materials do not constitute investment advice nor do they form part of an offer to sell or purchase, or the solicitatio n o f an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any corporate tran sac tion described herein. Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Re gis tered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Copyright Barclays Bank PLC, 2020 (all rights reserved). 22

Exhibit (c)(6)

CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 23, 2020 Project Kinnick Special Committee Valuation Materials November 23, 2020 Note that this is a working draft subject to further revision in its entirety from ongoing discussion / negotiation / refinement

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 23, 2020 We have updated our preliminary valuation analysis to reflect updates to the Company’s plan, as well as updates to Milliman’s analysis While management continues to refine assumptions, the interim 2021 – 2023 financial plan update shows marginal increases in earnings and equity for the business Milliman’s most recent update provides an appraisal view using both the Company’s current cost structure and a representative “best - in - class” peer cost structure developed by Milliman Additionally, shareholder data for Q3 has been made public since our last presentation Update __________________________ 1. Company Internal Plan provided by FBL’s Management on 11/9/20. 2. Company Internal Plan provided by FBL’s Management on 11/22/20. 3. Calculated as Percent Change from Old Plan. 4. Calculated as absolute difference in ROE. Earnings Equity Return on Equity 11/9 Plan (1) 11/22 Plan (2) Change (3) 11/9 Plan (1) 11/22 Plan (2) Change (3) 11/9 Plan (1) 11/22 Plan (2) Change (4) 2020E $89.9 $89.5 (0.40%) $1,097.0 $1,096.6 (0.03%) 8.22% 8.19% (0.03%) 2021E 94.1 96.4 2.41% 1,100.8 1,090.5 (0.93%) 8.58% 8.84% 0.26% 2022E 97.0 98.4 1.43% 1,136.0 1,127.1 (0.78%) 8.69% 8.89% 0.20% 2023E 102.7 103.8 1.09% 1,174.5 1,166.7 (0.66%) 8.90% 9.06% 0.16% 1

Updated Valuation

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 23, 2020 $31.52 $37.48 $42.09 $44.52 $39.74 $39.66 $47.41 $50.29 $46.86 $51.70 $30.51 $37.43 $43.52 $64.14 $55.65 $50.00 $46.31 $56.14 $52.15 $48.64 $54.05 $60.03 $25.00 $35.00 $45.00 $55.00 $65.00 Preliminary Analysis of Shareholder Consideration ________________________________________ Source: Factset , SNL. Market Data as of 11/20/20. 1. 24.383 million Class A and 0.011 million Class B Common as of 11/2/20. 2. Company Internal Plan provided by FBL’s management on 11/22/20. 3. Low end based on unaffected price multiplied by average peer appreciation since 9/3/20 divided by BV ex. AOCI as of 9/30/20. High end based on regression including all peers. FFG inputs based on calculated cost of equity using current capital structure and 2021 ROE from the Company Internal Plan. 4. Range established based upon t wo precedent deals: KKR / Global Atlantic as well as Athene and Mass Mutual / AEL. 5. Based on the price as of 9/3/20. 6. Based on the price as of 8/5/20. 7. Based on the 90 - day period prior to the announcement of the FBPCIC bid on 9/4/20. Pre - COVID defined as the 90 days prior to 2/14/20 . Valuation Summary – Implied Value per Share of FBL Financial Class A and Class B Common Stock (1) 7.0% – 10.0% DDM Methodology Metric Range Discount Rate Dividend Discount Model 9.0% – 11.0% Cost of Equity Trading Price / Earnings 8.0x – 9.5x 2021E EPS ($3.94) (2) Precedent Buy - Ins 1 - Day Premium (5) 35% – 40 % 2 nd Offer Improvement 10% – 1 5% 30 - Day Premium (6) 32% – 37% Other 52 - Week Trading Range Broker Price Targets Txn Life Insurance Transactions 1.00x – 1.25x (4) $37.25 Broker 2 8/11/20 Broker 1 8/19/20 Broker 1 11/10/20 $35.50 $47.00 $47.00 $60.00 $65.00 3 Q 2020 BV ex. AOCI ($44.52) Milliman Appraisal of In - Force For Reference P/BV to ROE Regression (3) 0.95x – 1.44x Sum - of - the - Parts See page 10 for SOTP analysis 3 Q 2020 BV ex. AOCI ($44.52) Intrinsic Comparables $58.00 Broker 2 11/6/20 90 - Day VWAP (7) $35.98 Pre - Covid 90 - Day VWAP: $57.84 (7) Preliminary 7.0% – 10.0% Discount Rate DCF of Company Stat Cash Flows ( Milliman ) Company Expense Profile DCF of Company Stat Cash Flows ( Milliman ) Industry Expense Profile Preliminary $47.00 (Initial Offer) Current Share Price: $51.64 2

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 23, 2020 Valuation Range Original Range (1) Updated Range P/E $30.72 - $36.48 $31.52 - $37.43 SOTP $36.77 - $42.68 $ 37.48 - $ 43.52 P/BV Regression $42.09 - $61.91 $42.09 - $64.14 “Intrinsic” Value $39.59 - $48.89 $39.74 - $50.00 Valuation of In - Force (Milliman) • Company • Industry $39.58 - $45.60 $39.66 $47.41 - - $46.31 $56.14 ___________________________ 1. As presented to the Special Committee on 11/15/2020. 3

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 23, 2020 Dividend Discount and Gordon Growth Model Sensitivities Cost of Equity x Expense Savings Pre-Tax Private Co. Savings $44.24 $0 $5 $10 $15 $20 $25 8.0% $57.66 $59.79 $61.91 $64.04 $66.17 $68.29 9.0% $50.00 $51.78 $53.55 $55.32 $57.10 $58.87 10.0% $44.24 $45.75 $47.26 $48.77 $50.28 $51.79 11.0% $39.74 $41.05 $42.35 $43.66 $44.96 $46.27 12.0% $36.12 $37.27 $38.41 $39.56 $40.70 $41.84 Cost of Equity Cost of Equity x Growth Rate Perpetuity Growth Rate $44.24 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 8.0% $55.19 $55.90 $56.71 $57.66 $58.78 $60.12 9.0% $48.98 $49.28 $49.62 $50.00 $50.45 $50.97 10.0% $44.06 $44.11 $44.17 $44.24 $44.32 $44.40 11.0% $40.07 $39.97 $39.86 $39.74 $39.60 $39.45 12.0% $36.76 $36.57 $36.36 $36.12 $35.86 $35.58 Cost of Equity Cost of Equity x RBC Ratio RBC Ratio $44.24 350% 375% 400% 425% 450% 475% 8.0% $60.56 $59.59 $58.63 $57.66 $56.69 $55.72 9.0% $52.91 $51.94 $50.97 $50.00 $49.04 $48.07 10.0% $47.13 $46.16 $45.20 $44.24 $43.28 $42.32 11.0% $42.59 $41.64 $40.69 $39.74 $38.79 $37.84 12.0% $38.94 $38.00 $37.06 $36.12 $35.19 $34.25 Cost of Equity ___________________________ Source: Company filings, FactSet , Duff & Phelps, Bloomberg. Market data as of 11/20/20 . Financial Data as of 9/30/2020 and Company Internal Plan provided by FBL’s management on 11/22/20. 4

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 23, 2020 Illustrative Walk to Mid - 50s / Share $5.76 $5.32 $44.24 $55.32 Midpoint DDM Value Reduce Cost of Equity by 1% (to 9%) $15mm Pre-Tax Cost Savings Additional enhancements to plan assumptions (e.g., equity market appreciation) Release of excess c apital (Below 425% RBC ratio) Enhanced growth Potential Additional Upside ___________________________ Source: Company filings, FactSet , Duff & Phelps, Bloomberg. Market data as of 11/20/20 . Financial Data as of 9/30/2020 and Company Internal Plan provided by FBL’s management on 11/22/20. 5

Shareholder Analysis

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 23, 2020 Ownership Breakdown Analysis of Top 25 Holders (as of 9/30/2020) IFBF 60% Institutional Investors & Other Publics 31% Other Farm Bureau Entities 6% Employees & Officers 3% Q3 Shareholder Analysis Overview of Q3 Changes Activity Holders New Institutional Holders 22 Increased Shares 38 Decreased Shares 63 Soldout 11 Total Farm Bureau and Insitutional Holders 133 New Positions - Top 10 Shares Purchased (mm) % of Float % of O/S Carlson Capital LP 0.265 2.8% 1.1% GLG Partners LP 0.162 1.7% 0.7% Kite Lake Capital Management (UK) LLP 0.118 1.2% 0.5% Point72 Asset Management LP 0.084 0.9% 0.3% Capital Returns Management LLC 0.074 0.8% 0.3% Goldman Sachs & Co. LLC (Private Banking) 0.056 0.8% 0.3% OMERS Administration Corp. 0.048 0.5% 0.2% Millennium Management LLC 0.048 1.2% 0.5% Boothbay Fund Management LLC 0.045 0.5% 0.2% The Public Sector Pension Investment Board 0.025 0.3% 0.1% Total 0.925 10.5% 4.1% Sold Positions - Top 5 Shares Sold (mm) % of Float % of O/S Victory Capital Management 0.373 0.3% 0.1% The Vanguard Group, Inc. 0.131 8.4% 3.3% PhiloSmith Capital Corp. 0.090 0.0% 0.0% BlackRock Fund Advisors 0.074 6.1% 2.4% Royce & Associates LP 0.055 1.4% 0.6% Returns AVP Position Cost Basis Offer 10% 52-Week 52-Week Per Share (1) Price (2) Premium High Low Mean $48.17 (2.4%) 7.3% 27.2% (39.8%) Weighted Avg. Cost Basis $43.85 7.2% 17.9% 39.7% (33.8%) Weighted-Average % of Accounts Profiting Weighted-Average Profit in $ Millions $47.00 84.6% $19.1 $47.00 - $49.00 85.6% $31.2 $49.00 - $51.00 88.9% $43.3 $51.00 - $53.00 88.9% $55.5 $53.00 - $55.00 90.2% $67.6 $55.00 - $57.00 95.9% $79.7 Position Changes Summary ___________________________ Source : FactSet . Holdings data per 13 - F filings dated 9/30/20. Footnotes: (1) Cost Basis as of 9 /30/20 per FactSet . (2) Offer price of $47.00. 6

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 23, 2020 Returns AVP Position Cost Basis Offer 10% 52-Week 52-Week Account Shares (mm) % TSO % Float % Change (1) Per Share (2) Price (3) Premium High Low Dimensional Fund Advisors LP 1.973 8.1% 20.6% (1.4%) $37.47 25.4% 38.0% 63.5% (22.6%) The Vanguard Group, Inc. 0.800 3.3% 8.4% (14.1%) $43.28 8.6% 19.5% 41.6% (33.0%) BlackRock Fund Advisors 0.585 2.4% 6.1% (11.2%) $45.29 3.8% 14.2% 35.3% (35.9%) Carlson Capital LP 0.265 1.1% 2.8% Initiating Position $44.95 4.6% 15.0% 36.3% (35.5%) SSgA Funds Management, Inc. 0.226 0.9% 2.4% (6.0%) $40.76 15.3% 26.8% 50.3% (28.8%) Columbia Management Investment Advisers LLC 0.222 0.9% 2.3% 6.0% $44.47 5.7% 16.3% 37.8% (34.8%) Northern Trust Investments, Inc.(Investment Management) 0.189 0.8% 2.0% (5.7%) $41.76 12.5% 23.8% 46.7% (30.5%) Norges Bank Investment Management 0.172 0.7% 1.8% - $39.27 19.7% 31.7% 56.0% (26.1%) GLG Partners LP 0.162 0.7% 1.7% Initiating Position $44.95 4.6% 15.0% 36.3% (35.5%) Geode Capital Management LLC 0.143 0.6% 1.5% 1.6% $50.76 (7.4%) 1.9% 20.7% (42.8%) Dalton, Greiner, Hartman, Maher & Co. LLC 0.143 0.6% 1.5% (22.6%) $74.59 (37.0%) (30.7%) (17.8%) (61.1%) Royce & Associates LP 0.138 0.6% 1.4% (28.3%) $56.72 (17.1%) (8.9%) 8.0% (48.9%) Kite Lake Capital Management (UK) LLP 0.118 0.5% 1.2% Initiating Position $44.95 4.6% 15.0% 36.3% (35.5%) Bridgeway Capital Management, Inc. 0.116 0.5% 1.2% - $55.37 (15.1%) (6.6%) 10.7% (47.6%) Millennium Management LLC 0.114 0.5% 1.2% 71.6% $42.67 10.1% 21.2% 43.6% (32.0%) Wells Capital Management, Inc. 0.103 0.4% 1.1% (3.9%) $64.88 (27.6%) (20.3%) (5.5%) (55.3%) Mellon Investments Corp. 0.096 0.4% 1.0% (4.3%) $55.65 (15.5%) (7.1%) 10.1% (47.9%) Point72 Asset Management LP 0.084 0.3% 0.9% Initiating Position $44.95 4.6% 15.0% 36.3% (35.5%) Goldman Sachs & Co. LLC (Private Banking) 0.075 0.3% 0.8% 310.1% $53.60 (12.3%) (3.5%) 14.3% (45.9%) Capital Returns Management LLC 0.074 0.3% 0.8% Initiating Position $44.95 4.6% 15.0% 36.3% (35.5%) Charles Schwab Investment Management, Inc. 0.064 0.3% 0.7% (2.2%) $48.80 (3.7%) 5.9% 25.6% (40.6%) QMA LLC 0.058 0.2% 0.6% (3.1%) $49.44 (4.9%) 4.6% 23.9% (41.3%) OMERS Administration Corp. 0.048 0.2% 0.5% Initiating Position $44.95 4.6% 15.0% 36.3% (35.5%) Citadel Advisors LLC 0.048 0.2% 0.5% (6.7%) $44.75 5.0% 15.5% 36.9% (35.2%) Boothbay Fund Management LLC 0.045 0.2% 0.5% Initiating Position $44.95 4.6% 15.0% 36.3% (35.5%) Mean $48.17 (2.4%) 7.3% 27.2% (39.8%) Weighted Avg. Cost Basis $43.85 7.2% 17.9% 39.7% (33.8%) Cost Basis Analysis – Top Holders ___________________________ Note: Holdings data per 13 - F filings dated 9/30/20. Active managers in bold. Active managers excludes quants, broker/dealers, an d index managers. Source: FactSet . Footnotes: (1) Percent change is expressed as a percentage of 6/30/20 shares held. (2) Cost Basis as of 9 /30/20 per FactSet . (3) Offer price of $47.00. (4) Position as of 12/31/19, per disclosure requirements. (4) Top 25 Holders of FBL and Returns AVP 7

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 23, 2020 Cost Basis Analysis – Top Sellers ___________________________ Note: Holdings data per 13 - F filings dated 9/30/20. Active managers in bold. Active managers excludes quants, broker/dealers, an d index managers. Source: FactSet . Footnotes: (1) Percent change is expressed as a percentage of 6/30/20 shares held. (2) Cost Basis as of 9 /30/20 per FactSet . Cost Basis for investors that exited FBL estimated as of 8/31/20. Return AVP (Shares in Millions) Position Cost Basis Account Q2 Shares Pos. Change Q3 Shares % TSO % Float % Change (1) Per Share (2) Victory Capital Management, Inc. (Investment Management) 0.406 (0.373) 0.033 0.1% 0.3% (91.8%) $65.09 The Vanguard Group, Inc. 0.931 (0.131) 0.800 3.3% 8.4% (14.1%) $43.28 PhiloSmith Capital Corp. 0.090 (0.090) 0.000 0.0% 0.0% (99.9%) $71.76 BlackRock Fund Advisors 0.659 (0.074) 0.585 2.4% 6.1% (11.2%) $45.29 Royce & Associates LP 0.193 (0.055) 0.138 0.6% 1.4% (28.3%) $56.72 Goldman Sachs Asset Management LP 0.078 (0.054) 0.024 0.1% 0.3% (69.1%) $64.10 Dalton, Greiner, Hartman, Maher & Co. LLC 0.185 (0.042) 0.143 0.6% 1.5% (22.6%) $74.59 Renaissance Technologies LLC 0.078 (0.036) 0.041 0.2% 0.4% (46.8%) $63.08 CornerCap Investment Counsel, Inc. 0.031 (0.031) - - - (100.0%) $58.91 Dimensional Fund Advisors LP 2.002 (0.029) 1.973 8.1% 20.6% (1.4%) $37.47 DWS Investment Management Americas, Inc. 0.026 (0.022) 0.004 0.0% 0.0% (86.3%) $67.77 Two Sigma Investments LP 0.015 (0.015) - - - (100.0%) $36.54 SSgA Funds Management, Inc. 0.240 (0.014) 0.226 0.9% 2.4% (6.0%) $40.76 Northern Trust Investments, Inc.(Investment Management) 0.201 (0.011) 0.189 0.8% 2.0% (5.7%) $41.76 HSBC Global Asset Management (UK) Ltd. 0.010 (0.010) - - - (100.0%) $43.49 Summit Global Investments LLC 0.010 (0.010) - - - (100.0%) $62.28 UBS Securities LLC 0.009 (0.009) - - - (100.0%) $53.52 Caxton Associates LP 0.009 (0.009) - - - (100.0%) $66.04 Morgan Stanley & Co. LLC 0.009 (0.008) 0.001 0.0% 0.0% (89.9%) $50.11 Squarepoint OPS LLC 0.008 (0.008) - - - (100.0%) $36.54 SG Americas Securities LLC 0.006 (0.006) - - - (100.0%) $46.89 BlackRock Investment Management LLC 0.040 (0.006) 0.034 0.1% 0.4% (15.2%) $43.48 Barclays Bank Plc (Private Banking) 0.010 (0.006) 0.004 0.0% 0.0% (56.0%) $49.39 LSV Asset Management 0.030 (0.006) 0.025 0.1% 0.3% (18.1%) $36.54 Russell Investment Management LLC 0.013 (0.005) 0.007 0.0% 0.1% (41.5%) $56.75 Quartile 1 $43.28 Mean $52.49 Quartile 3 $63.08 Weighted Avg. Cost Basis $42.64 Top 25 Q3 Sellers of FBL and Returns AVP (Sorted by Number of Shares S old in Q3 20) 8

Valuation Reference Materials

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 23, 2020 Pre-Ann. Offer FBL Price Price Potential Upside Metric $37.25 $47.00 $48.00 $50.00 $52.00 $54.00 $56.00 $58.00 Premium / (Discount) to: Current Trading Price (11/13/20 Close) $51.57 (27.8) % (8.9) (6.9) % (3.0) % 0.8 % 4.7 % 8.6 % 12.5 % Unaffected 37.25 0.0 26.2 28.9 34.2 39.6 45.0 50.3 55.7 Bid price 47.00 (20.7) 0.0 2.1 6.4 10.6 14.9 19.1 23.4 30-Day Average Share Price (1) 37.59 (0.9) 25.0 27.7 33.0 38.3 43.7 49.0 54.3 90-Day Average Share Price (1) 35.98 3.5 30.6 33.4 39.0 44.5 50.1 55.7 61.2 Pre-Covid 90-Day Average Share Price (1) 57.84 (35.6) (18.7) (17.0) (13.6) (10.1) (6.6) (3.2) 0.3 52 Week High 60.03 (37.9) (21.7) (20.0) (16.7) (13.4) (10.0) (6.7) (3.4) 52 Week Low 30.51 22.1 54.0 57.3 63.9 70.4 77.0 83.5 90.1 Trading Comps Avg. Implied Price to 9/30/20 BVPS Multiples Annuity Protection All Comps Stated (incl. AOCI) (2) $66.21 0.56 x 0.71 x 0.72 x 0.76 x 0.79 x 0.82 x 0.85 x 0.88 x 0.61 x 1.67 x 1.25 x Ex. AOCI (2) 44.52 0.84 1.06 1.08 1.12 1.17 1.21 1.26 1.30 0.74 1.91 1.44 Implied Price / EPS Multiples 2020E EPS (3) $3.64 10.2 x 12.9 x 13.2 x 13.7 x 14.3 x 14.8 x 15.4 x 15.9 x 7.2 x 11.8 x 9.9 x 2021E EPS (3) 3.94 9.5 11.9 12.2 12.7 13.2 13.7 14.2 14.7 5.8 11.3 9.1 Illustrative Share Price Analysis ___________________________ Note: Market Data as of 11/20/20. Source: FactSet, SNL, Wall Street Research. 1. Volume - weighted average unaffected price per FactSet . Pre - COVID defined as the 90 days prior to 2/14/20. 2. Based on FBL’s most recent 10 - Q filing. 3. Per Company Internal Plan provided by FBL’s management on 11/22/20. Illustrative, for discussion purposes only. Median % Premium of Selected P recedent I nsurance B uy - In T ransactions Median of precedents at 38% Median of precedents at 35% Median of precedents at 11% 9

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 23, 2020 22% $241.8 41% $39.2 48% $520.2 52% $50.6 30% $324.2 7% $6.7 Q3 2020 Allocated Equity 2021 Earnings Annuity Life Corporate Illustrative Public Comparables Valuation Analysis ( SotP ) FBL Peer Comparable (P / ’21 EPS) (1) ___________________________ Source: Factset and SNL. Market data as of 11/20/20. 1. Represents a 60 / 40 Life / Annuity weighting method between business segments. Relevant ranges: Life (10.0x – 12.0x) and Annuit y (5.0x – 6.0x). 2021 EPS estimates per FactSet consensus. 2. Figures based on Company Internal Plan provided by FBL’s management on 11/22/20. Assumes 21% tax rate. 3. Adjustments to Annuity and Life for the removal of excess capital above 425% RBC at 3.0% pre - tax cost of capital. Excess capital allocated to Annuity and Life based on current allocation of GAAP equity. 4. Wealth management currently reported in Corporate & Other. A ssumes 21% tax rate and $6.8mm of pre - tax stranded overhead costs associated with the wealth management division are not recover ed. FGL Segment Contribution (2) Sum - of - the - Parts Valuation (2) Selected Blended Valuation Range 8.0x – 9.5x (1) 2021E Earnings Selected Multiple Range Implied Valuation Standalone Adj. (3) Pro Forma Low High Low High Low High Annuity $39.2 ($1.3) $37.9 5.0x 6.0x $189.7 $227.7 $7.78 $9.33 Life 50.6 (2.8) 47.8 10.0x 12.0x 478.2 573.8 19.60 23.52 Corp 6.7 2.6 9.3 8.0x 9.5x 74.3 88.2 3.04 3.62 Wealth Management (4) (2.6) (2.6) -- -- -- -- -- -- Total Segment Value $96.5 ($4.1) $92.4 8.0x 9.6x $742.2 $889.7 $30.42 $36.47 (+) Excess Capital -- -- -- -- -- 172.1 172.1 7.05 7.05 Total Valuation $96.5 ($4.1) $92.4 9.9x 11.5x $914.2 $1,061.8 $37.48 $43.52 ($ in millions, except per share amounts) $ in Millions 12.3x 11.9x 9.8x GL PRI CNO Annuity Average: 11.3x Average: 5.8x Protection 6.3x 5.4x AEL ATH 2021 Earnings 10

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 23, 2020 ATH AEL CNO GL PRI FFG R² = 85.5% R² = 53.7% 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 3.00x 3.50x (10.00%) (8.00%) (6.00%) (4.00%) (2.00%) - 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% ___________________________ Source: Company filings, FactSet, Duff & Phelps, Bloomberg. Market data as of 11/20/20. 1. Long - term historical equity risk - premium per Duff and Phelps. 2. 20 - year US Treasury. 3. Based on Market Cap and Duff & Phelp s Size Premium Calculator. 4. Based on FactSet Consensus. FBL ROE based on Company Internal Plan provided by FBL’s management on 11/22/20 . 5. Based on unaffected price multiplied by average peer appreciation since 9/3/20 divided by BV ex. AOCI as of 9/30/20. Regression Analysis Regression Analysis Price / Book Value ex. AOCI 2021 ROE Less Cost of Equity Adjusted ROE Build ATH AEL CNO GL PRI FFG Cost of Equity Build-Up: Levered Beta 1.933 1.936 1.508 1.209 1.602 0.978 * Market Risk Premium (1) 7.15% 7.15% 7.15% 7.15% 7.15% 7.15% Investment Risk Premium 13.82% 13.84% 10.78% 8.64% 11.45% 6.99% + Risk free rate (2) 1.33% 1.33% 1.33% 1.33% 1.33% 1.33% + Size Premium (3) 0.79% 1.34% 1.34% 0.73% 0.79% 1.47% Cost of Equity 15.94% 16.51% 13.45% 10.70% 13.57% 9.79% 2021E ROE (4) 12.14% 10.07% 5.29% 11.84% 22.43% 8.80% 2021E ROE - Cost of Equity (3.80%) (6.44%) (8.16%) 1.14% 8.86% (0.99%) (5) 0.95x – 1.44x Implied Price / Book Multiple 11

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 23, 2020 $997 $97 Current Capital Structure Equity Debt 2023 Levered ROE Cost of Equity (2) Implied Price/Book (3) 10.3% 9.0% - 11.0% 0.92 x - 1.18x Gordon Growth Method for Financial Institutions and DDM Implied Terminal Price / Book Using Gordon Growth Method (1) Value / Share ___________________________ Source: Company filings, FactSet , Duff & Phelps, Bloomberg. Market data as of 11/20/20. Financial Data as of 9/30/2020. 1. B ased on 2023 figures from Company Internal Plan provided by FBL’s management on 11/22/20. Capital levels assume dividend of full excess capital at target RBC ratio of 425%. Levered ROE includes add - back for $1.7mm in pre - tax savings from WM division as well as reduction in earnings for interest on excess cash. 2. Cost of equity based on long - term historical equity risk - premium per Duff and Phelps, 20 - year US Treasury, Decile 7 Size Premium of D uff & Phelps Size Premium Calculator. 3. Calculated as (Levered ROE – 2% Perpetual Growth) / (Cost of Equity – 2% perpetual growth). Standalone 2023 ROE based on Company Internal Plan provided by FBL’s management on 11/22/20. 4. Based on high, midpoint and low of the cost of equity ranges. 5. Book Value calculated as PF Book Value ex . AOCI after excess capital dividend. Excludes $3.0 million of preferred equity. Per share data b ased on projected 2023 share count. 6. Based on 2023 excess capital figures from Company Internal Plan provided by FBL’s management on 11/22/20 . Capital levels assume dividend of full excess capital at target RBC ratio of 425%. Per share data based on projected 2023 share count. 7. Net of excess capital. 91% 9 % % of Total Capital Implied Pro Forma PV of Div. PV of Excess PV of Terminal Value Total PV Price / Book (4) Proj. BVPS (5) Stream ('21-'23) Capital / Share (6) / Share (7) / Share 11.0% 0.92x $6.90 $5.49 $27.34 $39.74 10.0% 1.04x $40.56 $6.99 $5.64 $31.61 $44.24 9.0% 1.19x $7.08 $5.80 $37.13 $50.00 12

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 23, 2020 Preliminary Actuarial Value Analysis – Company Expense Profile Summary of Actuarial Values after 350% RBC using Company Expense Profile Total Actuarial Value at Varying Discount Rates ___________________________ Source: Milliman Actuarial Appraisal received on 11/19/20. 1. 24.383 million Class A and 0.011 million Class B Common as of 11/2/20 ($ in millions) Discount Rate 7.0% 8.0% 9.0% 10.0% 1) Adjusted Statutory Book Value $673.8 $673.8 $673.8 $673.8 2) Value of Business Inforce as of September 30, 2020 Fixed Deferred Annuities $121.3 $116.0 $111.1 $106.6 Fixed Indexed Annuities 78.3 71.0 64.8 59.3 Immediate Annuities (Incl. Supp. Contracts) (5.2) (4.6) (4.1) (3.6) Variable Annuities 39.1 36.5 34.2 32.2 Traditional Life (Perm) 176.7 165.3 155.8 147.6 Term 220.1 207.3 195.5 184.9 UL 122.7 115.1 108.2 102.0 VUL 92.4 86.8 81.6 76.8 Miscellaneous - - - - Subtotal Pre-Tax Individual Existing Business $845.4 $793.4 $747.1 $705.7 Impact of Line-of-Business Federal Income Tax (141.6) (132.6) (124.6) (117.6) Tax Benefits from Misc Stat/Tax Diff 13.0 12.4 11.9 11.4 Cost of Capital at 350% RBC (i=2.37%) (163.9) (181.2) (196.0) (208.8) Subtotal After-Tax Individual Existing Business, After Cost of Capital $553.0 $492.1 $438.4 $390.8 3) New Business from September 30, 2020 N/A N/A N/A N/A 4) Total Actuarial Value (1) plus (2) $1,226.8 $1,165.9 $1,112.2 $1,064.6 Less: Trust Preferred (97.0) (97.0) (97.0) (97.0) 5) Total Equity Value $1,129.8 $1,068.9 $1,015.2 $967.6 6) Total Equity Value Per Share (1) $46.31 $43.82 $41.62 $39.66 13

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 23, 2020 Preliminary Actuarial Value Analysis – Industry Expense Profile ___________________________ Source: Milliman Actuarial Appraisal received on 11/19/20. 1. 24.383 million Class A and 0.011 million Class B Common as of 11/2/20 ($ in millions) Discount Rate 7.0% 8.0% 9.0% 10.0% 1) Adjusted Statutory Book Value $673.8 $673.8 $673.8 $673.8 2) Value of Business Inforce as of September 30, 2020 Fixed Deferred Annuities $176.0 $167.8 $160.3 $153.4 Fixed Indexed Annuities 99.6 91.2 83.8 77.3 Immediate Annuities (Incl. Supp. Contracts) (3.2) (2.7) (2.2) (1.9) Variable Annuities 42.1 39.3 36.8 34.6 Traditional Life (Perm) 222.8 208.5 196.3 185.8 Term 337.9 313.1 291.5 272.6 UL 186.3 172.8 161.0 150.5 VUL 87.2 81.9 77.1 72.6 Miscellaneous - - - - Subtotal Pre-Tax Individual Existing Business $1,148.9 $1,071.9 $1,004.5 $944.9 Impact of Line-of-Business Federal Income Tax (205.3) (191.0) (178.7) (167.8) Tax Benefits from Misc Stat/Tax Diff 13.0 12.4 11.9 11.4 Cost of Capital at 350% RBC (i=2.37%) (163.9) (181.2) (196.0) (208.8) Subtotal After-Tax Individual Existing Business, After Cost of Capital $792.7 $712.1 $641.7 $579.8 3) New Business from September 30, 2020 N/A N/A N/A N/A 4) Total Actuarial Value (1) plus (2) $1,466.5 $1,385.9 $1,315.5 $1,253.6 Less: Trust Preferred (97.0) (97.0) (97.0) (97.0) 5) Total Equity Value $1,369.5 $1,288.9 $1,218.5 $1,156.6 6) Total Equity Value Per Share (1) $56.14 $52.84 $49.95 $47.41 Total Actuarial Value at Varying Discount Rates Summary of Actuarial Values after 350% RBC using Industry Expense Profile 14

Appendices

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 23, 2020 Summary of FBL’s Revised GAAP Plan The figures below were provided by FBL Financial’s management on November 22, 2020 FBL is currently completing their annual budgeting and internal review process; we expect there to be changes to the projecte d financials for 2020 to 2023 as the company completes this process The projections do not include any impact from the contemplated transaction, including any anticipated expense synergies that wo uld be realized in connection therewith Overview Operating Earnings (1) Earnings per Share Book Value per Share Return on Equity (ex. AOCI) 60.3 53.5 39.2 39.2 35.9 33.5 47.3 67.9 37.7 50.6 54.1 57.5 2018A 2019A 2020E 2021E 2022E 2023E ($ in millions) Annuity Life Corporate and Other $4.36 $4.75 $3.64 $3.94 $4.02 $4.24 2018A 2019A 2020E 2021E 2022E 2023E 108.9 121.4 77.0 96.5 98.6 104.0 $44.09 $45.73 $44.95 $44.95 $46.45 $48.15 2018A 2019A 2020E 2021E 2022E 2023E 10.0% 10.7% 8.2% 8.8% 8.8% 9.0% 2018A 2019A 2020E 2021E 2022E 2023E ___________________________ Source: GAAP financial plan provided by FBL Financial’s management on 11/22/20. 1. Excluded in 2019 and 2020 due to negative operating earnings. (1) 15

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Nov 23, 2020 Disclaimer The prior pages contain material that was provided to the Special Committee of the Board of Directors (the “Special Committee ”) of FBL Financial Group, Inc. (the “Company”) by Barclays Capital Inc. (“Barclays”). The accompanying material and any Barclays presentation related to the material was compiled or pr epa red on a confidential basis solely for consideration by the Special Committee and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barcla ys. The information contained in this material was obtained from the Company, and/or publicly available sources, and Barclays has relied upon such information without independent verification th ere of and does not assume any liability for any such information. These materials are being provided in connection with an actual corporate engagement and may not be used or relied upon for a ny purpose other than as specifically contemplated by a written agreement with Barclays. Moreover, any information provided herein was not prepared for or intended for use by any individual fo r personal, family or household purposes. Any estimates, historical financial information, projections and other information contained herein have been prepared by man age ment of the Company and Milliman , Inc. or were obtained from publicly available sources (approved for Barclays’ use by the Company) or are based upon such estimates and projections. Wi th respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and ju dgment of the management of the Company or Milliman , Inc. The projections contained herein may or may not be achieved and differences between projected results and those actually achi eve d may be material. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shal l b e relied upon as, a promise or representation, whether as to the past or the future. The analysis contained herein is based on current market conditions which are subject to change and B arc lays assumes no obligation to update or otherwise revise these materials. Nothing in these materials shall be deemed to constitute a recommendation or investment, legal, tax, financi al, accounting or other advice. Because these materials were prepared for use in the context of a presentation to the Special Committee, these materials are inc omplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays to the Special Committee (in their capacity as directors and not in any individual capacity and is not for the benefit of any individual, including any individual officer, director, shareholder or any other person). These materials were not prepared for or intend ed for use by any individual for personal, family or household purposes nor were they prepared to comply with the disclosure standards under state and federal securities laws or any other app licable laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Special Committee, none of the Company, Barcla ys, their respective affiliates or any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by pe rsons other than the Special Committee. These materials are not intended to provide the sole basis for evaluation of the proposed corporate transaction and do not purport to contain all inf orm ation that may be required and should not be considered a recommendation with respect to the proposed corporate transaction. Barclays has not made or obtained any evaluations or appraisals of the assets or liabilities of the Company or any other part y t o any corporate transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federa l l aws relating to bankruptcy, insolvency or similar matters. The analyses contained herein do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or s ecu rities actually may be sold or purchased. Barclays’ role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and a nal ysis and shall not be on behalf of the Company, the Special Committee or any individual officer, director, shareholder or any other person. Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lendin g, asset management and other financial and non - financial services. In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in t he equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company for its own account and for the accounts of its cus tomers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments or in other financial products and instruments. Unless ot herwise expressly agreed or provided for in other applicable Barclays disclosures governing such corporate transactions or required by law or regulation, Barclays conducts these activiti es as principal and executes its principal transactions as an arm’s length counterparty. Barclays does not act as a fiduciary in relation to these corporate transactions. These materials do not constitute investment advice nor do they form part of an offer to sell or purchase, or the solicitatio n o f an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any corporate tran sac tion described herein. Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Re gis tered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Copyright Barclays Bank PLC, 2020 (all rights reserved). 16

Exhibit (c)(7)

Project Kinnick Special Committee Update Call November 28, 2020

Nov. ‘20 Dec. ‘ 20 Jan. ‘ 21 Feb. ‘ 21 Mar. ‘ 21 Apr. ‘ 21 May ‘ 21 Jun. ‘ 21 Quarterly Normal Dividend Special Dividend Negotiation Sign - to - Close Key Milestones Record 6/14 Record 3/15 Record 12/15 12/14 Ex - Date 12/31 Payable Project Kinnick – Illustrative Timeline Target announcement date before year - end FBL’s plan assumes $0.52 quarterly dividends in 2021 $1.50 special dividend is assumed for June 30, 2021. Historically, FBL has paid special dividends on March 31 st 4 - 6 months anticipated sign - to - close period 12/31 Sign Definitive Agreement 11/18 Declaration 2/24 Declaration 3/12 Ex - Date 3 /30 Payable 5/17 Declaration 6/11 Ex - Date 6/30 Payable ___________________________ Note: Dividend milestones estimated per Bloomberg. 5/17 Declaration 6/11 Ex - Date Record 6/14 6/30 Payable Anticipated Closing 1

Project Kinnick – Dividend History ___________________________ Source: FBL Financial’s Investor Relations website. Note: 4Q20 dividend is declared but not paid. $0.46 $0.46 $0.46 $0.46 $0.48 $0.48 $0.48 $0.48 $0.50 $0.50 $0.50 $0.50 $1.50 $1.50 $1.50 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Summary of Dividend History Period 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Ordinary $0.46 $0.46 $0.46 $0.46 $0.48 $0.48 $0.48 $0.48 $0.50 $0.50 $0.50 $0.50 Special $1.50 - - - $1.50 - - - $1.50 - - - Amount $1.96 $0.46 $0.46 $0.46 $1.98 $0.48 $0.48 $0.48 $2.00 $0.50 $0.50 $0.50 Declaration Date 3/1/18 5/17/18 8/27/18 11/14/18 2/27/19 5/16/19 8/22/19 11/20/19 2/26/20 5/18/20 8/27/20 11/18/20 Ex-Dividend Date 3/14/18 6/14/18 9/13/18 12/13/18 3/14/19 6/13/19 9/13/19 12/13/19 3/13/20 6/12/20 9/14/20 12/14/20 Record Date 3/15/18 6/15/18 9/14/18 12/14/18 3/15/19 6/14/19 9/16/19 12/16/19 3/16/20 6/15/20 9/15/20 12/15/20 Pay Date 3/29/18 6/29/18 9/28/18 12/31/18 3/29/19 6/28/19 9/30/19 12/31/19 3/31/20 6/30/20 9/30/20 12/31/20 Dividend History (2018 – 2020YTD) Special Dividends Ordinary Dividends 2

Disclaimer The prior pages contain material that was provided to the Special Committee of the Board of Directors (the “Special Committee”) of FBL Financ ial Group, Inc. (the “Company”) by Barclays Capital Inc. (“Barclays”). The accompanying material and any Barclays presentation related to the material was compiled or pr epa red on a confidential basis solely for consideration by the Special Committee and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barcla ys. The information contained in this material was obtained from the Company, and/or publicly available sources, and Barclays has relied upon such information without independent verification th ere of and does not assume any liability for any such information. These materials are being provided in connection with an actual corporate engagement and may not be used or relied upon for a ny purpose other than as specifically contemplated by a written agreement with Barclays. Moreover, any information provided herein was not prepared for or intended for use by any individual fo r personal, family or household purposes. Any estimates, historical financial information, projections and other information contained herein have been prepared by man age ment of the Company and Milliman , Inc. or were obtained from publicly available sources (approved for Barclays’ use by the Company) or are based upon such estimates and projections. Wi th respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and ju dgment of the management of the Company or Milliman , Inc. The projections contained herein may or may not be achieved and differences between projected results and those actually achi eve d may be material. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shal l b e relied upon as, a promise or representation, whether as to the past or the future. The analysis contained herein is based on current market conditions which are subject to change and B arc lays assumes no obligation to update or otherwise revise these materials. Nothing in these materials shall be deemed to constitute a recommendation or investment, legal, tax, financi al, accounting or other advice. Because these materials were prepared for use in the context of a presentation to the Special Committee, these materials are inc omplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays to the Special Committee (in their capacity as directors and not in any individual capacity and is not for the benefit of any individual, including any individual officer, director, shareholder or any other person). These materials were not prepared for or intend ed for use by any individual for personal, family or household purposes nor were they prepared to comply with the disclosure standards under state and federal securities laws or any other app licable laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Special Committee, none of the Company, Barcla ys, their respective affiliates or any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by pe rsons other than the Special Committee. These materials are not intended to provide the sole basis for evaluation of the proposed corporate transaction and do not purport to contain all inf orm ation that may be required and should not be considered a recommendation with respect to the proposed corporate transaction. Barclays has not made or obtained any evaluations or appraisals of the assets or liabilities of the Company or any other part y t o any corporate transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federa l l aws relating to bankruptcy, insolvency or similar matters. The analyses contained herein do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or s ecu rities actually may be sold or purchased. Barclays’ role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and a nal ysis and shall not be on behalf of the Company, the Special Committee or any individual officer, director, shareholder or any other person. Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lendin g, asset management and other financial and non - financial services. In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in t he equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company for its own account and for the accounts of its cus tomers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments or in other financial products and instruments. Unless ot herwise expressly agreed or provided for in other applicable Barclays disclosures governing such corporate transactions or required by law or regulation, Barclays conducts these activiti es as principal and executes its principal transactions as an arm’s length counterparty. Barclays does not act as a fiduciary in relation to these corporate transactions. These materials do not constitute investment advice nor do they form part of an offer to sell or purchase, or the solicitatio n o f an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any corporate tran sac tion described herein. Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Re gis tered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Copyright Barclays Bank PLC, 2020 (all rights reserved). 3

Exhibit (c)(8)

CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Dec 3, 2020 Project Kinnick Special Committee Valuation Materials December 3, 2020 Note that this is a working draft subject to further revision in its entirety from ongoing discussion / negotiation / refinement

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Dec 3, 2020 Finalized / FBL management approved GAAP plan Updated valuation analysis as of December 1, 2020 Agenda Update on Milliman’s v aluation / appraisal 1 2 3 1

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Dec 3, 2020 Broker 2 11/6/20 $33.49 $38.40 $44.52 $44.52 $40.14 $47.51 $50.29 $46.86 $51.70 $30.51 $39.40 $44.49 $55.65 $55.65 $50.51 $56.60 $52.15 $48.64 $54.05 $60.03 $25.00 $35.00 $45.00 $55.00 $65.00 Preliminary Analysis of Shareholder Consideration ________________________________________ Source: Factset , SNL. Market Data as of 12/1/20. 1. 24.383 million Class A and 0.011 million Class B Common as of 11/2/20. 2. Company Internal Plan provided by FBL’s management on 12/2/20. 3. Low end based on unaffected price multiplied by average peer appreciation since 9/3/20 divided by BV ex. AOCI as of 9/30/20. High end based on regression including all peers. FFG inputs based on calculated cost of equity using current capital structure and 2021 ROE fr om the Company Internal Plan. 4. Range established based upon two precedent deals: KKR / Global Atlantic as well as Athene and Mass Mutual / AEL. 5. Based on the price as of 9/3/20. 6. Based on the price as of 8/5/20. 7. Based on the 90 - day period prior to the announcement of the FBPCIC bid on 9/4/20. Pre - COVID defined as the 90 days prior to 2/14/20 . Valuation Summary – Implied Value per Share of FBL Financial Class A and Class B Common Stock (1) 7.0% – 10.0% DDM Methodology Metric Range Discount Rate Dividend Discount Model 9.0% – 11.0% Cost of Equity Trading Price / Earnings 8.5x – 10.0x 2021E EPS ($3.94) (2) Precedent Buy - Ins 1 - Day Premium (5) 35% – 40 % 2 nd Offer Improvement 10% – 1 5% 30 - Day Premium (6) 32% – 37% Other 52 - Week Trading Range Broker Price Targets Txn Life Insurance Transactions 1.00x – 1.25x (4) $37.25 Broker 2 8/11/20 Broker 1 8/19/20 Broker 1 11/10/20 $35.50 $47.00 $47.00 $60.00 $65.00 3 Q 2020 BV ex. AOCI ($44.52) Milliman Appraisal For Reference P/BV to ROE Regression (3) 1 .00x – 1.25x Sum - of - the - Parts Based on Company Plan 3 Q 2020 BV ex. AOCI ($44.52) Intrinsic Comparables $58.00 90 - Day VWAP (7) $35.98 Pre - Covid 90 - Day VWAP: $57.84 (7) Revised DCF of Company Stat Cash Flows ( Milliman ) At - Scale Company Expense Profile $47.00 (Initial Offer) Current Share Price: $52.28 $55.00 (Second Offer) Denotes Valuation Range Inclusive of New Business $62.61 $45.83 2

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Dec 3, 2020 Preliminary Actuarial Value Analysis – At - Scale Expense Profile Summary of Actuarial Values after 350% RBC using At - Scale Expense Profile Total Actuarial Value at Varying Discount Rates ___________________________ Source: Milliman Actuarial Appraisal received on 12/3/20. Baseline Production--With Ten Years of New Business ($ in millions) Discount Rate 7.0% 8.0% 9.0% 10.0% 1) Adjusted Statutory Book Value $694.4 $694.4 $694.4 $694.4 2) Value of Business Inforce as of September 30, 2020 Fixed Deferred Annuities $156.5 $149.4 $142.8 $136.8 Fixed Indexed Annuities 89.7 81.8 74.8 68.8 Immediate Annuities (Incl. Supp. Contracts) (2.9) (2.5) (2.0) (1.7) Variable Annuities 41.2 38.5 36.1 34.0 Traditional Life (Perm) 283.4 264.0 246.9 231.8 Term 198.5 186.0 175.5 166.5 UL 152.6 142.9 134.1 126.1 VUL 91.9 87.3 83.0 78.9 Subtotal Pre-Tax Existing Business $1,010.8 $947.3 $891.2 $841.1 Impact of Line-of-Business Federal Income Tax (181.7) (174.2) (167.0) (160.2) Tax Benefits from Misc Stat/Tax Diff 13.0 12.4 11.9 11.4 Cost of Capital at 350% RBC (i=2.65%) (155.6) (173.3) (188.4) (201.5) Subtotal After-Tax Existing Business, After Cost of Capital $686.5 $612.3 $547.6 $490.8 3) Ten Years of New Business from September 30, 2020 Fixed Deferred Annuities $11.7 $10.8 $10.0 $9.2 Fixed Indexed Annuities (Incl Immed, SC) 94.7 82.2 71.8 62.9 Immediate Annuities (Incl. Supp. Contracts) (Incl w/FIA) - - - - Traditional Life (Perm) 24.7 16.5 10.1 5.0 Term 161.2 136.6 116.3 99.5 IUL 214.0 165.3 125.8 93.5 Unallocated Expense (101.2) (98.6) (96.1) (93.8) Subtotal Pre-Tax New Business $405.1 $312.8 $237.8 $176.4 Impact of Federal Income Taxes (132.7) (111.7) (94.1) (79.3) Cost of Capital at 350% RBC (i=2.65%) (125.7) (132.3) (136.2) (138.2) Subtotal After-Tax New Business, After Cost of Capital $146.6 $68.8 $7.5 ($41.1) 4) Total Actuarial Value (1) plus (2) plus (3) $1,527.5 $1,375.5 $1,249.5 $1,144.1 3

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Dec 3, 2020 Appraisal Valuation Bridge Milliman’s appraisal derives a consolidated value for FBL’s insurance operations in Farm Bureau Life Insurance Company and Greensfields Life Insurance Company Milliman’s valuation does not include value attributable to FBL businesses that do not reside in its two insurance operating entities The bridge below provides a walk to the total valuation for FBL Financial Group from Milliman’s appraisal Discount Rate ($ in millions, except per share values) 7% 8% 9% 10% Total Actuarial Value (incl. New Business) (1) $1,528 $1,376 $1,250 $1,144 Topside Adjustments: (+) Holding Company Net Income / (Loss) (2) 10 8 7 6 (-) Wealth Management Value (3) -- -- -- -- (+) Leasing Business (4) 10 8 7 6 (+) Investment Management Business (5) 2 2 1 1 (+) Financial Services Business (6) 47 40 34 30 (+) Holding Compnay Net Assets (7) 28 28 28 28 (-) Trust Preferreds (97) (97) (97) (97) Total Value of FBL Financial Group $1,527 $1,364 $1,229 $1,118 Shares Outstanding (8) 24.4 24.4 24.4 24.4 Total Value per Share $62.61 $55.90 $50.40 $45.83 ___________________________ Source: Company filings. 1. Values per Milliman’s appraisal shared on December 3, 2020. 2. Holding company net income assumes FBL Life pays a $6.0mm management fee and the FBPCIC pays a $2.0mm management fee to the p are nt company. These offset $7.5mm of general and administrative expenses for the parent company. We assume no tax is paid by the parent company given its tax position and is valued assuming a 2% growth on earnings. 3. No value attributed to wealth management segment, consistent with other valuation analysis . 4. Value of leasing business assumes $0.6mm of pre - tax earnings in 2021, tax effected at 21% and valued using a growth methodology using a 2% growth rate. 5. Value of 3 rd party investment management business assumes $ 0.1mm of pre - tax earnings in 2021, tax effected at 21% and valued using a growth methodology using a 2% growth rate . 6. Represents value of investment management fees paid by FBPCIC subsidiaries to FBL Financial Services. Assumes $3.0mm of pre - tax income, tax effected at 21% and valued using a growth methodology using a 2% growth rate. 7. Net assets calculated as non - consolidated assets and liabilities from FBL Financial Group, Inc.’s balance sheet as of September 30, 2020 (latest values reported). 8. 24.383 million Class A and 0.011 million Class B Common as of 11/2/20. 4

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Dec 3, 2020 Expense Scenario Comparison Annual Expense Breakdown ___________________________ Source: Milliman Actuarial Appraisal received on 12/3/20. Unit Expense Allowable Unabsorbed Total Acquisition Maintenance Sub-Total Expense Expense 2021 30.6 55.5 86.1 7.0 93.1 2022 36.9 58.3 95.2 0.4 95.6 2023 39.1 61.2 100.3 - 100.3 2024 41.4 64.4 105.8 - 105.8 2025 43.9 67.9 111.8 - 111.8 2026 46.8 71.8 118.6 - 118.6 2027 49.6 75.9 125.5 - 125.5 2028 52.1 80.2 132.3 - 132.3 2029 54.7 84.7 139.4 - 139.4 2030 57.5 89.4 147.0 - 147.0 Unit Expense Allowable Unabsorbed Total Acquisition Maintenance Sub-Total Expense Expense 2021 30.6 21.1 51.7 41.4 93.1 2022 36.9 22.2 59.1 36.5 95.6 2023 39.1 23.3 62.4 35.4 97.8 2024 41.4 24.5 66.0 34.0 100.0 2025 43.9 25.9 69.8 32.5 102.3 2026 46.8 27.3 74.1 30.5 104.6 2027 49.6 28.8 78.4 28.6 107.0 2028 52.1 30.4 82.5 26.9 109.4 2029 54.7 32.1 86.8 25.1 111.9 2030 57.5 33.8 91.3 23.0 114.4 Unit Expense Allowable Unabsorbed Total Acquisition Maintenance Sub-Total Expense Expense 2021 30.6 36.1 66.7 26.5 93.1 2022 36.9 37.9 74.8 20.8 95.6 2023 39.1 39.8 78.9 18.9 97.8 2024 41.4 41.8 83.3 16.7 100.0 2025 43.9 44.1 88.0 14.2 102.3 2026 46.8 46.7 93.5 11.1 104.6 2027 49.6 49.3 98.9 8.1 107.0 2028 52.1 52.1 104.2 5.2 109.4 2029 54.7 55.1 109.8 2.1 111.9 2030 57.5 58.1 115.7 - 115.7 At-Scale Expense Profile Industry Expense Profile Current Fully-Allocated Company Expense Profile Commentary Expense base modeled using FBL’s budgeted 2021 expenses, assuming no benefit from operating leverage in the subsequent years In the out years, expense base is inflated vs. FBL’s plan, driven by unit expense growth Total expenses based on Company budget Unit expenses modeled based on industry best - in - class profile Unabsorbed expenses are created to match FBL’s plan, which are credited against new business value $23.0mm of unallocated expenses in year 10 Similar approach to industry expense methodology, (i.e., total expenses based on Company budget) but unabsorbed expenses are fed back into unit expenses over time to better match FBL’s plan while also capturing operating leverage No remaining unabsorbed expense by year 10 Consistent with typical appraisal approach 5

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Dec 3, 2020 We have updated our preliminary valuation analysis to reflect updates to the Company’s plan, as well as updates to Milliman’s analysis The final 2021 – 2023 financial plan update shows marginal increases in earnings and ROE, with a slight decline in equity for the business vs. the original plan that was provided on November 9, 2020. Changes to the plan from the November 2, 2020 plan are deminimis FBL Plan Update __________________________ 1. Company Internal Plan provided by FBL’s Management on 11/9/20. 2. Company Internal Plan provided by FBL’s Management on 11/22/20. 3. Company Internal Plan provided by FBL’s Management on 12/2/20. 4. Calculated as Percent Change from 11/22 Plan to 12/2 Plan. 5. Calculated as absolute difference in ROE. 6. NM indicates a change of less than 0.01%. Earnings Equity Return on Equity 11/9 Plan (1) 11/22 Plan (2) 12/2 Plan (3) Change (4) 11/9 Plan (1) 11/22 Plan (2) 12/2 Plan (3) Change (4) 11/9 Plan (1) 11/22 Plan (2) 12/2 Plan (3) Change (5) 2020E $89.9 $89.5 $89.5 NM $1,097.0 $1,096.6 $1,096.6 NM 8.22% 8.19% 8.19% - 2021E 94.1 96.4 96.4 - 1,100.8 1,090.5 1,094.9 0.41% 8.58% 8.84% 8.84% (0.04%) 2022E 97.0 98.4 98.4 NM 1,136.0 1,127.1 1,131.5 0.39% 8.69% 8.89% 8.86% (0.40%) 2023E 102.7 103.8 103.8 NM 1,174.5 1,166.7 1,173.1 0.55% 8.90% 9.06% 9.03% (0.42%) (6) 6

Project Kinnick Confidential CONFIDENTIAL – Draft for Discussion Purposes Only Working Draft as of Dec 3, 2020 Disclaimer The prior pages contain material that was provided to the Special Committee of the Board of Directors (the “Special Committee ”) of FBL Financial Group, Inc. (the “Company”) by Barclays Capital Inc. (“Barclays”). The accompanying material and any Barclays presentation related to the material was compiled or pr epa red on a confidential basis solely for consideration by the Special Committee and no part of it may be reproduced, distributed or transmitted without the prior written consent of Barcla ys. The information contained in this material was obtained from the Company, and/or publicly available sources, and Barclays has relied upon such information without independent verification th ere of and does not assume any liability for any such information. These materials are being provided in connection with an actual corporate engagement and may not be used or relied upon for a ny purpose other than as specifically contemplated by a written agreement with Barclays. Moreover, any information provided herein was not prepared for or intended for use by any individual fo r personal, family or household purposes. Any estimates, historical financial information, projections and other information contained herein have been prepared by man age ment of the Company and Milliman , Inc. or were obtained from publicly available sources (approved for Barclays’ use by the Company) or are based upon such estimates and projections. Wi th respect to such estimates and projections, Barclays has assumed that they have been reasonably prepared on a basis reflecting the best currently available estimates, projections and ju dgment of the management of the Company or Milliman , Inc. The projections contained herein may or may not be achieved and differences between projected results and those actually achi eve d may be material. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shal l b e relied upon as, a promise or representation, whether as to the past or the future. The analysis contained herein is based on current market conditions which are subject to change and B arc lays assumes no obligation to update or otherwise revise these materials. Nothing in these materials shall be deemed to constitute a recommendation or investment, legal, tax, financi al, accounting or other advice. Because these materials were prepared for use in the context of a presentation to the Special Committee, these materials are inc omplete without reference to, and should be assessed solely in conjunction with, the oral briefing provided by Barclays to the Special Committee (in their capacity as directors and not in any individual capacity and is not for the benefit of any individual, including any individual officer, director, shareholder or any other person). These materials were not prepared for or intend ed for use by any individual for personal, family or household purposes nor were they prepared to comply with the disclosure standards under state and federal securities laws or any other app licable laws and, to the extent the material may be considered by readers not as familiar with the business and affairs of the Company as the Special Committee, none of the Company, Barcla ys, their respective affiliates or any of their respective legal or financial advisors or accountants takes any responsibility for the accuracy or completeness of any of the material if used by pe rsons other than the Special Committee. These materials are not intended to provide the sole basis for evaluation of the proposed corporate transaction and do not purport to contain all inf orm ation that may be required and should not be considered a recommendation with respect to the proposed corporate transaction. Barclays has not made or obtained any evaluations or appraisals of the assets or liabilities of the Company or any other part y t o any corporate transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federa l l aws relating to bankruptcy, insolvency or similar matters. The analyses contained herein do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or s ecu rities actually may be sold or purchased. Barclays’ role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and a nal ysis and shall not be on behalf of the Company, the Special Committee or any individual officer, director, shareholder or any other person. Barclays, its subsidiaries and affiliates engage in a wide range of businesses from investment and commercial banking, lendin g, asset management and other financial and non - financial services. In the ordinary course of its business, Barclays and its affiliates may actively trade and effect transactions in t he equity, debt and/or other securities (and any derivatives thereof) and financial instruments (including loans and other obligations) of the Company for its own account and for the accounts of its cus tomers and, accordingly, may at any time hold long or short positions and investments in such securities and financial instruments or in other financial products and instruments. Unless ot herwise expressly agreed or provided for in other applicable Barclays disclosures governing such corporate transactions or required by law or regulation, Barclays conducts these activiti es as principal and executes its principal transactions as an arm’s length counterparty. Barclays does not act as a fiduciary in relation to these corporate transactions. These materials do not constitute investment advice nor do they form part of an offer to sell or purchase, or the solicitatio n o f an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer of financing or an offer or recommendation to enter into any corporate tran sac tion described herein. Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Re gis tered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Copyright Barclays Bank PLC, 2020 (all rights reserved). 7

Exhibit (c)(9) 

Milliman CLIENT Report

Actuarial Appraisal of
Farm Bureau Life Insurance Company and
Insurance Subsidiaries
as of September 30, 2020

Prepared for:  Special Committee of the Board of Directors of FBL Financial Group, Inc.

December 31, 2020

Mr. Paul Larson
Member of the Special Committee of the
Board of Directors of FBL Financial Group, Inc.
5400 University Avenue
West Des Moines, IA 50266

Dear Mr. Larson:

This report provides actuarial values and projections as of September 30, 2020 for Farm Bureau Life Insurance Company and insurance subsidiaries.

Section I outlines the scope and qualifications associated with the analysis. Actuarial values and yearly statutory profits are summarized in Section II. Sections III and IV and the Appendices summarize the methodology, models and actuarial assumptions underlying the developed values.

This report is a statement of actuarial opinion under guidelines promulgated by the American Academy of Actuaries. The undersigned professionals are members of the American Academy of Actuaries and meet the Qualification Standards of the American Academy of Actuaries to render the opinion contained herein.

The professionals responsible for developing the actuarial values in this report are available to answer any questions regarding the assumptions and procedures underlying the values. Please contact us if any questions are raised.

Sincerely,

MILLIMAN

Milliman client Report

Milliman client Report

Section I – Introduction and Qualifications

Milliman, Inc. (“Milliman” or “our”) was retained by the Special Committee of the Board of Directors (“Special Committee”) of FBL Financial Group, Inc. (“FBLFG”) to perform certain actuarial analyses with respect to the life insurance and annuity business written by Farm Bureau Life Insurance Company (“FBL” or “Company”) and its insurance subsidiary, Greenfields Life Insurance Company (“Greenfields”). Specifically, our assignment has been to develop projected statutory earnings arising from the existing and new business of deferred annuities, payout annuities, term insurance, traditional life and interest sensitive life of FBL and to calculate present values of these future earnings using discount rates of 7%, 8%, 9% and 10%.

FBL is domiciled in Iowa and is a wholly owned subsidiary of FBLFG. The Company consists of multiple lines of business including Fixed Deferred Annuities (“FA”), Fixed Indexed Annuities (“FIA”), Variable Annuities (“VA”), Single Premium Immediate Annuities (“SPIA”), Structured Settlement Annuities (“SSA”), Term Insurance (“Term”), Whole Life Insurance (“WL”), Universal Life (“UL”), Indexed Universal Life (“IUL”) and Variable Universal Life (“VUL”). Business has historically been produced through FBLFG’s captive agency force where life and annuity products are generally sold as through the larger property and casualty relationships of FBLFG.

Greenfields is a small insurance company domiciled in Iowa and 100% of the liabilities are ceded to FBL.

Milliman is frequently engaged to prepare such analyses of life insurance companies. The approach followed in this situation is consistent with methodology we have generally employed in other engagements.

We have prepared this report with the understanding that it will be used by Special Committee and its advisors to analyze the potential value of FBL. The report is intended to provide certain actuarial information and analyses as of September 30, 2020 that would assist a qualified actuary, technically competent in the area of actuarial appraisals, to develop an estimate of (1) the adjusted statutory book value of FBL as of September 30, 2020; (2) the projected amounts and present values of future statutory profits from business in force as of September 30, 2020 and (3) the projected amounts and present values of future statutory profits from business sold after September 30, 2020.

In order to fully comprehend this report, any user of this report should be advised by an actuary with a substantial level of expertise in areas relevant to this analysis to appreciate the significance of the underlying assumptions and the impact of those assumptions on the illustrated results. This report must be read in its entirety to be understood. The models used in calculating the illustrated results were originally developed by FBL for its year-end cash flow testing and planning and have been modified by Milliman for purposes of this report.

This report is intended for the internal use of the Special Committee and their advisors and their affiliate’s advisors and may not be distributed to other parties without our consent. Notwithstanding the foregoing, the report may be included in any proxy statement, registration statement on Form S-4 or other joint proxy statement/prospectus relating to the transaction that is required to be filed with the Securities and Exchange Commission and is required to be distributed to its shareholders (“Disclosure Document”), with the form of such report to be included in any such Disclosure Document to be subject to the prior review and approval by Milliman (such approval to be made by Milliman in its reasonable discretion).

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Milliman does not intend to benefit and assumes no duty of liability to other parties who receive the report. Any distribution of this report must be in its entirety.

We have projected future profits computed according to statutory reporting criteria. The validity of these projections depends on how well future experience conforms to our assumptions. Our assumptions for future mortality, persistency, policyholder behavior, expenses, investment return and other actuarial factors are based on our evaluation of recent experience of FBL, industry experience and anticipated future trends. The approach employed to develop the projection assumptions is described below.

Actual experience may differ from what is assumed in the projections. To the extent actual experience is different from the assumptions underlying this Report, so will actual results differ from the projected results shown here. Sensitivity of results to changes in assumptions is provided as part of Section II, Summary of Results.

Rationale for STATUTORY Approach

Our development of the projected amounts and actuarial values in this report reflect statutory reporting practices as applicable to the business of FBL. Two reasons why we believe it is appropriate to analyze a life company using this approach are:

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Relationship to Market Value

An actuarial appraisal value does not necessarily represent the value of a company's stock or a block of business in the open market. Rather, it is derived from a projection of future earnings and therefore reflects the value of a company's or a block’s earnings potential under a specific set of assumptions. Assignment of a value to any business enterprise is also a matter of informed judgment. Purchase or sales price is determined by the parties involved, based on their respective evaluations of all relevant factors, including:

Data Reliance

We have relied on information supplied by FBL as well as on published financial information. We performed no audits or independent verification of the information furnished to us. To the extent that there are any material errors in the information provided, the results of our analysis will be affected as well. The principal materials relied upon include:

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Section II – Summary of Results

Summary of Actuarial Appraisal Values

Tables I-A and I-B summarize the results of our analysis of the components of value as of September 30, 2020, consisting of the Adjusted Statutory Book Value, present value of future statutory profits from the business inforce and present value of future statutory profits from new business. The values are based upon fifty years of projected profits for the business. Amounts reflect cost of capital based on 350% NAIC RBC (Company Action Level). Results are presented reflecting the November 6, 2020 forward curve.

Tables II and III provide a summary of ten years of projected after-tax statutory profits. The ten-year projections reflect an assumption that earnings and capital in excess of required capital funding are distributed from FBL.

Summaries of assumptions are provided in Sections III and IV and in the Appendices. Detailed projections of annual statutory profits and present values of profit are provided in Appendix E.

Table I-A
FBL
Actuarial Appraisal Value
As of September 30, 2020
($ in millions)

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Table I-B
FBL
Actuarial Appraisal Value
As of September 30, 2020
($ in millions)

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Table II
FBL
Line of Business Statutory Projection
($ in millions)

Note:     1)     Interest on Capital, Surplus & AVR is based on a net earnings rate of 2.65%.

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Table III
FBL
Projected Statutory Operating Results
($ in millions)