FBL Financial Group Special Committee Sends Letter to Shareholders

FBL Financial Group, Inc. (NYSE: FFG) (“FBL Financial Group” or “the Company”) today sent a letter to shareholders urging them to vote “FOR” the previously announced definitive agreement under which Farm Bureau Property & Casualty Insurance Company will acquire all of the outstanding shares of FBL Financial Group Class A and Class B common stock, excluding shares owned by FBPCIC and the Iowa Farm Bureau Federation, for $56.00 per share in cash.

The full text of the letter from the Special Committee of the Board of Directors of FBL Financial Group is below:

April 1, 2021

Dear Fellow Shareholder,

On April 29, 2021, FBL Financial Group will hold a Special Meeting of Shareholders to vote on the proposed sale of FBL Financial Group to Farm Bureau Property & Casualty Insurance Company (“FBPCIC”) for $56.00 per share in cash.

The Special Committee of the Board of Directors has a singular focus on maximizing value for FBL Financial Group’s unaffiliated shareholders, and we are confident: This is the right transaction, at the right price, at the right time.

The transaction requires approval from a majority of all outstanding shares of FBL Financial Group common stock not owned by FBPCIC and its affiliates, Iowa Farm Bureau Federation (“IFBF”) and its affiliates, or their respective directors and officers. Your vote FOR the transaction is critical to securing your $56.00 per share – a compelling valuation and opportunity to realize immediate and certain value.

While a dissident, Capital Returns Management, LLC (“CRM”), may try to convince you otherwise, this is a compelling transaction that the Special Committee carefully reviewed and vigorously negotiated over several months in order to provide you with a significant premium as well as certain and immediate value.

Significant Premium and Certain, Immediate Value: $56/Share in Cash

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The $56.00 per share transaction value represents a substantial, 50%+ premium to FBL Financial Group’s unaffected stock price. The $56.00 per share value also compares favorably to relevant trading and non-controlled company1 transaction multiples, and is at the high end of a full, policy-by-policy independent actuarial appraisal of FBL Financial Group. There is no doubt in our mind that $56.00 per share is a compelling offer for your FBL Financial Group shares.