Independent Proxy Advisory Firm Egan-Jones Joins Glass Lewis in Recommending that FBL Financial Group Shareholders Vote “FOR” Proposed Transaction with Farm Bureau Property & Casualty Insurance Company

FBL Financial Group, Inc. (NYSE: FFG) (“FBL Financial Group” or “the Company”) today announced that independent proxy advisory firm Egan-Jones Proxy Services (“Egan-Jones”) has recommended that FBL Financial Group’s shareholders vote “FOR” the previously announced definitive agreement pursuant to which Farm Bureau Property & Casualty Insurance Company (“FBPCIC”) 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. Consistent with the recommendations from Egan-Jones and Glass Lewis & Co., the Special Committee of the Board of Directors of FBL Financial Group (the “Special Committee”) reiterated its unanimous support of the transaction.

In its report, Egan-Jones notes that “the merger agreement represents the best strategic alternative” for FBL Financial Group and highlights that “the merger consideration of $56 per share offers an attractive premium to the shareholders.” The Egan-Jones report also indicates that the “merger involved a thorough process of negotiation and evaluation to deliver the best and reasonable value to all the shareholders.” ¹

“We welcome another recommendation in favor of the transaction and are pleased that the majority of the independent proxy advisory firms recommend that shareholders vote FOR the proposed transaction,” said Paul Larson, Chairman of the Special Committee. “The recommendation of Egan-Jones reinforces the Special Committee’s strong view that this is the right transaction. The consideration of $56.00 per share is a highly compelling offer, providing a significant cash premium as well as certain and immediate value for unaffiliated FBL Financial Group shareholders. We continue to recommend that shareholders vote for the transaction.”

The members of the Special Committee recommend that their fellow shareholders vote “FOR” the transaction on the WHITE proxy card or in person at the upcoming special meeting scheduled for April 29, 2021. If shareholders have questions about how to vote their shares, they should immediately contact the Company’s proxy solicitor, Okapi Partners, at [phone] or at [e-mail].

About FBL Financial Group

FBL Financial Group is a holding company with the purpose to protect livelihoods and futures. Operating under the consumer brand name Farm Bureau Financial Services, its affiliates offer a broad range of life insurance, annuity and investment products distributed by multiline exclusive Farm Bureau agents. Helping complete the financial services offering, advisors offer wealth management and financial planning services. In addition, FBL Financial Group manages all aspects of two Farm Bureau affiliated property-casualty insurance companies for a management fee. Headquartered in West Des Moines, Iowa, FBL Financial Group is traded on the New York Stock Exchange under the symbol FFG. For more information, please visit www.fblfinancial.com and www.fbfs.com.