content: SECURITIES AND EXCHANGE COMMISSION
  
  Washington, D.C. 20549
  FORM 8-K
  
  CURRENT REPORT
  
  	Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  
  Date of Report (Date of earliest event reported)
  
  December 8, 1997
  
  (Exact name of registrant as specified in its charter)
  
  FBL Financial Group, Inc.  
  
  
  (State or other jurisdiction of incorporation)
  
  (Commission File Number)
  
  (IRS Employer Identification No.)
  
  Iowa
  
  1-11917
  
  42-1411715
  
  
  
  
  
  
  
  (Address of Principal executive offices)			(Zip Code)
  
  5400 University Avenue
  West Des Moines, Iowa					50266
  
  Registrant's telephone number, including area code
  
  (515) 225-5400
  
  (Former name or former address, if changed since last report.)    N/A
  
  
  
  
  
  
  
  
  
  
  
  Item 5.  Other Events.
  
   	On December 8, 1997, FBL Financial Group, Inc. (the 
  "Company") announced the formation of an alliance with American 
  Equity Investment Life Holding Company, a privately held 
  insurance holding company, for the development, marketing and 
  administration of variable annuity and variable universal life 
  insurance products.  A subsidiary of the Company will reinsure 
  the variable business written by American Equity.  Also announced 
  was a planned $25,000,000 cash investment in American Equity by 
  the Company.  The press release announcing these matters is 
  included as an exhibit to this Form 8-K.
  
  SIGNATURES
  
  Pursuant to the requirements of the Securities Exchange Act 
  of 1934, the registrant has duly caused this report to be signed 
  on its behalf by the undersigned hereunto duly authorized.
  
  FBL FINANCIAL GROUP, INC.
  (Registrant)
  
  Date: December 11, 1997
  
  
  By:   /s/ James W. Noyce
  James W. Noyce, Chief Financial Officer
  
  
  
  EXHIBITS TO FORM 8-K
  
           99.1	Press Release dated December 8, 1997
                   
  
  EXHIBIT 99.1
  
  FOR IMMEDIATE RELEASE
  MONDAY, DECEMBER 8, 1997
  
  FBL FINANCIAL GROUP, INC. AND AMERICAN EQUITY INVESTMENT LIFE 
  HOLDING COMPANY ANNOUNCE ALLIANCE TO SELL VARIABLE PRODUCTS; 
  INVESTMENT IN AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
  
  West Des Moines, Iowa - FBL Financial Group, Inc. (NYSE: FFG) and 
  American Equity Investment Life Holding Company both of West Des 
  Moines, Iowa today announced a strategic alliance which includes 
  an agreement under which FBL Financial Group will assist American 
  Equity Investment Life Holding Company (American Equity) in the 
  development, marketing and administration of variable annuity and 
  variable universal life insurance products. Under a separate 
  reinsurance arrangement, FBL Financial Group, through its wholly-
  owned subsidiary Farm Bureau Life Insurance Company, will share 
  in the risks, costs and profits of the variable business written 
  by American Equity.
  
  Also announced is a planned $25,000,000 cash investment by FBL 
  Financial Group in common stock of American Equity.  This 
  transaction, which is contingent upon regulatory approval, is 
  expected to take place by December 31, 1997.  A portion of the 
  shares acquired by FBL Financial Group will be placed in a voting 
  trust with the voting trustees being members of management of 
  American Equity.  The voting trust arrangement will allow 
  American Equity's management to maintain control of the Company 
  and will limit FBL Financial Group's power to vote to 20 percent 
  of the Company's voting securities.  FBL Financial Group will 
  name a member to American Equity Investment Life Insurance 
  Company's Board of Directors.
  
  American Equity Investment Life Holding Company is a privately 
  held holding company organized and controlled by David J. Noble, 
  the company's Chairman, President and Treasurer. Mr. Noble is the 
  former Chairman and President of The Statesman Group, Inc.  The 
  holding company wholly owns American Equity Investment Life 
  Insurance Company, an Iowa domiciled insurance company.  American 
  Equity sells a wide array of fixed income annuities and 
  traditional life insurance products in 31 states and the District 
  of Columbia through approximately 3,700 agents.  American Equity 
  began selling annuity products in 1997 and during the eleven 
  month period ended November 30, 1997, annuity premiums collected 
  totaled $128,500,000.
  
  
  The companies have signed a letter of intent to jointly design 
  and develop certain variable annuity and variable life insurance 
  products to be marketed exclusively by American Equity.  American 
  Equity will develop and expand its agency and brokerage force for 
  the marketing and distribution of the variable products and FBL 
  Financial Group will assist American Equity with the formation of 
  a registered broker/dealer to facilitate the marketing efforts.  
  FBL Financial Group will also provide the administrative support 
  and systems resources to manage and administer the variable 
  business sold by American Equity. Costs incurred by FBL Financial 
  Group to administer these variable products will be allocated to 
  American Equity.  It is anticipated variable products will be 
  available for sale by American Equity no later than June 1998.
  
  Noble stated, "American Equity views the strategic alliance with 
  FBL as a major unique event that will benefit both groups as they 
  take advantage of a very dynamic and exciting opportunity for the 
  future.  American Equity's initial Business Plan contemplated 
  marketing variable insurance products during 1998.  The success 
  of our marketing efforts of fixed annuities which have exceeded 
  $25,000,000 for each of the months of October and November 
  mandates our continuing efforts in the fixed annuity arena, while 
  at the same time continuing to follow our planned program for 
  variable products."
  
  Tom Gibson, Chief Executive Officer of FBL Financial Group 
  stated, "We believe the investment in and alliance with American 
  Equity will provide FBL Financial Group with a significant source 
  of revenues and profits over the long term.  American Equity has 
  a solid business plan and a proven ability to develop, market and 
  distribute annuity products.  By combining our expertise in 
  variable products with American Equity's marketing force, we 
  expect to generate a significant level of variable annuity and 
  variable life insurance business."
  
  Gibson added, "The alliance will also help our bottom line by 
  expanding the volume of business over which we spread our fixed 
  costs.  We expect this deal will be additive to earnings 
  beginning in 1999."
  
  The statements in this release concerning the outlook on American 
  Equity's growth opportunities and potential for profitability and 
  related potential impact on the earnings of FBL Financial Group, 
  Inc. are forward-looking statements that involve certain risks 
  and uncertainties, including the acceptance of American Equity's 
  current and future products by customers and agents, and the 
  success of American Equity's marketing efforts.  These forward-
  looking statements are based on assumptions which American Equity 
  and FBL Financial Group believe to be reasonable.  No assurance 
  can be given that the assumptions will prove to be correct, and 
  the difference between assumptions and actual results could be 
  material.
  
  FBL Financial Group is a holding company whose primary operating 
  subsidiaries include Farm Bureau Life Insurance Company, Western 
  Farm Bureau Life Insurance Company and Utah Farm Bureau Insurance 
  Company.  It underwrites, markets and distributes life insurance, 
  annuities, property-casualty insurance and mutual funds to 
  individuals and small businesses in 15 Midwestern and Western 
  states, including approximately 700,000 Farm Bureau member 
  families, through an exclusive agency force.
  
  ###
  
  
  Page 5
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metadata_filer: {"company-data": {"conformed-name": "FBL FINANCIAL GROUP INC", "cik": "0001012771", "assigned-sic": "6311", "irs-number": "421411715", "state-of-incorporation": "IA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-11917", "film-number": "97736485"}, "business-address": {"street1": "5400 UNIVERSITY AVE", "city": "WEST DES MOINES", "state": "IA", "zip": "50266", "phone": "5152255400"}}
text: SECURITIES AND EXCHANGE COMMISSION
  
  Washington, D.C. 20549
  FORM 8-K
  
  CURRENT REPORT
  
  	Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  
  Date of Report (Date of earliest event reported)
  
  December 8, 1997
  
  (Exact name of registrant as specified in its charter)
  
  FBL Financial Group, Inc.  
  
  (State or other jurisdiction of incorporation)
  
  (Commission File Number)
  
  (IRS Employer Identification No.)
  
  Iowa
  
  1-11917
  
  42-1411715
  
  (Address of Principal executive offices)			(Zip Code)
  
  5400 University Avenue
  West Des Moines, Iowa					50266
  
  Registrant's telephone number, including area code
  
  (515) 225-5400
  
  (Former name or former address, if changed since last report.)    N/A
  
  Item 5.  Other Events.
  
   	On December 8, 1997, FBL Financial Group, Inc. (the 
  "Company") announced the formation of an alliance with American 
  Equity Investment Life Holding Company, a privately held 
  insurance holding company, for the development, marketing and 
  administration of variable annuity and variable universal life 
  insurance products.  A subsidiary of the Company will reinsure 
  the variable business written by American Equity.  Also announced 
  was a planned $25,000,000 cash investment in American Equity by 
  the Company.  The press release announcing these matters is 
  included as an exhibit to this Form 8-K.
  
  SIGNATURES
  
  Pursuant to the requirements of the Securities Exchange Act 
  of 1934, the registrant has duly caused this report to be signed 
  on its behalf by the undersigned hereunto duly authorized.
  
  FBL FINANCIAL GROUP, INC.
  (Registrant)
  
  Date: December 11, 1997
  
  By:   /s/ James W. Noyce
  James W. Noyce, Chief Financial Officer
  
  EXHIBITS TO FORM 8-K
  
           99.1	Press Release dated December 8, 1997
                   
  
  EXHIBIT 99.1
  
  FOR IMMEDIATE RELEASE
  MONDAY, DECEMBER 8, 1997
  
  FBL FINANCIAL GROUP, INC. AND AMERICAN EQUITY INVESTMENT LIFE 
  HOLDING COMPANY ANNOUNCE ALLIANCE TO SELL VARIABLE PRODUCTS; 
  INVESTMENT IN AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
  
  West Des Moines, Iowa - FBL Financial Group, Inc. (NYSE: FFG) and 
  American Equity Investment Life Holding Company both of West Des 
  Moines, Iowa today announced a strategic alliance which includes 
  an agreement under which FBL Financial Group will assist American 
  Equity Investment Life Holding Company (American Equity) in the 
  development, marketing and administration of variable annuity and 
  variable universal life insurance products. Under a separate 
  reinsurance arrangement, FBL Financial Group, through its wholly-
  owned subsidiary Farm Bureau Life Insurance Company, will share 
  in the risks, costs and profits of the variable business written 
  by American Equity.
  
  Also announced is a planned $25,000,000 cash investment by FBL 
  Financial Group in common stock of American Equity.  This 
  transaction, which is contingent upon regulatory approval, is 
  expected to take place by December 31, 1997.  A portion of the 
  shares acquired by FBL Financial Group will be placed in a voting 
  trust with the voting trustees being members of management of 
  American Equity.  The voting trust arrangement will allow 
  American Equity's management to maintain control of the Company 
  and will limit FBL Financial Group's power to vote to 20 percent 
  of the Company's voting securities.  FBL Financial Group will 
  name a member to American Equity Investment Life Insurance 
  Company's Board of Directors.
  
  American Equity Investment Life Holding Company is a privately 
  held holding company organized and controlled by David J. Noble, 
  the company's Chairman, President and Treasurer. Mr. Noble is the 
  former Chairman and President of The Statesman Group, Inc.  The 
  holding company wholly owns American Equity Investment Life 
  Insurance Company, an Iowa domiciled insurance company.  American 
  Equity sells a wide array of fixed income annuities and 
  traditional life insurance products in 31 states and the District 
  of Columbia through approximately 3,700 agents.  American Equity 
  began selling annuity products in 1997 and during the eleven 
  month period ended November 30, 1997, annuity premiums collected 
  totaled $128,500,000.
  
  The companies have signed a letter of intent to jointly design 
  and develop certain variable annuity and variable life insurance 
  products to be marketed exclusively by American Equity.  American 
  Equity will develop and expand its agency and brokerage force for 
  the marketing and distribution of the variable products and FBL 
  Financial Group will assist American Equity with the formation of 
  a registered broker/dealer to facilitate the marketing efforts.  
  FBL Financial Group will also provide the administrative support 
  and systems resources to manage and administer the variable 
  business sold by American Equity. Costs incurred by FBL Financial 
  Group to administer these variable products will be allocated to 
  American Equity.  It is anticipated variable products will be 
  available for sale by American Equity no later than June 1998.
  
  Noble stated, "American Equity views the strategic alliance with 
  FBL as a major unique event that will benefit both groups as they 
  take advantage of a very dynamic and exciting opportunity for the 
  future.  American Equity's initial Business Plan contemplated 
  marketing variable insurance products during 1998.  The success 
  of our marketing efforts of fixed annuities which have exceeded 
  $25,000,000 for each of the months of October and November 
  mandates our continuing efforts in the fixed annuity arena, while 
  at the same time continuing to follow our planned program for 
  variable products."
  
  Tom Gibson, Chief Executive Officer of FBL Financial Group 
  stated, "We believe the investment in and alliance with American 
  Equity will provide FBL Financial Group with a significant source 
  of revenues and profits over the long term.  American Equity has 
  a solid business plan and a proven ability to develop, market and 
  distribute annuity products.  By combining our expertise in 
  variable products with American Equity's marketing force, we 
  expect to generate a significant level of variable annuity and 
  variable life insurance business."
  
  Gibson added, "The alliance will also help our bottom line by 
  expanding the volume of business over which we spread our fixed 
  costs.  We expect this deal will be additive to earnings 
  beginning in 1999."
  
  The statements in this release concerning the outlook on American 
  Equity's growth opportunities and potential for profitability and 
  related potential impact on the earnings of FBL Financial Group, 
  Inc. are forward-looking statements that involve certain risks 
  and uncertainties, including the acceptance of American Equity's 
  current and future products by customers and agents, and the 
  success of American Equity's marketing efforts.  These forward-
  looking statements are based on assumptions which American Equity 
  and FBL Financial Group believe to be reasonable.  No assurance 
  can be given that the assumptions will prove to be correct, and 
  the difference between assumptions and actual results could be 
  material.
  
  FBL Financial Group is a holding company whose primary operating 
  subsidiaries include Farm Bureau Life Insurance Company, Western 
  Farm Bureau Life Insurance Company and Utah Farm Bureau Insurance 
  Company.  It underwrites, markets and distributes life insurance, 
  annuities, property-casualty insurance and mutual funds to 
  individuals and small businesses in 15 Midwestern and Western 
  states, including approximately 700,000 Farm Bureau member 
  families, through an exclusive agency force.
  
  ###
  
  Page 5