Exhibit 12.2
FBL Financial Group, Inc.
Exhibit 12.2 – Statement Re: Computation of Ratios
Ratio of Earnings to Fixed Charges Excluding Interest Credited and Amortization
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| For the nine |
| For the year ended December 31, |
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| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
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| (Dollars in thousands) |
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Earnings |
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Pre-tax income (loss) from continuing operations |
| $ | 56,945 |
| $ | (31,878 | ) | $ | 125,806 |
| $ | 133,488 |
| $ | 108,563 |
| $ | 92,492 |
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Less: Minority interest |
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| 125 |
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| 71 |
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| 49 |
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| (126 | ) |
| (159 | ) |
| (105 | ) |
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Add: Distributed income from equity investees |
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| 248 |
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| 337 |
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| 438 |
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| 2,021 |
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| 1,107 |
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| 2,035 |
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| 57,318 |
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| (31,470 | ) |
| 126,293 |
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| 135,383 |
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| 109,511 |
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| 94,422 |
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Fixed charges |
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| 20,398 |
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| 20,801 |
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| 17,923 |
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| 12,931 |
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| 15,813 |
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| 13,660 |
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Less: Capitalized bonus interest |
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| — |
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| — |
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| — |
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| — |
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| — |
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| — |
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Less: Tax gross up on preferred stock |
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| — |
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| — |
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| — |
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| — |
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| (805 | ) |
| (766 | ) |
Add: Amortization of capitalized interest |
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| — |
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| — |
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| — |
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| — |
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| — |
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| — |
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Total earnings |
| $ | 77,716 |
| $ | (10,669 | ) | $ | 144,216 |
| $ | 148,314 |
| $ | 124,519 |
| $ | 107,316 |
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Fixed charges |
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Interest credited to contract holders |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
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Capitalized bonus interest credited to contract holders |
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| — |
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| — |
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| — |
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| — |
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| — |
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| — |
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Interest expense on debt |
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| 19,164 |
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| 19,567 |
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| 16,666 |
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| 11,744 |
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| 13,590 |
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| 11,397 |
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Tax gross up on preferred stock |
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| — |
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| — |
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| — |
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| — |
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| 805 |
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| 766 |
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Estimate of interest within rent expense |
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| 1,234 |
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| 1,234 |
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| 1,257 |
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| 1,187 |
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| 1,418 |
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| 1,497 |
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Total fixed charges |
| $ | 20,398 |
| $ | 20,801 |
| $ | 17,923 |
| $ | 12,931 |
| $ | 15,813 |
| $ | 13,660 |
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Ratio of earnings to fixed charges |
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| 3.81 |
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| (0.51 | ) |
| 8.05 |
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| 11.47 |
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| 7.87 |
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| 7.86 |
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Ratio of earnings to fixed charges and preferred stock dividends |
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| 3.79 |
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| (0.51 | ) |
| 7.98 |
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| 11.34 |
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| 7.80 |
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| 7.77 |
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Earnings deficiency |
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| — |
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| (31,470 | ) |
| — |
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| — |
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| — |
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| — |
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