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TEXT-S&P affirms Farm Bureau Life Insurance of MI 'Api' rating

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(The following statement was released by the rating agency)Rating ActionOn Sept. 21, 2012, Standard & Poor's Ratings Services affirmed its 'Api'counterparty credit and financial strength ratings on Farm Bureau LifeInsurance Co. of MI (FBL of MI).

Rationale

The rating on FBL of MI is based on the company's strong capital adequacy andstrong operating performance as shown by its statutory pretax return onassets. These strengths are offset by the company's limited geographicpresence, reflected by its single-state concentration.

Based in Lansing, Mich., FBL of MI is an indirect subsidiary of Michigan FarmBureau Group. The company primarily writes ordinary life insurance and annuityproducts, mainly for the agricultural market in Michigan. We rate the companyon a stand-alone basis.

Related Criteria And ResearchRatings Bearing A "pi" Subscript: Methodology And Assumptions, Feb. 9, 2011Ratings ListRatings Affirmed

Farm Bureau Life Insurance Co. of MI

Counterparty Credit RatingFinancial Strength Rating Api

This unsolicited rating(s) was initiated by Standard & Poor's. It may be basedsolely on publicly available information and may or may not involve theparticipation of the issuer. Standard & Poor's has used information fromsources believed to be reliable based on standards established in our CreditRatings Information and Data Policy but does not guarantee the accuracy,adequacy, or completeness of any information used.

Complete ratings information is available to subscribers of RatingsDirect onthe Global Credit Portal at

. All ratings affectedby this rating action can be found on Standard & Poor's public Web site at. Use the Ratings search box located in the leftcolumn.

Primary Credit Analyst: Jon D Reichert, New York (1) 212-438-7234;

jon_reichert@standardandpoors.com

Secondary Contact: Rodney A Clark, FSA, New York (1) 212-438-7245;

rodney_clark@standardandpoors.com

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Time USN User Headline12/10/2012 WNA7 WE S&P AFFIRMS FARM BUREAU LIFE INSURANCE CO.10:32:59 93 SCRIP OF MI 'API' RATING

Rating Action On Sept. 21, 2012, Standard & Poor's Ratings Services affirmed its'Api' counterparty credit and financial strength ratings on Farm Bureau LifeInsurance Co. of MI (FBL of MI). Rationale The rating on FBL of MI is based onthe company's strong capital adequacy and strong operating performance as shownby its statutory pretax return on assets. These strengths are offset by thecompany's limited geographic presence, reflected by its single-stateconcentration. Based in Lansing, Mich., FBL of MI is an indirect subsidiary ofMichigan Farm Bureau Group. The company primarily writes ordinary life insuranceand annuity products, mainly for the agricultural market in Michigan. We ratethe company on a stand-alone basis. Related Criteria And Research RatingsBearing A "pi" Subscript: Methodology And Assumptions, Feb. 9, 2011 Ratings ListRatings Affirmed Farm Bureau Life Insurance Co. of MI Counterparty Credit RatingFinancial Strength Rating Api This unsolicited rating(s) was initiated byStandard & Poor's. It may be based solely on publicly available information andmay or may not involve the participation of the issuer. Standard & Poor's hasused information from sources believed to be reliable based on standardsestablished in our Credit Ratings Information and Data Policy but does notguarantee the accuracy, adequacy, or completeness of any information used.Complete ratings information is available to subscribers of RatingsDirect on theGlobal Credit Portal at

. All ratings affected by thisrating action can be found on Standard & Poor's public Web site at

. Use the Ratings search box located in the left column.Primary Credit Analyst: Jon D Reichert, New York (1) 212-438-7234;jon_reichert@standardandpoors.com Secondary Contact: Rodney A Clark, FSA, NewYork (1) 212-438-7245; rodney_clark@standardandpoors.com No content (includingratings, credit-related analyses and data, model, software, or other applicationor output therefrom) or any part thereof (Content) may be modified, reverseengineered, reproduced, or distributed in any form by any means, or stored in adatabase or retrieval system, without the prior written permission of Standard &Poor's Financial Services LLC or its affiliates (collectively, S&P). The Contentshall not be used for any unlawful or unauthorized purposes. S&P and anythird-party providers, as well as their directors, officers, shareholders,employees, or agents (collectively S&P Parties) do not guarantee the accuracy,completeness, timeliness, or availability of the Content. S&P Parties are notresponsible for any errors or omissions (negligent or otherwise), regardless ofthe cause, for the results obtained from the use of the Content, or for thesecurity or maintenance of any data input by the user. The Content is providedon an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIEDWARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY ORFITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS ORDEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THECONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no eventshall S&P Parties be liable to any party for any direct, indirect, incidental,exemplary, compensatory, punitive, special or consequential damages, costs,expenses, legal fees, or losses (including, without limitation, lost income orlost profits and opportunity costs or losses caused by negligence) in connectionwith any use of the Content even if advised of the possibility of such damages.Credit-related and other analyses, including ratings, and statements in theContent are statements of opinion as of the date they are expressed and notstatements of fact. S&P's opinions, analyses, and rating acknowledgmentdecisions (described below) are not recommendations to purchase, hold, or sellany securities or to make any investment decisions, and do not address thesuitability of any security. S&P assumes no obligation to update the Contentfollowing publication in any form or format. The Content should not be relied onand is not a substitute for the skill, judgment, and experience of the user, itsmanagement, employees, advisors, and/or clients when making investment and otherbusiness decisions. S&P does not act as a fiduciary or an investment advisorexcept where registered as such. While S&P has obtained information from sourcesit believes to be reliable, S&P does not perform an audit and undertakes no dutyof due diligence or independent verification of any information it receives. Tothe extent that regulatory authorities allow a rating agency to acknowledge inone jurisdiction a rating issued in another jurisdiction for certain regulatorypurposes, S&P reserves the right to assign, withdraw, or suspend suchacknowledgement at any time and in its sole discretion. S&P Parties disclaim anyduty whatsoever arising out of the assignment, withdrawal, or suspension of anacknowledgment as well as any liability for any damage alleged to have beensuffered on account thereof. S&P keeps certain activities of its business unitsseparate from each other in order to preserve the independence and objectivityof their respective activities. As a result, certain business units of S&P mayhave information that is not available to other S&P business units. S&P hasestablished policies and procedures to maintain the confidentiality of certainnonpublic information received in connection with each analytical process. S&Pmay receive compensation for its ratings and certain analyses, normally fromissuers or underwriters of securities or from obligors. S&P reserves the rightto disseminate its opinions and analyses. S&P's public ratings and analyses aremade available on its Web sites,

(free of charge), andand

(subscription), and may bedistributed through other means, including via S&P publications and third-partyredistributors. Additional information about our ratings fees is available at

. Any Passwords/user IDs issued by S&P tousers are single user-dedicated and may ONLY be used by the individual to whomthey have been assigned. No sharing of passwords/user IDs and no simultaneousaccess via the same password/user ID is permitted. To reprint, translate, or usethe data or information other than as provided herein, contact Client Services,55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to:research_request@standardandpoors.com. Copyright (c) 2012 by Standard & Poor'sFinancial Services LLC. All rights reserved. In addition to CreditWire, Standard& Poor's also offers RatingsDirect, the online source for real-time, objectivecredit ratings and research; and RatingsXpress, a real-time, customizabledigital feed of credit information. If you are interested in becoming asubscriber and would like more information on Standard & Poor's real-timeinformation products and services, please call: HONG KONG (852) 2533-3500;LONDON (44) 20-7176-7176; MELBOURNE (61) 3-9631-2000; NEW YORK (1) 212-438-7280;PARIS (33) 1-4420-6758 NORMAL RATINGS S&P Affirms Farm Bureau Life Insurance Co.of MI 'Api' Rating yes

(New York Ratings Team)

((e-mail: pam.niimi@thomsonreuters.com; Reuters Messaging:pam.niimi.reuters.com@reuters.net; Tel:1-646-223-6330;))