FBL Financial Group Inc.announced last Friday that it has closed the sale of EquiTrust Life Insurance Co. unit to a controlled affiliate of Guggenheim Partners LLC in an all-cash transaction with initial sale proceeds of $471.4 million.

The final price will be determined once the year-end statutory balance sheet is completed. EquiTrust Life sells fixed and indexed annuities and life insurance nationally through independent agents and marketing organizations.

Guggenheim Partners LLC is a diversified financial services firm with more than $125 billion in assets under management.