The board of directors of FBL Financial Group Inc. announced this morning that James E. Hohmann has been named interim CEO to immediately replace James W. Noyce, who is leaving the company after 24 years of service.

FBL officials did not comment on the reason for the departure of Noyce, who has served as CEO since 2007. However, the insurer has faced significant challenges. FBL recorded a net loss of $18.15 million in 2008, compared with net income of $86.33 million in 2007. In February, A.M. Best Co. cut its financial strength ratings on FBL and two of its subsidiaries, which triggered a 35 percent drop in the company’s share price. FBL stock was trading at $5.80 per share this morning, down from a 52-week high of $34.86.

Hohmann, 53, was most recently president and CEO of Allstate Financial, with responsibility for 15 Allstate affiliates, including Allstate Life Insurance Co., Allstate Bank, Allstate Workplace and Allstate Institutional Markets. Prior to that, he held the same positions with XL Life Insurance and Annuity Co. Hohmann will join FBL immediately, and will lead the organization on an interim basis until a permanent replacement is named.

“We are very pleased Jim Hohmann will be serving as CEO, providing strong leadership during an important transition period in the organization,” said Craig Lang, chairman of FBL’s board of directors, in a press release. “Jim has an extensive background in financial services and insurance. These qualifications and his strong track record as a visionary and strategic leader make him an outstanding choice to lead FBL’s management team and help the organization thrive and meet the challenges of today’s dynamic market conditions.”

Hohmann also worked for nearly 13 years for two business consulting practices: Tillinghast/Towers Perrin, where he was managing principal of the Chicago Life operations, and KPMG Peat Marwick. A fellow of the Society of Actuaries, and a member of the American Academy of Actuaries, Hohmann began his career as a life insurance actuary. Hohmann has a bachelor’s degree in mathematics from Northwestern University, and earned an M.B.A. from the University of Chicago, graduating with high honors.

Noyce leaves FBL after serving as CEO since 2007, and chief financial officer from 1995 to 2007. In addition, Noyce served as executive vice president and general manager of FBL’s property-casualty companies from 2000 to mid-2002, and as chief administrative officer from mid-2002 to 2006. “On behalf of the board of directors, I would like to thank Jim for his integrity, committed leadership and personal dedication to FBL,” Lang said. “Jim is to be commended for his years of service to the company. We wish him well in his future endeavors.”

FBL will announce its first-quarter earnings after the close of market on Thursday, May 7. The first-quarter earnings release and financial supplement will be posted on the FBL Financial Group Web site (www.fblfinancial.com) at that time. FBL will hold a conference call to discuss first-quarter earnings on Friday, May 8, at 10 a.m. Central time.