Conception and begotten refer to begettal, not being born.
Of his own will begat he us with the word of truth that we should be a kind of firstfruits of his creatures. (James 1:18 KJV)
For as in Adam all die, even so in Christ shall all be made alive. But every man in his own order: Christ the firstfruits afterward they that are Christ's at his coming. (1 Corinthians 15:22-23 KJV)
We are begotten of the Spirit but not yet born.
