American financial services company
FBL Financial Group |
| Company type | Private |
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| Industry | Life insurance, Annuities, Settlement options |
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| Founder | Farm Bureau |
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| Headquarters | , United States |
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Number of locations | Arizona, Idaho, Iowa, Kansas, Minnesota, Montana, Nebraska, New Mexico, North Dakota, Oklahoma, South Dakota, Utah, Wisconsin, Wyoming |
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Key people | Craig D. Hill (Chairman), Daniel D. Pitcher (CEO), |
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| Products | Farm Bureau Financial Services, Farm Bureau Property & Casualty Insurance Company |
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| Revenue | USD $719,64 million (2018) [1] |
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| USD $105,89 million (2018)[2] |
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| USD $93,79 million (2018)[2] |
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| Total assets | USD $9,833 billion (2018)[1] |
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| Total equity | USD $1,184 billion (2018)[1] |
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Number of employees | 5,600 |
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| Subsidiaries | Farm Bureau Life Insurance Company and FBL Holdings |
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| Website | fblfinancial.com |
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FBL Financial Group, Inc. is a financial services holding company, headquartered in West Des Moines, Iowa, and traded on the New York Stock Exchange under the symbol FFG.
Its primary operating subsidiary, Farm Bureau Life Insurance Company, underwrites and markets a broad range of life insurance and annuities to individuals and businesses. These products are distributed by multiline exclusive Farm Bureau agents, principally under the consumer brand name Farm Bureau Financial Services. In addition, FBL manages all aspects of two Farm Bureau-affiliated property-casualty insurance companies for a fee.
History
The company traces its history to the Great Depression in the 1930s, when the Iowa chapter of the Farm Bureau established Farm Bureau Mutual Insurance Company in 1939 to sell insurance to farmers.[3]
Farm Bureau Life Insurance Company was founded as Iowa Life Insurance Company on October 30, 1944, and opened for business in 1945.[citation needed]
Over the years, various state Farm Bureaus merged their insurance company operations into the company.
In July 1996, FBL Financial Group was listed on the New York Stock Exchange at a split-adjusted initial public offering price of $8.75.[citation needed]
In 2003, one of FBL's primary operating subsidiaries, EquiTrust Life Insurance Company, began selling single premium deferred annuity products nationally through independent marketing companies. The following year, it began selling indexed annuity products. In 2011, FBL sold EquiTrust Life to a controlled affiliate of Guggenheim Partners.[4]
In 2018, FBL Financial Group incorporated FBL Holdings as a standalone subsidiary, a diversified asset fund that specializes in digital assets management and securities.
On November 18, 2019, FBL appointed Daniel D. Pitcher CEO to replace Jim Brannen.[5]
FBL's quarter-century as a publicly traded company ended in 2021, when Farm Bureau Property & Casualty Insurance Company (FBPCIC) bought all the Class A and Class B common stock that neither FBPCIC nor the Iowa Farm Bureau Federation already owned. On May 25, 2021, FBPCIC announced that it had bought up the remaining shares for $61 apiece in cash.[6]
