FBL Financial Group
| Company type | Public (formerly) |
|---|---|
| Industry | Financial services |
| Founded | 1939 |
| Headquarters | West Des Moines, Iowa , United States |
Key people | Daniel D. Pitcher (CEO) |
| Products | Life insurance, annuities, property-casualty insurance administration |
FBL Financial Group, Inc. operates as a holding company in the financial services sector, with its headquarters located in West Des Moines, Iowa. It is publicly traded on the New York Stock Exchange under the ticker symbol FFG.
The company’s primary operating subsidiary, Farm Bureau Life Insurance Company, offers a variety of life insurance policies and annuities to both individual and commercial clients. These offerings are mainly distributed through dedicated multiline agents affiliated with the Farm Bureau, operating under the Farm Bureau Financial Services brand. Additionally, FBL administers two property-casualty insurance firms associated with Farm Bureau on a fee-for-service basis.
History
FBL Financial Group traces its roots back to the Great Depression, when the Iowa division of the Farm Bureau launched Farm Bureau Mutual Insurance Company in 1939 to serve farmers' insurance needs.
The entity now known as Farm Bureau Life Insurance Company was initially established as Iowa Life Insurance Company in 1944 and commenced business activities in 1945.
Over subsequent years, multiple state Farm Bureaus merged their insurance operations into what became FBL.
In July 1996, FBL Financial Group made its initial public offering on the New York Stock Exchange at a split-adjusted price of $8.75 per share.
By 2003, FBL’s subsidiary EquiTrust Life Insurance Company broadened its reach nationally by marketing single premium deferred annuities through independent agents and incorporated indexed annuities into its product line in 2004. EquiTrust Life was divested in 2011 to an affiliate of Guggenheim Partners for $440 million.
FBL created FBL Holdings in 2018 as an independent subsidiary tasked with managing digital assets and securities.
On November 18, 2019, Daniel D. Pitcher assumed the role of CEO, taking over from Jim Brannen.
In 2021, FBL ceased trading publicly after Farm Bureau Property & Casualty Insurance Company (FBPCIC) purchased all outstanding Class A and B shares at $61 per share in cash, thereby consolidating ownership between FBPCIC and the Iowa Farm Bureau Federation.
States served
- Iowa (since 1939)
- Nebraska (since 1951)
- Minnesota (since 1954)
- Utah (merged in 1984)
- South Dakota (merged in 1987)
- Wisconsin (merged in 1994)
- Arizona, Idaho, Montana, New Mexico, Oklahoma, North Dakota, Wyoming (merged with Western Farm Bureau Life in 1994)
- Kansas (merged in 2001)