FBL Financial Group

FBL Financial Group, Inc. was an Iowa-based financial-services holding company associated with the Farm Bureau insurance system. Headquartered in West Des Moines, the company served as the corporate parent of Farm Bureau Life Insurance Company and managed insurance-related operations connected with Farm Bureau organizations. Its principal insurance business underwrote and marketed life insurance and annuity products to individuals and businesses, primarily through multiline exclusive Farm Bureau agents using the consumer-facing Farm Bureau Financial Services identity. The company’s roots extended to the insurance activities established by the Iowa chapter of the Farm Bureau during the Great Depression. In 1939, the Iowa Farm Bureau established Farm Bureau Mutual Insurance Company to provide insurance for farmers. Farm Bureau Life Insurance Company originated as Iowa Life Insurance Company, incorporated on October 30, 1944, and beginning operations in 1945. Over subsequent decades, insurance operations associated with several state Farm Bureaus were combined or integrated into the organization. The resulting business eventually operated across a broad group of Midwestern and Western states, including Iowa, Nebraska, Minnesota, Utah, South Dakota, Wisconsin, Arizona, Idaho, Montana, New Mexico, Oklahoma, North Dakota, Wyoming, and Kansas. FBL became a publicly traded company in July 1996, when its shares were listed on the New York Stock Exchange under the symbol FFG. The public company expanded beyond its traditional Farm Bureau distribution base through EquiTrust Life Insurance Company. Beginning in 2003, EquiTrust sold single-premium deferred annuities nationwide through independent marketing organizations, and it added indexed annuity products in 2004. FBL sold EquiTrust Life in 2011 to a controlled affiliate of Guggenheim Partners, reducing its direct exposure to that separate annuity platform. The company continued to organize and manage insurance-related assets during the 2010s. In 2018, it incorporated FBL Holdings as a standalone subsidiary described as a diversified asset fund specializing in digital-asset management and securities. On November 18, 2019, Daniel D. Pitcher became chief executive officer, succeeding Jim Brannen. FBL’s status as an independent public company ended in 2021. Farm Bureau Property & Casualty Insurance Company acquired the Class A and Class B common stock that it and the Iowa Farm Bureau Federation did not already own. On May 25, 2021, the buyer announced that it had purchased the remaining shares for $61 per share in cash. Following the transaction, FBL Financial Group ceased to operate as a separately traded public company. Its history remains closely connected with the Farm Bureau insurance network, especially Farm Bureau Life Insurance Company and the Farm Bureau Financial Services distribution brand.

FBL Financial Group developed from Farm Bureau insurance initiatives created in Iowa during the Great Depression. In 1939, the Iowa chapter of the Farm Bureau established Farm Bureau Mutual Insurance Company to sell insurance to farmers. A related life-insurance operation was incorporated as Iowa Life Insurance Company on October 30, 1944, and began business in 1945. Through later combinations and mergers involving state Farm Bureau insurance operations, the organization expanded its geographic reach and product capabilities. The company’s insurance network eventually served Iowa, Nebraska, Minnesota, Utah, South Dakota, Wisconsin, Arizona, Idaho, Montana, New Mexico, Oklahoma, North Dakota, Wyoming, and Kansas. Some of these markets were added through mergers, including combinations involving Western Farm Bureau Life. The business model centered on Farm Bureau-affiliated distribution, with multiline exclusive agents marketing life insurance and annuities under the Farm Bureau Financial Services name. FBL Financial Group became publicly traded on the New York Stock Exchange in July 1996. Its shares traded under the symbol FFG, with a split-adjusted initial public offering price of $8.75. During the early 2000s, the organization broadened its annuity business through EquiTrust Life Insurance Company. EquiTrust began nationwide sales of single-premium deferred annuities through independent marketing companies in 2003 and added indexed annuities in 2004. FBL sold EquiTrust Life in 2011 to a controlled affiliate of Guggenheim Partners. In 2018, FBL incorporated FBL Holdings as a standalone subsidiary described as a diversified asset fund specializing in digital-asset management and securities. The parent company also continued managing aspects of two Farm Bureau-affiliated property-and-casualty insurers for a fee. Leadership changed in November 2019, when Daniel D. Pitcher succeeded Jim Brannen as CEO. The company’s public-market history ended in 2021. Farm Bureau Property & Casualty Insurance Company acquired the Class A and Class B common stock that it and the Iowa Farm Bureau Federation did not already hold. The buyer announced on May 25, 2021, that it had purchased the remaining shares at $61 per share in cash. This transaction ended FBL Financial Group’s quarter-century as a separately traded public company and brought the company under the ownership of the Farm Bureau insurance system.

1. 2021Public-company status ends

   Farm Bureau Property & Casualty Insurance Company acquired the remaining public shares for $61 per share in cash, taking FBL Financial Group private.

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2. 2018FBL Holdings incorporated

   FBL incorporated FBL Holdings as a standalone subsidiary focused on diversified asset management and securities, including digital assets.

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3. 2011EquiTrust Life sold

   FBL sold EquiTrust Life Insurance Company to a controlled affiliate of Guggenheim Partners.

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4. 2004EquiTrust adds indexed annuities

   EquiTrust expanded its annuity range by beginning sales of indexed annuity products.

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5. 2003EquiTrust begins nationwide deferred-annuity sales

   EquiTrust Life Insurance Company began selling single-premium deferred annuities nationwide through independent marketing companies.

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6. 1996FBL listed on the New York Stock Exchange

   FBL Financial Group completed its public listing on the NYSE under ticker FFG at a split-adjusted IPO price of $8.75.

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7. 1945Life-insurance operations begin

   The Iowa Life Insurance Company opened for business.

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8. 1944Iowa Life Insurance Company incorporated

   Iowa Life Insurance Company, the predecessor of Farm Bureau Life Insurance Company, was incorporated on October 30.

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9. 1939Farm Bureau Mutual Insurance Company established

   The Iowa Farm Bureau established Farm Bureau Mutual Insurance Company to provide insurance to farmers.

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A Farm Bureau-affiliated insurance and financial-services organization emphasizing life insurance, annuities, local agent distribution, and service to individuals, families, farmers, and businesses in the United States.

• Life insuranceLife insurance1945

  Life insurance was the core offering of Farm Bureau Life Insurance Company, FBL’s primary operating subsidiary. Products were underwritten and marketed to individuals and businesses through multiline exclusive Farm Bureau agents. The offering formed the central insurance relationship around which the Farm Bureau Financial Services distribution model was built.

• AnnuitiesRetirement and savings products2003

  FBL’s affiliated insurance operations marketed annuities alongside life insurance. Through EquiTrust Life Insurance Company, the group sold single-premium deferred annuities nationally beginning in 2003 and indexed annuities beginning in 2004. EquiTrust was later sold in 2011, separating that business from FBL.

• Property-and-casualty insurance management servicesInsurance services

  FBL managed all aspects of two Farm Bureau-affiliated property-and-casualty insurance companies for a fee. This was a management and operating-services activity rather than a direct description of the group’s principal life-insurance underwriting business.

• 2021Acquisition of remaining FBL Financial Group sharesM&A

  Farm Bureau Property & Casualty Insurance Company and the Iowa Farm Bureau Federation already held part of FBL’s common stock and sought to acquire the shares they did not own.

  What changed. Farm Bureau Property & Casualty Insurance Company purchased the remaining Class A and Class B common shares for $61 per share in cash.

  Aftermath. FBL Financial Group ceased to be a separately traded public company, ending its NYSE listing and independent public-company status.

  Cash acquisition price per share. $61 per share (May 25, 2021)

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• 2011Sale of EquiTrust Life Insurance CompanyM&A

  FBL owned EquiTrust Life, which had expanded into nationwide annuity distribution through independent marketing companies.

  What changed. FBL sold EquiTrust Life to a controlled affiliate of Guggenheim Partners.

  Aftermath. The transaction removed EquiTrust from FBL’s portfolio and reduced the group’s direct participation in that annuity platform.

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• 2021Farm Bureau Property & Casualty announces acquisition of remaining FBL shares

  Farm Bureau Property & Casualty Insurance Company announced on May 25, 2021, that it had acquired the remaining FBL Financial Group shares for $61 per share in cash, ending FBL’s period as a publicly traded company.

  M&A
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• 2019Daniel D. Pitcher appointed chief executive officer

  FBL Financial Group appointed Daniel D. Pitcher as CEO on November 18, 2019, replacing Jim Brannen.

  Leadership change
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1. FBL Financial Group