FMG

What FMG does

FMG (legal name FMG Insurance Limited) is a New Zealand-registered mutual insurance company founded in 1905, 100% owned by its rural members and headquartered in Palmerston North. It is the leading rural insurer in New Zealand, serving more than 70,000 members through a distribution model that combines 30 regional offices across both the North and South Islands, a national phone-based advice line, an in-person and on-farm adviser network, and the FMG Connect online self-service portal. Its product portfolio covers home, vehicle, farm buildings, farm contents, livestock, crops, business interruption, commercial liability, lifestyle block, equine, and life and health insurance, with life and health products underwritten by Fidelity Life, AIA, Resolution Life and Southern Cross and travel insurance distributed through Cover-More.

The underlying technology stack is anchored by FMG Connect, an online portal that handles policy management, claims submission (including fast-track claims for windscreens, electronics under $5,000, hearing aids, glasses and house glass), premium payments and statement access. Supporting infrastructure includes payment integration with rural co-operative Farmlands and an FMG Post newsletter and advice hub covering dairy, sheep and beef, on-farm, lifestyle block, business, regional and disaster topics. The company also operates a client research panel (250 members surveyed monthly by NielsenIQ and Infield International) and a content library of 252+ articles.

FMG is a mutual, meaning there are no external shareholders and 100% of profits are reinvested into the business, supporting premium reductions (approximately $35 million returned between mid-2024 and mid-2025). Revenue is generated primarily through recurring insurance premiums across P&C lines plus commissions on distributed life and health and travel products. The company is B Corp certified (the first B Corp general insurer in New Zealand), holds the Consumer NZ People's Choice Award for nine consecutive years, and won the 2023 ANZIIF General Insurance Company of the Year award. In early 2026 FMG appointed a new CEO (Dave Christensen), Chief Product and Strategy Officer and Chief Information Officer, and acquired Testimonial iQ (rebranded FMG Testimonials), extending into digital marketing tools for financial advisors beyond its traditional rural NZ base.

Name

FMG

Legal name

FMG Insurance Limited

Website

https://fmg.co.nz

Company type

Private

Founded year

1905

Operating status

Operating

Headcount range

501–1,000 employees

Short description

FMG is a 1905-founded mutual insurer providing property, vehicle, livestock, liability, lifestyle block and life and health cover to over 70,000 rural members across New Zealand through 30 regional offices, an adviser network and the FMG Connect digital portal.

Ownership category

akta.pro rank

Headquarters

HQ city

Wellington

HQ country

New Zealand

HQ region

Oceania

Offices30 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Property and Casualty Insurance Premiums: FMG collects insurance premiums across a comprehensive range of property, vehicle, livestock, liability, and business insurance products. Premiums are the primary revenue source. As a mutual, 100% of profits are reinvested into the business.
2. Life & Health Insurance Distribution: FMG acts as a distributor for life and health insurance products underwritten and administered by Fidelity Life, AIA, Resolution Life, and Southern Cross. FMG advisers earn commission on these products.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

FMG provides specialized general insurance products to rural New Zealanders, including farm, home, vehicle, livestock, business, lifestyle block, equine, and life and health cover. The company sells directly to members through a 30-office regional network, an advice line, and the FMG Connect digital portal. As a mutual, FMG is owned by its rural members and reinvests all profits into the business.

Differentiator

Problem solved

Functional benefit

Brands

• FMG Connect: Online service platform for managing insurance policies, making claims, viewing statements, and managing payments.

Products and services

• Home, Car & Contents Insurance
• Lifestyle Block Insurance
• Business Insurance
• Horticulture & Viticulture Insurance
• Dairy Farmers Insurance
• Arable Farmers Insurance
• Sheep & Beef Farmers Insurance
• Horse Insurance
• Life & Health Insurance
• Travel Insurance
• FMG Connect
• FMG Testimonials

Quantifiable outcome

• Over 1,000 families impacted by theft and burglary supported annually
• +4 more outcomes

Named customers7 records

Segments8 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature1 record

Partnerships

16 partnerships are on record, tiered core and minor.

• Federated FarmerscoreStrategic or Co-development PartnerLike FMG, Federated Farmers exists to give rural New Zealanders a better deal and has been doing so for over a century. Federated Farmers is New Zealand's leading advocacy organisation for the farming industry, representing members at national level through lobbying and providing useful tools and resources at local level.
• FarmlandscoreChannel Partner/ Reseller/ DistributorFMG has proudly partnered with Farmlands for over 50 years to support rural communities. Farmlands shareholders can pay their FMG insurance premiums through their Farmlands account, enjoying the convenience of one consolidated statement. Farmlands is one of New Zealand's largest co-operatives.
• Melanoma New ZealandcoreStrategic or Co-development PartnerFMG has partnered with Melanoma New Zealand to promote education to rural New Zealand to stay safe outdoors and prevent melanoma. Together they run the FMG Spot Check Roadie - a mobile skin check van visiting rural locations across New Zealand offering free spot checks and life-saving information.
• New Zealand PolicecoreStrategic or Co-development PartnerFMG partnered with New Zealand Police to bring simple, effective tips and information to help safeguard rural property and families from rural crime. FMG supports over 1,000 families impacted by theft and burglary each year, with rural crime on the rise.
• Tararua Breeding CentreminorStrategic or Co-development PartnerFMG partnered with Tararua Breeding Centre to analyse three years of bull claims data across the 16,000 bulls FMG has insured since 2018, to develop advice on steps to keep animals healthy and fit for purpose.
• FernminorStrategic or Co-development PartnerFern delivers reliable fuel products tailored for agricultural life. Both organisations share a commitment to empowering farmers, growers, and rural communities through tailored solutions and trusted service. United by shared ethos of community, resilience, and local expertise.
• Fidelity LifecoreOthersFMG's risk plans for life and health insurance are underwritten and administered by Fidelity Life. FMG acts as a distributor of these products through its adviser network.
• AIAcoreOthersFMG's risk plans for life and health insurance are underwritten and administered by AIA. FMG acts as a distributor of these products through its adviser network.
• Resolution LifecoreOthersFMG's risk plans for life and health insurance are underwritten and administered by Resolution Life. FMG acts as a distributor of these products through its adviser network.
• Southern CrosscoreOthersFMG's risk plans for life and health insurance are underwritten and administered by Southern Cross. FMG acts as a distributor of these products through its adviser network.
• Irrigation NZminorStrategic or Co-development PartnerFMG teamed up with Irrigation NZ to create advice to reduce risks, avoid losses and minimise disruptions for irrigators in rural New Zealand. Irrigation contributes billions of dollars to the country's economy.
• Auckland Emergency ManagementminorStrategic or Co-development PartnerFMG worked with Auckland Emergency Management, Fire and Emergency NZ and MPI to help lifestyle block owners and residents prepare for, get through, and recover from emergencies.
• Fire and Emergency New ZealandminorStrategic or Co-development PartnerFMG worked with Auckland Emergency Management, Fire and Emergency NZ and MPI to help lifestyle block owners prepare for and recover from emergencies.
• Mental Health FoundationcoreStrategic or Co-development PartnerFarmstrong was established by FMG in partnership with the Mental Health Foundation, with the support of Movember Foundation. Farmstrong promotes wellbeing for farmers and growers across New Zealand.
• ACCcoreStrategic or Co-development PartnerACC joined Farmstrong as a strategic partner. Farmstrong was launched in 2015 with the core belief that farmers and growers are the most important asset on the farm.
• Movember FoundationminorStrategic or Co-development PartnerFarmstrong was established by FMG with the support of Movember Foundation, in partnership with the Mental Health Foundation. Movember provided initial funding support for the farmer wellbeing programme.

Scale indicators11 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Vero Insurance New Zealand: New Zealand general insurance carrier owned by Suncorp; offers personal and commercial P&C lines including some rural products, positioning it as a broad incumbent that overlaps with FMG's diversified book.
• IAG New Zealand: Largest general insurer in New Zealand and the dominant market incumbent; offers overlapping P&C products across personal and commercial lines including rural segments, but does not specialise exclusively in rural insurance the way FMG does.
• AA Insurance: Major New Zealand direct insurer focused on home, car and contents; competes with FMG's home/car/contents book and is a strong urban/suburban brand, though it lacks FMG's rural specialisation.
• Tower Insurance: Listed New Zealand general insurer providing home, car, contents and small business cover; competes in overlapping personal and small commercial segments with FMG and is a publicly traded alternative to a mutual structure.
• State Insurance: New Zealand general insurer owned by IAG; provides home, car and contents cover and competes head-to-head with FMG in the personal lines segments of its book.
• NZI (part of IAG): New Zealand commercial and rural insurance brand owned by IAG; overlaps directly with FMG's rural and business insurance segments and is one of its most direct large competitors.
• Ando Insurance: New Zealand direct-to-consumer insurance brand offering home, car and life cover; competes in overlapping personal lines and represents the digital-first alternative to FMG's adviser-led rural model.

Direct peers

• NFU Mutual: UK-based mutual insurer serving the farming and rural community with a specialist adviser network; the closest international analogue to FMG given the mutual model, rural focus, and adviser-led distribution.
• Farm Bureau Financial Group: US-based insurance and financial services provider affiliated with Farm Bureau, focused on rural and agricultural customers; comparable in its mutual/cooperative roots and dedicated rural distribution.

Regional players

• WFI Insurance: Australian rural and farm insurance specialist owned by Allianz; offers farm, crop, livestock and motor cover via regional advisers and is a trans-Tasman rural insurance peer, though it does not directly compete in New Zealand.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/FarmersMutualGroup

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FMG