Farm Bureau Financial Services

What Farm Bureau Financial Services does

Farm Bureau Financial Services is a multi-line insurance and financial services company operating under publicly traded holding company FBL Financial Group, Inc. (NYSE: FFG). Founded in 1939 in Des Moines, Iowa and headquartered in West Des Moines, the company sells property-casualty, life, health, farm and ranch, business, and Medicare-related insurance, plus wealth management and investment products (annuities, mutual funds, 401(k) plans, IRAs, ETFs). It is the #1 agricultural insurer per 2025 SNL P&C Group data and operates across 14 states (AZ, IA, ID, KS, MN, MT, ND, NE, NM, OK, SD, UT, WI, WY), with property-casualty products available in 8 of those states. The company maintains an A.M. Best A (Excellent) rating for over 75 years.

The business is distributed through a captive network of approximately 4,000 field agents and financial advisors supported by ~1,900 corporate employees. Distribution is hybrid: customers locate agents by zip code, request quotes online, and can self-serve through the customer portal (login.fbfs.com) and the FB Member Benefits mobile app, while agents handle in-person consultations, policy service, and claims. The proprietary Driveology program is a usage-based auto insurance offering that uses a vehicle plug-in device to collect driving data and personalize premiums. Bundling across P&C, life, and wealth management lines is reinforced by cross-product discounts (e.g., Financial Services Discount, One Deductible Advantage, SuperCheck annual coverage review).

Revenue is generated through four primary streams: recurring property-casualty premiums (auto, home, farm, business), recurring life insurance premiums (term, whole, indexed universal life), fee-based managed account and advisory revenue from FBL Wealth Management, LLC, and commissions and fees on investment products distributed through FBL Marketing Services, LLC (Member SIPC). Customer segments span individuals and families (primary), farm and ranch owners (primary, with specialized ag underwriting), small business owners (primary, via BusinessMax policies), and seniors/Medicare beneficiaries. The parent-subsidiary structure includes Farm Bureau Property & Casualty Insurance Company, Western Agricultural Insurance Company, and Farm Bureau Life Insurance Company as core operating insurance subsidiaries, all under Farm Bureau Mutual Holding Company.

Name

Farm Bureau Financial Services

Legal name

FBL Financial Group, Inc.

Website

https://fbfs.com

Company type

Public

Founded year

1939

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Farm Bureau Financial Services is a multi-line insurance and financial services provider operating in 14 U.S. states under publicly traded holding company FBL Financial Group (NYSE: FFG), serving individuals, families, farm and ranch owners, small businesses, and seniors through a 4,000-agent network.

Ownership category

akta.pro rank

Headquarters

HQ city

West Des Moines

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Property-Casualty Insurance Premiums: Collection of insurance premiums from auto, home, farm & ranch, and business insurance policies. Premiums are collected on a recurring basis based on policy terms.
2. Life Insurance Premiums: Collection of premiums for term life, whole life, and indexed universal life insurance products offered by Farm Bureau Life Insurance Company.
3. Wealth Management and Advisory Services: Fee-based managed accounts and advisory services offered through FBL Wealth Management, LLC. Revenue from asset management fees and advisory service fees.
4. Investment Products: Distribution of annuities, mutual funds, IRAs, ETFs, and other investment products through FBL Marketing Services, LLC. Revenue includes commissions and fees on investment products.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Farm Bureau Financial Services is a multi-line insurance and financial services provider offering property-casualty insurance (auto, home, farm & ranch, business, workers' compensation), life and health insurance (term, whole, indexed universal life; Medicare supplements; disability income), and wealth management and investment products (managed accounts, 401(k) plans, annuities, mutual funds, stocks and bonds) through affiliated broker-dealer and RIA subsidiaries. Products are sold and serviced primarily through a captive network of approximately 4,000 local agents and financial advisors across 14 U.S. states.

Product overview

Farm Bureau Financial Services offers a comprehensive insurance and financial services portfolio. The insurance offerings include Auto Insurance (with sub-products Car Insurance, Driveology safe driving program, and roadside assistance), Home & Property Insurance (Homeowners, Renters), Farm & Ranch Insurance (Crop Insurance, Livestock), Life Insurance (Term Life, Whole Life/AllLife, Indexed Universal Life), Business Insurance (BusinessMax commercial policies, Workers' Compensation), and Health Insurance (Health Coverage, Disability Income). The Financial Services division provides Wealth Management (Managed Accounts, 401(k) Plans, Advisory Services), Investments (Annuities, Mutual Funds, Stocks and Bonds, IRAs), and Planning Services (Insurance Planning, Estate Planning). A unique service offering is SuperCheck, an annual coverage review that evaluates policies from any insurer. The company operates as a relationship-focused financial services provider combining personalized local agent service with a full spectrum of insurance and investment products.

Differentiator

Problem solved

Functional benefit

Products and services

• Auto Insurance

Quantifiable outcome

• Named to Forbes' America's Best Insurance Companies 2026 list - 5th consecutive year
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Eight partnerships are on record, tiered core and minor.

• FBL Financial Group, Inc.coreOthersParent holding company of Farm Bureau Financial Services. FBL Financial Group is the publicly-traded parent that owns Farm Bureau Property & Casualty Insurance Company, Western Agricultural Insurance Company, Farm Bureau Life Insurance Company, FBL Marketing Services, LLC, and FBL Wealth Management, LLC. Securities and services offered through FBL Marketing Services, LLC (Member SIPC).
• FBL Marketing Services, LLCcoreOthersBroker-dealer subsidiary offering securities products including mutual funds, annuities, and other investment products. Licensed representative required to discuss securities products. Located at 5400 University Ave., West Des Moines, IA 50266. Member SIPC.
• FBL Wealth Management, LLCcoreOthersRegistered investment adviser subsidiary providing advisory services. Investment adviser representatives must be released by FBL Wealth Management to offer advisory services. Works with FBL Marketing Services for securities product discussions.
• Farm Bureau Property & Casualty Insurance CompanycoreOthersProperty-casualty underwriting company offering auto, home, and farm insurance products. Formerly known as Farm Bureau Mutual Insurance Company (reorganized and renamed in 2010). Available in AZ, IA, KS, MN, NE, NM, SD and UT. One of two property-casualty companies under Farm Bureau Mutual Holding Company.
• Western Agricultural Insurance CompanycoreOthersProperty-casualty insurance company offering specialty products in select states including crop insurance and agricultural coverages. One of two property-casualty companies under Farm Bureau Mutual Holding Company.
• Farm Bureau Life Insurance CompanycoreOthersLife insurance company offering term, whole, and universal life insurance products as well as fixed and indexed annuity products. Began serving Farm Bureau members in 1945. Originally operated as Iowa Life Insurance Company. Available in AZ, IA, ID, KS, MN, MT, ND, NE, NM, OK, SD, UT, WI and WY.
• Farm Bureau Federation OrganizationscoreStrategic or Co-development PartnerRelationships with Farm Bureau federations in the 14 states where services are offered. Supports the Farm Bureau mission to enrich lives of members and strengthen communities. Customers can contact state Farm Bureau organizations if not in the service area.
• SIPC (Securities Investor Protection Corporation)minorOthersSecurities Investor Protection Corporation - provides protection for customer accounts held at FBL Marketing Services, LLC. BrokerCheck verified firm.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Shelter Insurance: Regional mutual insurance carrier offering auto, home, life, and farm coverage through a captive agent network in the Midwest and South, with comparable product scope and distribution approach.
• Erie Insurance: Regional personal and commercial lines insurer distributed primarily through independent agents in the Midwest, Mid-Atlantic, and Southeast, with a comparable product portfolio.
• American Family Insurance: Mutual insurer with strong Midwest roots offering auto, home, life, and farm/rural coverages through local agents, closely overlapping with Farm Bureau's agent-led model and customer base.
• COUNTRY Financial: Regional mutual insurance and financial services company serving farm and rural customers across the Midwest with very similar product mix (auto, home, life, farm, retirement) and a captive agent model.
• Auto-Owners Insurance: Midwest-based mutual insurer selling personal and commercial lines through independent agents, with similar geographic concentration and agent-driven GTM.

Emerging players

• Progressive: National auto insurer with a direct-to-consumer and agent hybrid model and strong usage-based insurance technology (Snapshot), competing with Farm Bureau's Driveology program.

Broad incumbents

• Mutual of Omaha: Mutual insurance and financial services company offering life, Medicare supplement, disability, and retirement products, comparable to Farm Bureau's life and wealth management operations.
• Northwestern Mutual: Large mutual financial services firm offering life insurance, disability income, and wealth management through a financial advisor network, comparable to FBL Wealth Management.
• State Farm: The largest U.S. personal lines insurer, with a massive captive agent network and broad product offering that overlaps with Farm Bureau's auto, home, and life lines nationally.
• Nationwide Mutual Insurance: National mutual insurer providing auto, home, life, farm, and commercial coverage through a large agent network, with a meaningful farm/agriculture specialization.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/fbfs
• Facebookfacebook.com/FarmBureauFinancialServices

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries3 records

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 Farm Bureau Financial Services