What FBL Financial Group Inc does

FBL Financial Group, Inc. (FFG) is a privately-held holding company operating under the consumer brand name Farm Bureau Financial Services, headquartered at 5400 University Avenue, West Des Moines, Iowa. The company and its affiliates provide a diversified portfolio of insurance and financial services — life insurance (whole and term), annuities, mutual funds, stocks and bonds, managed accounts, 401(k) plans, advisory services, and financial/estate planning — through multiline exclusive Farm Bureau agents and a wealth management advisor channel. In addition, FBL Financial Group manages all aspects of two Farm Bureau-affiliated property-casualty insurance companies (Farm Bureau Property & Casualty Insurance Company and Western Agricultural Insurance Company) for a management fee, extending its role beyond product distribution into operating-company management. The operating entities include FBL Marketing Services, LLC (securities and brokerage, member SIPC) and FBL Wealth Management, LLC (advisory).

The product surface spans six insurance categories (auto, life, home & property, business, farm & ranch, health) plus wealth management, investments, and planning services, supported by digital channels including the FB Member Benefits mobile app, an online client portal for bill payment, claims tracking, and policy servicing, and the SuperCheck coverage-needs assessment tool. Technology stack and proprietary systems are not publicly disclosed; the company is built around a human-agent-led distribution model rather than automated underwriting or digital advice engines. Fixed life insurance and annuity products are offered to residents in 14 states (AZ, IA, ID, KS, MN, MT, ND, NE, NM, OK, SD, UT, WI, WY) and property-casualty products in 8 states (AZ, IA, KS, MN, NE, NM, SD, UT), all served through the Farm Bureau membership network.

Revenue is generated through five streams: recurring life insurance premiums, accumulated annuity account values and contract fees, securities and brokerage activity through FBL Marketing Services (licensing/transaction economics), advisory fees on managed accounts and 401(k) plans through FBL Wealth Management, and management fees from the two affiliated Farm Bureau property-casualty insurers. The company is a wholly-owned subsidiary of Farm Bureau Property & Casualty Insurance Company (FBPCIC), with the Iowa Farm Bureau Federation as a co-owner via FBPCIC, following FBPCIC's May 25, 2021 take-private acquisition of all outstanding shares at $61.00 per share in cash.

Name

FBL Financial Group Inc

Legal name

FBL Financial Group, Inc.

Website

https://fblfinancial.com

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

FBL Financial Group is a privately-held holding company operating as Farm Bureau Financial Services, providing life insurance, annuities, property-casualty management, wealth management, and investment products through exclusive Farm Bureau agents to individuals, farm/ranch owners, and small businesses across 14 US states.

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, Others

Revenue model

1. Life Insurance Premiums: FBL Financial Group generates revenue through life insurance products including whole life and term life insurance policies, which generate recurring premium payments from policyholders.
2. Annuity Products: Annuity products generate revenue through accumulated account values and fees associated with annuity contracts.
3. Investment Products: Revenue from mutual funds, stocks and bonds, and securities brokerage through FBL Marketing Services, LLC.
4. Wealth Management and Advisory Services: Managed accounts, 401(k) plans, and advisory services offered through FBL Wealth Management, LLC generate advisory fees.
5. Property-Casualty Management Fees: FBL Financial Group manages all aspects of two Farm Bureau affiliated property-casualty insurance companies for a management fee.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

FBL Financial Group, Inc. is a holding company that, through its subsidiaries, underwrites and distributes life insurance, annuity, and investment products, and provides wealth management, financial planning, and property-casualty insurance management services under the Farm Bureau Financial Services brand. Distribution is conducted through multiline exclusive Farm Bureau agents and supported by an online member portal and mobile app.

Product overview

FBL Financial Group, Inc. operates as a holding company under the consumer brand Farm Bureau Financial Services, offering a diversified portfolio of insurance and financial products distributed through multiline exclusive Farm Bureau agents. The product portfolio includes six core insurance categories: Auto Insurance (with car and roadside assistance sub-products), Life Insurance (whole life and term life), Home & Property Insurance (homeowner's and renter's), Business Insurance (commercial business and workers' compensation), Farm & Ranch Insurance (liability coverage and crop insurance), and Health Insurance (health coverage and disability income). Financial services are offered through affiliated companies and include Wealth Management (managed accounts, 401(k) plans, advisory services), Investments (annuities, mutual funds, stocks and bonds), and Planning Services (insurance, investment, and estate planning). The company also provides a SuperCheck® quiz tool to help customers assess coverage needs. Life insurance and annuity products are offered through Farm Bureau Life Insurance Company, while property-casualty products are offered through Farm Bureau Property & Casualty Insurance Company and Western Agricultural Insurance Company.

Differentiator

Problem solved

Functional benefit

Products and services

• Auto Insurance
• Life Insurance
• Home & Property Insurance
• Business Insurance
• Farm & Ranch Insurance
• Health Insurance
• Annuity Products
• Wealth Management
• Investments
• Planning Services
• Property-Casualty Insurance Management Services

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core.

• Farm Bureau Property & Casualty Insurance Company (FBPCIC)coreStrategic or Co-development PartnerFBPCIC completed acquisition of FBL Financial Group on May 25, 2021 for $61.00 per share, taking the company private. FBPCIC is the parent company that owns the majority of FBL Financial Group Class A and Class B common stock.
• Iowa Farm Bureau FederationcoreStrategic or Co-development PartnerThe Iowa Farm Bureau Federation co-owns FBL Financial Group with FBPCIC and is a founding/organizational member of the Farm Bureau network.
• Western Agricultural Insurance CompanycoreStrategic or Co-development PartnerFBL Financial Group manages all aspects of Western Agricultural Insurance Company for a management fee, alongside managing Farm Bureau Property & Casualty Insurance Company.
• Farm Bureau Life Insurance CompanycoreStrategic or Co-development PartnerAffiliate company offering fixed life insurance and annuity products. FBL Financial Group operates its life insurance business through this subsidiary.

Scale indicators4 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• State Farm: Largest US mutual P&C and life insurer, distributing through captive exclusive agents across a multi-state footprint — directly comparable in exclusive-agent distribution, mutual ownership, and diversified life/P&C/wealth offerings.
• Auto-Owners Insurance: Mid-sized mutual insurer distributing through independent agents across P&C and life lines — comparable in regional mutual insurance model and multiline distribution approach.
• Sammons Financial Group: Privately-held insurance and annuity provider (North American Company for Life and Health Insurance) — closely comparable in life insurance and annuity focus and in private ownership structure.
• Securian Financial: Mutual holding company focused on life insurance, annuities, and retirement plans — directly comparable in life insurance and annuity product mix, though operating at larger scale and through broader distribution.
• COUNTRY Financial: Midwest-rooted mutual insurer affiliated with Farm Bureau organizations, offering comparable multiline P&C, life, and investment products through a captive agent force in similar agricultural and rural markets.
• American Family Insurance: Mutual insurer with strong Midwest and rural footprint offering P&C, life, and wealth products through exclusive agents — closely comparable in mutual structure, regional focus, and captive distribution.
• Nationwide Mutual Insurance Company: Large mutual insurer offering a similarly diversified portfolio of life insurance, annuities, P&C, and wealth management products through exclusive/captive agent distribution — directly comparable in business model, mutual ownership structure, and product breadth.
• Mutual of Omaha: Mutual insurer and provider of life insurance, annuities, and related financial services with similar agent and direct distribution models — comparable in product mix and mutual ownership orientation.

Broad incumbents

• Principal Financial Group: Public financial services firm offering life insurance, retirement/401(k), annuities, and asset management — comparable in life insurance and wealth/retirement focus, but with national scope and public-company scale.
• Northwestern Mutual: Large mutual provider of life insurance, annuities, and wealth/advisory services with an exclusive financial advisor network — broadly comparable in life insurance, annuities, and wealth advisory, but operating nationally and at significantly greater scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/fbl-financial-group-inc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries5 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 FBL Financial Group Inc