A Look Back: Farm Bureau Life Celebrates 70 Years

January 23, 2015

Farm Bureau Financial Services’ mission was the same 70 years ago as it is today -- to help our client/members protect what’s most important. Join us as we celebrate seven decades of protecting livelihoods and futures with Farm Bureau Financial Services’ life insurance affiliate -- Farm Bureau Life Insurance Company.

Here’s a look back at our rich company history.

A Look Back Farm Bureau Celebrates 70 Years Graphic
Here’s How Our Story Began…

  • 1945: Iowa Life Insurance Company opens for business on January 24, 1945. In its first year of operation, the company issues $29 million of new business; a volume never before achieved by any life insurance company in such a short time.
    • Ordinary life, twenty pay life, endowment at age 65 and income and mortgage protector policies are the first four types of coverage authorized by the board of directors.

  • June 1945: The “June Campaign” in 1945 is our first life sales campaign and remains for many years the “main event” for increasing sales and helping client/members ensure their financial security programs are up-to-date.

  • 1949: The company achieves $100 million of life insurance in force in just 56 months - another world record!

  • 1951: Farm Bureau Life extends into Nebraska at the request of the state’s Farm Bureau Federation.

  • 1951: Farm Bureau Life extends into Minnesota at the request of the state’s Farm Bureau Federation.

  • 1971: Farm Bureau Life’s “Billion Dollar Year,” the year the company reaches $1 billion of life insurance in force.

  • 1974: The companies moved from downtown Des Moines, Iowa, to their current corporate headquarters.

  • 1978: The company reaches $2 billion life insurance in force. Only 7 years after reaching $1 billion.

  • 1979: The company begins offering annuities through FBL Insurance Company.

  • 1983: Farm Bureau Life adds a universal life policy, effective April 1, with a guaranteed minimum interest rate of 4.5 percent and starting with a 10.5 percent interest rate.

  • 1984: At the request of Utah Farm Bureau, Farm Bureau Life acquires Utah Farm Bureau Life Insurance Company.

  • 1987: The company expands into South Dakota.

  • 1994: Farm Bureau Life reaches $10 billion life insurance in force and purchases Rural Security Life (Wisconsin) from Rural Mutual Insurance Company.

  • 1996: On July 19, 1996, Farm Bureau Life Insurance Company becomes the primary operating subsidiary of a new publicly traded entity, FBL Financial Group, Inc.

  • 1999: The merger of Western Farm Bureau Life Insurance Company into Farm Bureau Life Insurance Company is completed – states included Arizona, Colorado, Idaho, Montana, New Mexico, North Dakota, Oklahoma and Wyoming.

  • 2001: Farm Bureau Life purchases Kansas Farm Bureau Life from the Kansas Farm Bureau Federation.

  • 2014: Farm Bureau Life Insurance Company is 1,600 employees and 4,000 field associates strong. Life insurance in force totals $57.6 billion.

Today, we continue to add and adapt our products and services to best serve valued client/members. After 70 years in business, we remain dedicated to our mission of protecting your livelihoods and futures and we thank you for trusting us every day with the people and things that matter most to you.

Thank you to our valued client/members who trust us every day with their most important, as well as our dedicated employees, who have made this milestone achievement possible, and invite you, too, to become a part of our exciting vision for a safer and more secure future by visiting us online to learn more about our members-focused products and services.


About Farm Bureau Financial Services

Farm Bureau Financial Services offers a full suite of insurance and financial services products to client/members in 14 western and Midwestern states. Our exclusive, multi-state agent force provides insurance products including auto, home, life, farm/ranch, business and more. Helping complete the financial services offering, advisors offer wealth management and financial planning services. Founded more than 80 years ago to serve the needs of farmers and ranchers, Farm Bureau Financial Services has grown to be one of the most comprehensive financial services providers in the market today.

Learn more about us by exploring our site or visiting us at Facebook, Twitter or YouTube.