Farm Bureau Insurance Reports Growth in 2020; Emphasis on Paying It Forward

April 5, 2021

annual meeting

Farm Bureau Insurance of Tennessee experienced growth and profitability in 2020 amid a challenging year of an active storm season and global pandemic. The companies focused on “paying it forward” to policyholders and delivering a level of service never seen before, officials said Thursday.

Dividends to company shareholders and increased stock valuations were announced at the Farm Bureau Insurance annual meeting in Franklin.

Chief Executive Officer Jeff Pannell noted that the company’s financial strength allowed Farm Bureau Insurance to withstand the economic impact of the pandemic and return more than $1.2 billion to our policyholders who suffered claims losses in 2020.

Farm Bureau Insurance of Tennessee is the trade name for the group of companies including Tennessee Farmers Mutual Insurance Company, Tennessee Farmers Assurance Company and Tennessee Farmers Life Insurance Company. Headquartered in Columbia, the companies provide insurance services for members of the Tennessee Farm Bureau Federation.  

Stock prices rise, dividends voted
Based on the year’s outcomes, the stock price for Tennessee Farmers Life was announced at $66.77 per share. The company’s directors voted a 3 percent dividend and offered to purchase up to 200,000 shares. Stockholder equity increased 10.6 percent over the previous year.

Tennessee Farmers Assurance Company’s stock price was announced at $26.82 per share. The directors authorized a 3 percent dividend and the purchase of up to 200,000 shares. Stockholder equity increased 6.6 percent.

About the ‘Farm Bureau Insurance of Tennessee’ companies
Tennessee Farmers Mutual was founded in 1948 to insure automobiles, homes, farms and personal property. Tennessee Farmers Assurance is a stock company established in 1991 to provide additional capital for the property and casualty operations, and to give investors an equity opportunity linked to the mutual company’s success. Tennessee Farmers Life is a stock company founded in 1973 to sell life insurance.

The property and casualty company insures more vehicles and properties than any other insurer in Tennessee, and the life company is the state’s largest writer of individual life insurance.

Coverage is available to Farm Bureau members at 196 locations throughout the state; all Tennessee residents are eligible for membership in the organization. Additional information is available at fbitn.com.

 

 

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