Farm Bureau Insurance shares results for 2022; Reflects on the 50th and 75th anniversaries of its companies

March 31, 2023

2022 Annual Meeting

Farm Bureau Insurance of Tennessee reported 2022 results from an unprecedented year of challenges and reflected on the 50-year history of Tennessee Farmers Life Insurance Company (TFLIC) and 75 years of service for Tennessee Farmers Mutual Insurance Company (TFMIC).

Stock valuations were announced to shareholders Friday, March 31, at the Farm Bureau Insurance Annual Meeting in Franklin, Tenn.

Chief Executive Officer Jeff Pannell noted that Tennessee Farmers Insurance Companies were impacted by the worst bond market ever, a volatile stock market, and record high inflation in 2022.

Although TFLIC had a successful year through positive gains in sales and operations and the launch of its new “Life Portrait” technology which modernized the way the company collects medical information from applicants, the impact of rapidly rising interest rates in the bond markets mitigated positive operational results achieved.

For TFMIC, the impact of rising inflation and the cost of claims repairs since the onset of the Covid-19 pandemic continued to affect 2022 results. Despite these challenges, the companies made progress with the rollout of ProducerEngage, an agent-facing portal linked to the Guidewire platform, and launched new commercial auto and business owner products. The small business commercial product continues to be the companies’ fastest growing line of business.

In 2023, Farm Bureau Insurance looks forward to celebrating the 50th anniversary of Tennessee Farmers Life Company and the 75th anniversary of Tennessee Farmers Mutual Insurance Company. The companies will also emphasize using data in new ways to maximize the full potential of the agency force to drive sales and profitability in property and auto lines.

“Our companies were started by a group of farmers who were known for their resilience, their honesty and integrity, and their ability to learn and adapt,” concluded Pannell. “These are the principles that we will continue to operate under for the next 75 years and beyond to ensure that our companies and the Tennessee Farm Bureau Federation will continue to grow and prosper.”

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 announced

Based on the year’s outcomes, the stock price for Tennessee Farmers Life Insurance Company was announced at $57.97 per share. The company’s directors voted and offered to purchase up to 200,000 shares. Stockholder equity declined by 14 percent over the previous year.

Tennessee Farmers Assurance Company’s stock price was announced at $24.91 per share, representing a 9.5 percent decrease in stockholder equity. The directors voted and offered to purchase up to 200,000 shares.

About the “Farm Bureau Insurance of Tennessee” Companies

Tennessee Farmers Mutual Insurance Company was founded in 1948 to insure automobiles, homes, farms, and personal property. Tennessee Farmers Assurance Company 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 Insurance Company 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 204 locations throughout the state; all Tennessee residents are eligible for membership in the organization. Additional information is available at

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