Farm Bureau Reports Growth in 2022; Emphasis on Disruptions, Strength of People
April 13, 2022
Farm Bureau Insurance of Tennessee reported modest growth in 2021 amid economic and supply chain disruptions from the Covid-19 pandemic, inflationary pressures that affected profitability, and an end-of-year storm catastrophe.
Despite these challenges, the companies remained focused on technology enhancement, growth opportunities in the digital space, and serving steadfastly as “Tennessee’s Insurance Company,” officials said Thursday. Stock valuations and a dividend were announced at the Farm Bureau Insurance annual meeting in Franklin, Tenn.
Chief Executive Officer Jeff Pannell credits the company’s financial strength and service provided by agents, claims personnel, and staff across the state for allowing Farm Bureau Insurance to withstand the disruptions presented in 2021. The property and casualty operations reported an all-time high of 1.96 million in-force auto and property policies, the most of any insurer in Tennessee, despite mounting economic challenges from the Covid-19 pandemic. The life insurance company distributed more than $121 million in death benefits to more than 2,177 life policyholders. Covid-related deaths made up more than $30 million of those claims.
“The success of our companies for the past 74 years has been for primarily one reason: our people,” Pannell said. “People that are a part of every community in our state and who are taking care of their friends and neighbors. I believe we have something special here at Farm Bureau Insurance, and I am proud to be referenced as ‘Tennessee’s Insurance Company.’”
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, dividend voted
Based on the year’s outcomes, the stock price for Tennessee Farmers Life was announced at $67.43 per share. The company’s directors voted and offered to purchase up to 200,000 shares. Stockholder equity increased 1.0 percent over the previous year.
Tennessee Farmers Assurance Company’s stock price was announced at $27.51 per share. The directors authorized a 2 percent dividend and the purchase of up to 200,000 shares. Stockholder equity increased 4.6 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 203 locations throughout the state; all Tennessee residents are eligible for membership in the organization. Additional information is available at fbitn.com.
