Farm Bureau Insurance of Tennessee Shares Results for 2024 and Celebrates its Deep Roots in the Farm Bureau
Farm Bureau Insurance of Tennessee, operating under the trade name Tennessee Farmers Insurance Companies, reported its 2024 results and announced stock valuations to shareholders during the company’s Annual Meeting held on Friday, April 4, 2025, in Franklin, Tennessee. This year’s message celebrated the company’s deep roots in the Tennessee Farm Bureau, emphasizing its commitment to the organization’s mission and highlighting how it is integrated into the fabric of Tennessee, with a presence in every county in the state.
A notable aspect of this year’s meeting was CEO Jeff Pannell's absence. He could not attend because he was recovering from a heart transplant. Despite his absence, his presence was felt throughout the presentations, with executives incorporating excerpts from his annual address into their remarks.
Josh Webber, Property & Casualty Chief Operating Officer, reported a return to profitability. Favorable weather conditions and a disciplined approach to underwriting and expense management allowed the company to maintain a combined ratio well below the industry average at 93.1 percent, contributing significantly to its overall financial success. The company added 24,333 units, insuring over two million households, vehicles, and small businesses.
Additionally, the company added $285.7 million to its surplus, resulting in the highest surplus to date of $3.6 billion.
"We are well-positioned to navigate future challenges and economic uncertainties, always ensuring that we pay our claims when our customers need us most," explained Webber. "Our commitment to providing trusted protection to our members puts us in a strong position to be dependable, reliable, and present in an uncertain marketplace."
Tennessee Farmers Life Insurance Company (TFLIC) reported strong performance results. The Chief Operating Officer, David Bell, discussed the ongoing effects of interest rate fluctuations on the company's operations. However, through careful asset management, TFLIC has maintained financial stability and stock values despite market challenges. This stability is supported by strategic investments that promote long-term growth and profitability.
The productivity of over 500 agents remained high, leading the company to issue a total of $5.4 billion in face amount in 2024. This represents a record-breaking increase of 11 percent from the previous year. Additionally, TFLIC achieved a significant milestone of $50 billion in force coverage. “This milestone of trust reflects the security and peace of mind we provide to our Farm Bureau members,” said Bell.
TFLIC continues to be the number one life insurance company in the state and insures more lives than any other company in Tennessee. The total collected premium was $244.5 million, and the company's expense ratio was 27.7 percent. The company's net income came in at $35.6 million and ended the year with $2.68 billion in assets.
“The Life Company continues to be on very strong and stable financial footing. One indicator of that is the continued growth in our capital and surplus. It is now $646.2 million, a $43.7 million increase over 2023. The past five years have seen a 28 percent increase despite the volatility in the markets. We are very proud of this consistent growth,” added Bell.
Eric Mayberry, president of the Tennessee Farm Bureau Federation, concluded the meeting by expressing gratitude to the employees and agents who contributed to the company's success and upheld the promise of being there for customers in their times of need and carrying out the mission of Farm Bureau.
Stock prices announced
Based on the year’s outcomes, the stock price for Tennessee Farmers Life Insurance Company was announced at $61.60 per share. The company’s directors voted and offered to purchase up to 200,000 shares. Stockholder equity increased by 3.4 percent over the previous year.
Tennessee Farmers Assurance Company’s stock price was announced at $28.52 per share, representing a 10.9 percent increase in stockholder equity over the previous year. The directors voted and offered to purchase up to 200,000 shares.
