In addition, FBL manages all aspects of two Farm Bureau-affiliated property-casualty insurance companies for a fee.

In July 1996, FBL Financial Group was listed on the New York Stock Exchange at a split-adjusted initial public offering price of $8.75.

[citation needed] In 2003, one of FBL's primary operating subsidiaries, EquiTrust Life Insurance Company, began selling single premium deferred annuity products nationally through independent marketing companies.

On November 18, 2019, FBL appointed Daniel D. Pitcher CEO to replace Jim Brannen.

[5] FBL's quarter-century as a publicly traded company ended in 2021, when Farm Bureau Property & Casualty Insurance Company (FBPCIC) bought all the Class A and Class B common stock that neither FBPCIC nor the Iowa Farm Bureau Federation already owned.