Farm Bureau Insurers Return to Profitability

The 2025 profit marks the first annual gain since 2020, potentially stabilizing coverage for policyholders.

Updated on Oct. 21, 2026 in Insurance

Isometric editorial illustration of a solitary barn in a field, symbolizing financial stability in the agricultural insurance sector. — Farm bureau property and casualty insurers achieved their first underwriting profit since 2020, recording $2.9 billion in income during 2025. AI Illustration. Upload story photo >

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Property and casualty farm bureau insurers returned to underwriting profitability in 2025, posting $2.9 billion in income. This marked the first annual profit for the segment since 2020, following years of challenges from severe weather.

Why it matters

The improved financial health of these insurers is driven by rate strengthening and more favorable reinsurance pricing. These shifts are critical for households that rely on these carriers, as fiscal stability can influence future coverage availability and costs.

Property and casualty farm bureau insurers recorded nearly $1 billion in underwriting gains in the first half of 2026. This follows the $2.9 billion in underwriting income realized during 2025.

The details

Underwriting performance improved as insurers benefited from recent rate strengthening and a softening in reinsurance pricing. Additionally, a reduction in the severity of weather events provided relief to these carriers, which often face disproportionate risks due to their single-state operating footprint. Meanwhile, life and annuity units have grown their capital and surplus to $8.5 billion, up from $5.3 billion in 2015, while shifting their product mix to include more ordinary life premiums.

2015: Capital and surplus reached $5.3 billion.
2016: Ordinary life premiums accounted for 68% of the business mix.
2020: The last full-year underwriting gain was recorded before 2025.
2025: Property and casualty segment posted underwriting profitability.
H1 2026: Property and casualty bureaus recorded a $1 billion gain.

Money Landscape

The return to profitability marks a significant reversal of the financial strain observed since the 2020 insurance underwriting loss cycle. This turnaround highlights a broader industry shift toward rate stability after years of weather-related volatility.

If your household uses a farm bureau insurer, these financial results suggest a move toward more sustainable operations after years of volatility. Review your policy renewal documents annually to ensure your coverage and premium rates align with your current household protection needs.

The takeaway

The move toward profitability suggests that major carriers are regaining their financial footing after a period of instability. Consider discussing your current insurance coverage limits with a qualified professional to ensure they still meet your needs following recent industry-wide rate adjustments.