User:PRRfan/Farm Bureau

Similarly, AFBF president Zippy Duval simultaneously serves as president and chairman of the board of American Agricultural Insurance Company, whose directors are the presidents of 16 of the state Farm Bureaus. (AAIC's bylaws require its board to consist of the ABFB president and representatives of state Farm Bureaus that own sufficient stock in the company. ) Founded by the AFBF in 1948 as a reinsurance company, AAIC began selling crop insurance in 1997. Its stock is held by AFBF (443 shares of common stock in 2018) and various state Farm Bureau insurance companies (a total of 265,830 shares of common stock). In 2021, AAIC reported total assets of $1.8 billion (up from $1.35 billion in 2018 ), premiums of $464 million (up from $328 million in 2018 ), and cash on hand of $120 million.