DES MOINES, Iowa (AP) ¿ The chief executive of FBL Financial Group Inc. was replaced on Wednesday with the former CEO of Allstate Financial Group.
James W. Noyce, 53, will leave the company after 24 years and James E. Hohmann will begin work immediately, FBL Financial's board said in a statement.
West Des Moines-based FBL is a holding company for Farm Bureau Life Insurance Co. and EquiTrust Life Insurance Co. It underwrites, markets and distributes life insurance, annuities and mutual funds to individuals and small businesses. It also oversees Farm Bureau affiliated property-casualty insurance companies for a management fee.
The company said it lost $18 million last year and had to write off investment portfolio losses of more than $1 billion. It cut more than 70 jobs in January, about 4 percent of the work force.Hohmann, 53, headed Allstate Financial overseeing 15 Allstate affiliates including Allstate Life Insurance Co., Allstate Bank, Allstate Workplace and Allstate Institutional Markets. He left Allstate in January. Noyce was named CEO in 2007 after serving as chief financial officer from 1995-2007. FBL Financial shares were up 3.1 percent, or 17 cents, at $5.69 in late afternoon trading. They have traded between $1.81 and $34.86 in the past 52 weeks. Allstate was up 2.5 percent, or 55 cents, to $22.79.