Jim Brannen Jim Brannen (Photo: FBL)

Jim Brannen, the chief executive officer of FBL Financial Group Inc., is preparing to retire in early 2020, the company announced last week.

Brannen has been the CEO of the West Des Moines, Iowa-based life insurer since 2012, and he has been working for the company since 1991.

(Related: Lower Interest Rates Hurt: Annuity Issuers)

Brannen said in a statement about his retirement plans that it’s been an honor to work with FBL, which does business as Farm Bureau Life, and the company’s agents, for 29 years.

“I am so proud of what we have accomplished together, protecting the livelihoods and futures of our client/members, and partnering with the Farm Bureau to help service the needs of rural America,” Brannen said in the statement.

Craig Hill will continue to be FBL’s chairman.

HIll said the FBL board expects to name a new CEO before the end of  the year.

FBL has been an active player in  the U.S. individual annuity market. The company reported $32 million in net income for the second quarter on $193 million in revenue.

After the end of the second quarter, Brannen said during a conference call with securities analysts that declining interest rates have been making it more difficult for companies like FBL to offer attractive, profitable products.

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