- Business
- Pekin Life Insurance Company (PKIN) operates as a life, accident, and health insurance provider primarily serving individuals and businesses across the United States. The company offers a comprehensive suite of products including auto and home insurance; pre-need life insurance; term life, whole life, and annuities; funeral preplanning products; health insurance; group life, dental, and short-term disability coverage; voluntary benefits; Medicare supplements; and business insurance encompassing business auto, property, general liability, and workers compensation. It distributes these products through independent agents and networks of approximately 1,500 agencies and 8,500 agents, with operations spanning 22 states focused on property/casualty in eight states and strategic expansion underway. Founded in 1921 and headquartered at 2505 Court Street in Pekin, Illinois, Pekin Life functions as a subsidiary of Farmers Automobile Insurance Association. Recent developments include a dramatic financial turnaround from a $170 million net loss in 2023 to record profits in 2024, fueled by technology platform modernizations, strategic partnerships, and bold operational decisions; improved AM Best outlooks reflecting surplus growth through underwriting enhancements in 2024 and into 2025; and accelerated digital strategy advancements in policy administration and requirements delivery.