Federal Life Group Inc. has filed a registration statement for an initial public offering of 4.6 million common shares at a price of $10 apiece, or an aggregate of $46 million.

The share price was estimated solely to calculate the registration fee. Federal Life Group will conduct a subscription offering and a community offering of the shares.

The IPO is connected to the conversion of Federal Life Mutual Holding Co. to a stock company from a mutual company. Federal Life Group will acquire the newly issued Federal Life Mutual common shares after the conversion.

The company expects net proceeds from the IPO to be $43.0 million at the adjusted maximum of the range. It plans to use the proceeds to support its insurance business and potentially acquire other life insurance companies and related businesses.

Griffin Financial Group LLC is listed as the offering's placement agent.