State Farm Automobile Insurance – Bloomington, IL, February 29, 2024 – In 2023, State Farm’s property and casualty insurance companies experienced underwriting growth, while auto and homeowner insurance companies reported underwriting losses due to continued high claims volume and significant catastrophe activity. Although State Farm will experience an unfavorable operating result in 2023, State Farm Mutual Automobile Insurance Company has a $3.5 billion increase in net assets and remains financially strong. The state’s life insurance companies distributed more than $725 million in policyholder dividends and issued $118 billion in new insurance volume, bringing individual life insurance premiums at the end of 2023 to $1.1 trillion. U.S. As the number one auto and home insurance company in the United States and the leader in personal life insurance, State Farm is committed to serving its policyholders and is a strong choice for insurance and financial services.
“While we have improved Auto Lines’ overall profitability in 2023, our results will be below our expectations and we are taking a state-specific approach to operations,” said Mark Swamberger, executive vice president, treasurer and chief financial officer. “Crazy losses were widespread in 2023, and our claims and operations teams, along with State Farm’s independent contractor agents, responded throughout the year to help customers. State Farm Mutual Automobile Insurance Company remains financially strong, and that strength helps us manage uncertainty. and serve more customers in the long run.” Also allows service.
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State Farm Mutual Automobile Insurance Company’s net worth was $134.8 billion at the end of 2022, compared to $131.2 billion at the end of 2022. The change in 2023 means that the value of the unconsolidated stock portfolio of the PC companies increases. The US equity market partially offsets the pre-tax operating loss of P-C group companies. Companies in the State Farm BC Group reported $87.6 billion in premiums earned and $14.1 billion in consolidated insured losses. This result compares to claims losses of $13.2 billion on $74.3 billion in premiums earned in 2022. The change in 2022 reflects an improvement in auto insurance policy performance, offset by a significant increase in catastrophic homeowner claims. Including insurance losses, investments and other income of $5.6 billion in 2023, P-C’s operating loss before taxes was $8.5 billion, compared to a loss of $8.3 billion in 2022, margin, investment income, which includes premium income. and realized capital gains (losses) of $104.2 billion in 2023 compared to $89.3 billion in 2022. State Farm had a loss of $6.3 billion in 2023 compared to a loss of $6.7 billion in 2022.
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State Farm’s insurance business consists of fourteen B-C companies and two life companies, each operated at the individual subsidiary level. B-C companies primarily engage in auto, health, homeowners, commercial multi-peril (CMP) and business reinsurance. The life companies are primarily engaged in individual life insurance and pension operations. State Farm offers insurance and financial services on more than 94 million policies and accounts. In addition, State Farm Group makes third-party products available to meet a variety of customer needs, including annuities, banking, health, mutual funds and veterinary.
Auto – State Farm’s auto insurance business accounts for 64 percent of B-C Companies’ net premiums. Premiums were $56.1 billion. Claim compensation and settlement costs were $53.4 billion and all other insurance costs were $12.4 billion. Sales loss was $9.7 billion.
Comparable figures for 2022: Earned premium, $45.7 billion; accrued claims and loss adjustment costs, $48.4 billion; all other insurance costs, $10.8 billion; Liability losses, $13.4 billion.
Homeowners, CMP, Other – The remaining net written premium for State Farm’s PC business is 35 percent of the combined net written premium for the PC businesses. Earned premiums totaled $30.5 billion. Claims and indemnities were $28.0 billion and all other insurance costs were $7.1 billion. Sales loss amounted to $4.7 billion.
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Comparable figures for 2022: Earned premium, $27.6 billion; incurred for damages and rectification costs, $20.0 billion; all other insurance costs, $6.7 billion; Underwriting profit, $849 million.
Health – State Farm Mutual Automobile Insurance Company’s individual health insurance business reported a $106 million sales loss, excluding a change in premium shortfalls. Net written premium was 729 MUSD.
Life – In 2023, State Farm Life Insurance Company and State Farm Life and Casualty Insurance Company recorded $6.5 billion in premium income and $725 million in dividends. The profit for the year 2023 is 1.2 billion dollars. At the end of 2023, there was $1.15 trillion of individual life insurance in force.
Comparable figures for 2022: Premium income, $6.2 billion; Distributions to policyholders, $603 million; net income, $588 million; Individual life insurance in force, $1.10 trillion.
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Investment Planning Services – Total assets under management for investment planning services at the end of 2023 were $13.8 billion. State Farm VP Management Corp. and State Farm Investment Management Corp. reported a net loss of $41 million in 2023.
Although financial information is provided on a consolidated/company basis, State Farm Mutual Automobile Insurance Company and each of its subsidiaries must meet credit and regulatory requirements on a separate entity basis, regardless of credit or financial condition. Another related company.
State Farm VP Management Corporation is a separate entity from State Farm Corporation that offers banking and insurance products. Neither State Farm nor its agents provide investment, tax or legal advice.
For more than 100 years, State Farm’s mission has been to help people manage the risks of everyday life, recover from the unexpected, and make their dreams come true. State Farm and its subsidiaries are the largest providers of auto and home insurance in the United States. Over 19,000 agents and over 65,000 employees servicing over 94 million policies and accounts – auto, fire, life, health, commercial policy and financial services accounts. Commercial auto insurance is available along with renters, business owners, boat and motorcycle insurance. State Farm Mutual Automobile Insurance Company is the parent company of the State Farm family. State Farm is ranked 44th on the 2023 Fortune 500 list of largest companies. For more information, visit http://www.statefarm.com. Update: June 1, 2021 – As first shared in March, State Farm is paying a $400 million dividend to restore value to California Mutual Auto due to better-than-expected results. Customers insurance. Customer dividend checks are being processed and eligible policyholders should receive them this month. The distribution applies to approximately 3.5 million private auto insurance policies in California.
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Customers do not need to take any action to claim dividends. On average, customers can expect to receive a check for approximately 18% of their premium for the period June 1 through December 31, 2020. Customers with questions about dividends should contact a Treasury agent.
State Farm California Mutual returns $400 million to auto insurance customers due to better-than-expected claims performance. The distribution applies to approximately 3.5 million private auto insurance policies in California. With this payout, customers can expect to receive an 18% premium or an average check of $100 per policy for the period June 1 to December 31, 2020.
“State Farm is once again providing value to our California customers while being financially strong enough to deliver on our promises now and in the future,” said State Farm Vice President Tom Conley. “This additional dividend is another way to make changes based on driving behavior to reduce impacts and help our customers.”
Last year, State Farm announced the Good Neighbor Helping Program, which includes distribution from March 20, 2020 to May 31, 2020 and automatic tariff reductions in every state. Together, these actions delivered $4.2 billion in savings to State Farm customers. California State Farm car customers received an average of 27.5% in dividends and a 6.5% reduction in car payments.
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Customers do not need to take any action to receive this dividend, which will be sent in the form of a check in early May.
For more than 100 years, State Farm’s mission has been to help people manage the risks of everyday life, recover from the unexpected, and make their dreams come true. State Farm and its subsidiaries are the largest providers of auto and home insurance in the United States. 91 million policies and accounts for 19,400 agents and 67,000 employees – including auto, fire, life, health, commercial policy and financial services accounts. Commercial auto insurance is available, with coverage for renters, business owners, boats and motorcycles. State Farm Mutual Automobile Insurance Company is the parent company of the State Farm family. State Farm is ranked 44th on the 2023 Fortune 500 list of largest companies. For more information, visit http://www.statefarm.com Get up to 30%1 off your auto insurance. Download our Drive Safe & Save mobile2 app or use the connected Drive Safe & Save car and save just before booking.4
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