State Farm Full Coverage Policy

State Farm Full Coverage Policy – Bloomington, IL, February 25, 2022 – In 2021, State Farm insurance companies experienced record growth in auto, home and life policies. While experiencing record growth in auto policies, State Farm reported another year-over-year decrease in auto earned premiums. Auto premium reduction continues to focus on returning value to customers in the form of lower premiums when appropriate. State Farm life insurance companies paid out nearly $600 million in dividends to policyholders, and issued a record $116 billion in new policy volume, bringing individual life insurance in force to $1.1 trillion at year-end 2021. As the number one auto and homeowners insurer in America and the leader in individual life insurance, State Farm is committed to serving its policyholders and remains a strong choice for insurance and financial services needs.

“For nearly 100 years, State Farm has been there to help our customers prepare for and recover from the unexpected. This past year was no different. We helped customers recover from another year of devastating events and life insurance companies remained there for our customers,” said John Farney, Senior Vice President, Treasurer and Chief Financial Officer. “We enter our 100th year with financial strength and record growth across our auto, home and life insurance businesses. We are pleased to see more customers choosing State Farm as we remain focused on helping more people in more ways.”

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The State Farm P-C group of companies reported that they earned premiums of $66.9 billion, had combined underwriting losses of $4.7 billion, and paid $401 million in dividends to policyholders of State Farm Mutual Automobile Insurance Company. This result compares to underwriting profits of $1.9 billion on premiums earned of $65.1 billion in 2020, as well as a dividend of $1.9 billion to State Farm Mutual Automobile Insurance Company policyholders. 2021 underwriting results reflect higher auto lines claims and lower premiums. Homeowner underwriting results reflect another year of significant disaster activity across the country. 2021 underwriting losses, combined with dividends to policyholders and investment and other income of $4.4 billion, resulted in a pre-PC operating loss of $301 million, down from a $4.5 billion profit reported in 2020. Total revenue, which includes premium revenues, realized investment income and realized capital gains (losses) was $82.2 billion in 2021 compared to $78.9 billion in 2020. State Farm reported net income of $1.3 billion in 2021, compared to net income of $3.7 billion in 2020. Net assets of State Farm Mutual Automobile Insurance Company ended the year with earnings of $143.2 billion, compared to $126.1 billion at the end of 2020. This change involves a significant increase in the value of the unrelated stock portfolios of P-C companies, driven by growth in the US equity market.

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State Farm insurance operations include thirteen P-C companies and two life companies, each of which is managed at the individual affiliate level. P-C companies are primarily engaged in automobile, health, homeowner, commercial multiple peril (CMP) and reinsurance business. Life companies are primarily engaged in individual life insurance and annuity business. State Farm Group offers third-party mutual funds and third-party banking products through 2 affiliated State Farm companies that act as intermediaries between third parties and State Farm customers. State Farm offers insurance and financial services products spanning more than 87 million policies and accounts.

Auto – State Farm’s auto insurance business represented 61 percent of the P-C companies’ combined net written premiums. Premiums earned were $41.2 billion. Claims incurred and loss adjustment expenses totaled $34.4 billion and all other underwriting expenses totaled $10.2 billion. Underwriting losses were $3.4 billion and dividends to policyholders of State Farm Mutual Automobile Insurance Company totaled $401 million.

Comparable 2020 figures were: premiums earned, $41.3 billion; claims incurred and loss adjustment expenses, $27.6 billion; all other underwriting expenses, $10.1 billion; Underwriting profits, $3.5 billion; State Farm Mutual Automobile Insurance Company paid a $1.9 billion dividend to policyholders.

Homeowners, CMP, Others – Net written premiums for the remainder of the State Farm P-C business represent 38 percent of the combined net written premiums of the P-C companies. Premiums earned were $24.7 billion. Claims incurred and loss adjustment expenses totaled $19.5 billion and all other underwriting expenses totaled $6.3 billion. Underwriting losses were $1.1 billion.

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Comparable 2020 figures were: premiums earned, $22.9 billion; claims incurred and loss adjustment expenses, $18.6 billion; all other underwriting expenses, $5.9 billion; Underwriting loss, $1.6 billion.

Health – State Farm Mutual Automobile Insurance Company’s individual health insurance operations reported an underwriting loss of $75 million, excluding changes in premium reduction reserves. Net premiums written were $719 million.

Life – In 2021, State Farm Life Insurance Company and State Farm Life & Accident Assurance Company reported $5.7 billion in premium income and $593 million in dividends to policyholders. Net income for 2021 was $929 million. $1.1 trillion of individual life insurance was in force at the end of 2021. Comparable 2020 figures were: premium income, $5.5 billion; Dividends to policyholders, $584 million; Net income, $339 million; Individual life insurance coverage, $994 billion.

Investment Planning Services – Total assets under management for investment planning services operations at the end of 2021 were $15.3 billion. State Farm VP Management Corporation and State Farm Investment Management Corporation reported a combined net loss of $38 million in 2021. Comparable figures for 2020 were: total assets under management, $13.9 billion; Net loss, $41 million.

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GAINSCO, Inc. – In 2021, total revenue was $327 million, net loss was $8 million and total assets were $405 million. Comparable 2020 figures were: total revenue, $335 million; Net income, $5 million; Net worth, $421 million.

Although financial information is presented on a group/line of business basis, State Farm Mutual Automobile Insurance Company and each of its affiliates is required to meet solvency and regulatory requirements on an individual entity-by-entity basis, regardless of its solvency or financial condition. Must be completed. Other related units.

State Farm VP Management Corp. is a separate entity from the State Farm entities that provide 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 achieve their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. It’s more than 19,400 agents and 67,000 employees service more than 91 million policies and accounts – including auto, fire, life, health, commercial policies and financial services accounts. Commercial auto insurance is also available, with coverage for renters, business owners, boats and motorcycles. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked 44th on the 2023 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com. Bloomington, IL, February 27, 2023 – In 2022, State Farm’s auto insurers reported record underwriting losses due to rapidly increasing claims severity and significant increases in the prior accident year. Claim. While State Farm experienced adverse operating results in auto, State Farm Mutual Automobile Insurance Company remains financially strong. State Farm life insurance companies paid out nearly $600 million in dividends to policyholders, and issued a record $110 billion in new policy volume, bringing individual life insurance in force to $1.1 trillion at year-end 2022. As the number one auto and homeowners insurer in America and the leader in individual life insurance, State Farm is committed to serving its policyholders and remains a strong choice for insurance and financial services needs.

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“While 2022 was a year of significant growth at State Farm, our annual operating results were not at the level we expected as we consider the financial strength and long-term performance of each affiliate. At the same time, the organization remains financially strong,” said John Farney, Senior Vice President, Treasurer and Chief Financial Officer. “We are pleased to be able to support our customers during the pandemic and we are here to help them navigate the current period of high inflation. As we take action to improve our operating performance, we look forward to helping more people in more ways as we embark on our next 100 years.

State Farm Mutual Automobile Insurance Company’s total assets ended the year at $131.2 billion, compared to $143.2 billion at the end of 2021 and $126.1 billion at the end of 2020. The change taking place during 2022 includes a significant reduction in the value of PC companies. The uncorrelated stock portfolio is driven by the decline in the US equity market as well as pre-tax operating losses of P-C group companies. The State Farm P-C group of companies earned premiums of $74.3 billion and recorded combined underwriting losses of $13.2 billion. This result compares to an underwriting loss of $4.7 billion on premiums earned of $67.2 billion in 2021, as well as a dividend of $401 million to State Farm Mutual Automobile Insurance Company policyholders. 2022 underwriting results reflect another year of significantly higher auto lines claims as well as higher homeowners non-catastrophe claims and catastrophic activity across the country. 2022 underwriting

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