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State Farm Insurance Quote Number – Bloomington, IL, February 27, 2023 – In 2022, State Farm’s auto insurers reported record underwriting losses due to rapidly increasing claims severity and a significant increase in claims from the prior accident year. 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.
“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.
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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. Changes expected to occur during 2022 include 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 the 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. The 2022 underwriting loss, combined with investment and other income of $4.9 billion, resulted in a pre-PC operating loss of $8.3 billion, compared to a loss of $313 million reported in 2021 and a profit of $4.5 billion reported in 2020. Is. Total revenues, which include premium revenues, earned investment income and realized capital gains (losses), were $89.3 billion for 2022, compared to $82.2 billion for 2021. State Farm reported a net loss of $6.7 billion in 2022 compared to net income of $1.3 billion in 2021.
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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 makes third-party mutual funds and third-party banking products available through 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 91 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 $45.7 billion. Claims incurred and loss adjustment expenses totaled $48.4 billion and all other underwriting expenses totaled $10.8 billion. Underwriting losses were $13.4 billion.
Comparable 2021 figures were: premiums earned, $41.5 billion; claims incurred and loss adjustment expenses, $34.6 billion; all other underwriting expenses, $10.3 billion; Underwriting loss, $3.5 billion. State Farm Mutual Automobile Insurance Company policyholders received dividends totaling $401 million.
Homeowners, CMP, Other – Net written premiums for the remainder of the State Farm P-C business represent 37 percent of the combined net written premiums of the P-C companies. Premiums earned were $27.6 billion. Claims incurred and loss adjustment expenses totaled $20.0 billion and all other underwriting expenses totaled $6.7 billion. Underwriting profit was $849 million.
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Comparable 2021 figures were: premiums earned, $24.7 billion; claims incurred and loss adjustment expenses, $19.5 billion; all other underwriting expenses, $6.3 billion; Underwriting loss, $1.1 billion.
Health – State Farm Mutual Automobile Insurance Company’s individual health insurance operations reported an underwriting loss of $81 million, excluding changes in premium reduction reserves. Net premiums written were $723 million.
Life – In 2022, State Farm Life Insurance Company and State Farm Life & Accident Assurance Company reported premium income of $6.2 billion and dividends of $603 million to policyholders. Net income for 2022 was $588 million. $1.1 trillion of individual life insurance was in force at the end of 2022.
Comparable 2021 figures were: premium income, $5.7 billion; Dividends to policyholders, $593 million; Net income, $929 million; Individual life insurance coverage, $1.1 trillion.
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Investment Planning Services – Total assets under management for investment planning services operations at year-end 2022 were $12.4 billion. State Farm VP Management Corp. and State Farm Investment Management Corp. reported a combined net loss of $43 million in 2022.
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. State Farm Life Insurance Review [2023] In our State Farm Life Insurance review, we discuss how you can qualify for State Farm Life Insurance rates starting at $11/month. , or you may find cheaper quotes when you comparison shop online. State Farm offers term and whole life policies and is affiliated with A.M. Is preferred as per its A++ rating. Best.
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Tracy L. Wells is a licensed insurance agent and owner of Farmers Insurance Agency with 23 years of experience. They are proud to be a local Farmers Agent serving Grayson, Georgia and the surrounding areas. With experience as both an underwriter and agent, he offers his clients insight that other agents may not have. Their agency offers all types of insurance including home, life, auto, RV, business…
Kalin grew up in an insurance family, with his grandfather, aunt and uncle leading successful careers as insurance agents. She soon found that he had similar interests and followed in her footsteps. After spending nearly ten years working in the insurance industry as both an Appraiser Dispatcher and a Senior Property Claims Adjuster, he decided to combine his years of insurance experience with another…
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State Farm is best known for car insurance, so you may be asking yourself if State Farm offers life insurance. The answer is yes. This review will answer any questions you have about choosing State Farm life insurance and tell you what to look for when shopping for a term life insurance quote.
Shopping for life insurance is not something most of us look forward to, but learning about the company and products you are interested in will take some of the stress away. Even though you’ve done your research, you may still have a lot of questions, including – What is term life insurance? Why do I need life insurance protection? How much life insurance should I buy? How can I find the best rates?
Even though
