BLOOMINGTON (25 News Now) – State Farm is reporting “record” underwriting losses for its auto insurance companies – $13.4 billion.
Despite that, the Bloomington-based insurer says its mutual automobile insurance company remains financially strong – ending 2022 with $131.2 billion compared with $143.2 billion at the end of 2021 and $126.1 billion at the end of 2020.
The 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 the year-end 2022 individual life insurance in force to $1.1 trillion.
“While 2022 was a year of significant growth at State Farm, our annual operating results were not at the level we expect as we consider each affiliate’s financial strength and long-term performance. At the same time, the organization remains financially strong,” said Senior Vice President, Treasurer and Chief Financial Officer Jon Farney. “We’re pleased we could assist our customers during the pandemic and we’re there to help them navigate the current period of high inflation. As we take actions to improve our operating performance, we look forward to helping more people in more ways as we begin our next 100 years.”
More information can be found on State Farm’s website.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.