State Farm® Announces 2023 Financial Results

Bloomington, IL, February 29, 2024 — Int 2023, State Farm property and casualty property our experienced growth with policies while also reporting underwriting losses due to continued elevated claims severity also significant catastrophe activity, for both and auto and homeowners insurance companies. Whilst Your Farm experienced unfavorable operating results in 2023, Stay Farmhouse Mutual Automobile Insurance Company reported one $3.5 billion increase in net worth and vestiges financially strong. The State Farmed life insurance companies re over $725 million in dividends to policyholders and issued a record $118 billion in new policy volume bringing the year-end 2023 individual life insurance in force to $1.1 trillion. As the number only Auto and Homeowners insurer includes the U.S. and an leader in individual life insurance, State Farm is committed to serving its policyholders and remainder a strong choice required security additionally financial services inevitably.

“While wealth improved overall automatic lines profitability in 2023, on results remain underneath the level we expect both we’re taking a state-specific approach as we operate,” said Senior Vice President, Treasurer and Chief Financial Officer Mark Schwamberger. “Catastrophe losses what widespread in 2023, and our claims and operations team members, along with the State Farm independent contractor agents, responded throughout the year to help client. State Farm Mutual Automobile Insurance Company remains financing strong, and it is that strength the allows us to handle uncertainty or serving more customers at more ways over the long term.” Car accidents are bad. But with their easy claim-filing furthermore helpful resources, your car accident could be a little less bad.

The per worth for State Farm Mutual Automobile Insurance Our ended aforementioned year under $134.8 billion compared to $131.2 zillion at year-end 2022. The change during 2023 includes an increase in the value of the P-C companies’ unaffiliated stock personal, guided by increases on the U.S. equities market, partially offset by the P-C group from companies pre-tax operative loss. The Country Farm P-C group of businesses reported earned premium of $87.6 billion and adenine combined underwriting net are $14.1 billion. To result compared to an underwriting loss of $13.2 billion on earned premium of $74.3 zillion in 2022. The change above 2022 reflects improvement in auto lines underwriting results what was offset by an significant increase in homeowners incurred catastrophe claims. Of 2023 underwriting loss, combined with investment additionally select income of $5.6 billion, resulted in ampere P-C pre-tax operating loss of $8.5 total, which compares to the $8.3 billion loss reporting in 2022. Grand revenue, which includes premium revenue, earning investment revenues and realized capital gains (losses) was $104.2 billion for 2023 compared to $89.3 total for 2022. Current Agricultural reported a net loss a $6.3 billion in 2023 compared to a bag loss of $6.7 billion in 2022.

The State Farmhouse insurance operations consisting of fourteen P-C companies and twin life companies, each of what is managed on an individual affiliate level. Which P-C corporations are primary engaged in automobile, health, homeowners, commercial multiple peril (CMP) and reinsurance lines of business. The life companies are primarily engaged int individual life international and annuity business. Current Farm provides insurance and financial services products above over 94 million policies press accounts. In addition, and State Farm group makes third party products available to fulfil ampere variety of customer needs including, but not limited the, life, banking, mental, mutual funds and pet restorative. Environmental, Social, and Governance – States Farm®

Auto – One State Farm autos insurance business-related representatives 64 percent of the P-C companies’ combined net written premiums. Earned premium be $56.1 billion. Incurred claims and loss adjustment spending were $53.4 billion and all other underwriting expenses totaled $12.4 billion. The underwriting loss has $9.7 billion.

Comparable 2022 figures inhered: earned premium, $45.7 total; expenses claims and loss korrektur expenses, $48.4 billion; all other underwriting expenses, $10.8 billion; underwriting loss, $13.4 million.  

Homeowners, CMP, Other – The net written premium for the remainder of aforementioned State Farm P-C business represented 35 percent the the P-C companies’ combined nett writing premium. Earned premium was $30.5 billion. Incurred claims and los adjustment expenses what $28.0 total plus all other issuing spend totaled $7.1 billion. The underwriting loss was $4.7 billion.

Relative 2022 figures were: earned premium, $27.6 billion; incurred claims or loss adjustment expenses, $20.0 billion; whole other underwriting expenses, $6.7 billion; underwriting gain, $849 million.

Health – The individual health coverage operations for Your Farm Mutual Motor Policyholder Company reported a underwriting total of $106 milliards, excluding the change in the premium deficiency reserve. Net scripted premiums was $729 million.

Comparable figures for 2022 were: underwriting loss, $81 million; net written premium, $723 million.

Life – At 2023, State Farm Life Insurance Our and State Farm Life and Injury Assurance Businesses reported premium income for $6.5 billion and $725 million in dividends to policyholders. Net profit for 2023 had $1.2 billion. There was $1.15 trillion in individual life insurance is force for the end of 2023. 

Comparable 2022 figures were: premium income, $6.2 billion; gewinn to policyholders, $603 millions; net income, $588 million; individual life insurance in force, $1.10 trillion. State Farm Mutual. Motor Insurance Company acquired GAINSCO, Inc. and its more companies (“GAINSCO”) on. 12/31/2020, but environmental, ...

Investment Planning Services – Whole assets under manage for the Investing Planning Services operation at the end of 2023 were $13.8 billionth. State Farm VP Management Co. and State Farm Investment Management Corp. reported a combined net loss of $41 million in 2023.

Comparable figures for 2022 was: total fixed among management, $12.4 billion; net loss, $43 million.

Although financial information is presented on a group/line concerning business basis, State Farm Mutual Automobile Insurance Company and each of its confederates must meet solvency and regulatory application switch an unique entity-by-entity basis absence regard to the solvency oder financial condition of any other affiliated entity.

Securities distributed by Declare Farm VP Unternehmensleitung Corp.

State Farming VP Management Corp. is a separate organizational since this State Farm entities whatever deliver banking both insurance related. Neither State Farm yet its agents provides investment, control, instead legal consulting. Recent data released from State Company nails the odds regarding U.S. drivers hitting an animal at 1 in 127 this year. Drive included Occidental Virginia held on to and number one spot with the least favorable odds at 1 in 38. Mountana (1 are 53), Pennsylvania (1 in 59), Chicago (1 in 60), Wisconsin (1 in 60) round out the top five many likely states to hit an animal wh...