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State Farm Car Insurance Number - BLOOMINGTON, IL, February 27, 2023 – State Farm's auto insurers reported record underwriting losses in 2022 due to rapidly increasing damage severity and significant additions to claims from the prior accident year. State Farm Automotive Insurance Company remains financially strong, while State Farm Automobile has experienced negative operating results. State Farm life insurers paid policyholders nearly $600 million in dividends and delivered $110 billion in new policy volume, pushing year-end personal life insurance to $1.1 trillion by 2022. As the number one auto and homeowners insurer in the United States and a leader in personal life insurance, State Farm is committed to serving policyholders and continues to be a strong choice for their insurance and financial services needs.

"While 2022 was a year of significant growth at State Farm, our annual operating results were not as we expected given the financial strength and long-term performance of each subsidiary. At the same time, the organization remains financially strong," said Sr. Wise. President “We are happy to be able to help our customers during the pandemic and we are there to help them in the current period of high inflation. As we take steps to improve our operational 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 Auto Insurance Co.'s total assets reached $131.2 billion at the end of 2021, compared with $143.2 billion at the end of 2020 and $126.1 billion at the end of 2020. The 2022 change involves a significant drop in the value of P-C companies. The unlinked stock portfolio was driven by declines in the US equity market and pre-tax operating losses of P-C group companies. Premiums for State Farm P-C Group companies were $74.3 billion and total insured losses were $13.2 billion. This result compares to $4.7 billion in insured losses of $67.2 billion earned in 2021 and $401 million in dividends to State Farm Mutual Auto Insurance Company's policyholders. Underwriting results for 2022 reflect higher losses for homeowners from non-disaster claims, another year of continued catastrophic activity across the country, and significantly higher auto lines. Underwriting losses in 2022 combined with investment and other income of $4.9 billion resulted in an individual pre-tax operating loss of $8.3 billion; This compares to a reported loss of $313 million in 2021 and a reported profit of $4.5 billion in 2020. This figure, which includes total income, premium income, investment income and realized capital gains (losses), was $89.3 billion in 2022, compared to $82.2 billion in 2021. State Farm reported a loss of $6.7 billion in 2022, compared to $1.3 billion in 2021.

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State Farm Insurance operations include thirteen P-C companies and two life companies, each managed at the individual partnership level. P-C companies are primarily associated with automobile, healthcare, homeowners, commercial multiple hazards (CMP) and reinsurance businesses. Life companies primarily deal in individual life insurance and annuities. State Farm Group provides third-party mutual funds and third-party banking products through affiliated State Farm companies that act as intermediaries between third parties and State Farm customers. State Farm offers insurance and financial services products on more than 91 million policies and accounts.

Auto - State Farm's auto insurance business represents 61 percent of P-C companies' total net premiums. Premium earned was $45.7 billion. Claims and loss adjustment expenses were $48.4 billion and all other commitment expenses were $10.8 billion. Underwriting losses totaled $13.4 billion.

Comparable figures for 2021 were: premium earned, $41.5 billion; claims and loss adjustment expenses, $34.6 billion; all other underwriting expenses, $10.3 billion; Insurance losses, $3.5 billion. State Farm Mutual Auto Insurance Company's dividends to policyholders totaled $401 million.

Homeowners, CMP, and others — the remaining net premiums of the State Farm P-C business represent 37 percent of the total net premiums of P-C companies. Premium earned was $27.6 billion. Claims and loss adjustment expenses were $20.0 billion and all other insurance expenses were $6.7 billion. Insurance income was $849 million.

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Comparable 2021 figures were: bonus earned, $24.7 billion; claims and loss adjustment expenses, $19.5 billion; all other insurance costs, $6.3 billion; Insurance losses, $1.1 billion.

Health - State Farm Mutual Auto Insurance Company's individual health insurance operations reported an underwriting loss of $81 million from a change in premium deficit reserves. Total written premiums were $723 million.

Life - In 2022, State Farm Life Insurance Company and State Farm Life and Casualty Assurance Company reported $6.2 billion in premium income and $603 million in dividends to policyholders. Net income for 2022 was $588 million. By the end of 2022, individual life insurance premiums will be $1.1 trillion.

Comparable 2021 figures were: premium income, $5.7 billion; dividends to policyholders, $593 million; net income, $929 million; Current individual life insurance, $1.1 trillion.

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Investment Planning Services - Total assets under management for the Investment Planning Services business at the end of 2022 were $12.4 billion. State Farm VP Management Corp. and State Farm Investment Management Corp. reported net losses totaling $43 million in 2022.

Although financial information is presented on a group/line of business basis, State Farm Mutual Auto Insurance Company and each of its affiliates must comply with solvency and regulatory requirements on an individual entity basis, regardless of the solvency or financial condition of any company. Other Affiliate.

State Farm VP Management Corporation is a separate entity from State Farm that provides banking and insurance products. Neither State Farm nor its agents provide investment, tax or legal advice.

For 100 years, State Farm's mission has been and continues to be helping people manage risk in everyday life, avoid the unexpected, and achieve their dreams. State Farm and its subsidiaries are the largest providers of auto and home insurance in the United States. Its more than 19,400 agents and approximately 61,764 employees service more than 91 million policies and accounts, including auto, fire, life, health, commercial policies and financial service accounts. Commercial auto insurance is available, with coverage for renters, business owners, boats, and motorcycles. State Farm Mutual Auto Insurance Company is the parent company 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. We value your privacy. We may collect personal information from you for business, marketing and commercial purposes. read more

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We value your privacy. We may collect personal information from you, such as identification information (name, address, driver's license number), transaction information (products or services purchased, payment history), digital network activity (interactions with our website, IP address), and geolocation data. , audio recordings and other types of personal information. We use this information for business, marketing and commercial purposes, including but not limited to providing the products and services you request, processing your requests, protecting against fraud, maintaining security, verifying your identity, and providing you with other insurance and financial products.

For Spanish, click to view the full version of California Consumer Protection. Read a little

Check out our new application State Farm Mobile. The same great features in a new look! Manage your insurance and bank accounts, get roadside assistance, make claims and more.

Text MOBILE to 78836 to get app download link. Message and data charges may apply.

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State Farm customers in some states can download and sign up for the Drive Safe & Save app. We're going to collect some basic information about your driving that will save you money.

Type save and send to 42407 to get app download link. Message and data charges may apply.

Our Steer Clear app reinforces good driving habits to young drivers aged 16-25 and helps them earn valuable discounts.

Type STEER to 42407 to get the link to download the app. Message and data charges may apply.

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Type CONNECT to 78836 to get the app download link. Message and data charges may apply.

With a few simple steps, you can ask Alexa to activate the state farm. Finding an agency, viewing agency details and getting your motor insurance identity card is easy.

State Farm (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates) is not responsible for, expresses or implies, endorses or endorses any third-party products referred to in this document or in the content of any third-party site. them. Material. State Farm has no authority to change, update or control the content on third party sites. All references to such sites are for informational purposes only and are not a solicitation to buy or sell any product mentioned on such third party sites. State Farm does not warrant the merchantability, suitability, or quality of any third-party products mentioned in this material. This is based on months of research

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