State Farm Net Income Decreased and Net Worth Increased in 2021

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State Farm, based in Bloomington, posted net income of $1.3 billion last year on revenue of $82.2 billion. The company’s year-end financial release showed net profit rose to $3.7 billion in 2020. A strong stock market performance pushed the net worth of the 13-affiliated group by more than $17 billion. to $143.2 billion at the end of 2021.

State Farm’s core property and casualty business reported an operating loss of $301 million for the year, compared with a profit of $4.5 billion a year earlier. Both figures are pre-tax.

“The 2021 underwriting results reflect higher claims across auto lines and lower premiums. Owner underwriting results reflect another year of significant disastrous activity across the country,” the statement read.

State Farm said it saw record growth in the number of auto, home and life policies in force, more than 10% in life policies alone. State Farm reported another year-over-year decline in auto-earned premiums.

“We are excited to have more customers choosing State Farm as we remain focused on helping more people in more ways,” said Jon Farney, Senior Vice President, Treasurer and Chief Financial Officer.

Total revenue of $82.2 billion for 2021, compared to $78.9 billion for 2020.

“For nearly 100 years, State Farm has been here to help our customers prepare for and recover from the unexpected. Last year was no different. We helped customers recover from another year of catastrophic events and life insurance companies continued to be there for our customers,” said Farney.

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