Incurred claims and loss adjustment expenses were $19.5 billion and all other underwriting expenses totaled $6.3 billion. Homeowners, CMP, Other – The net written premium for the remainder of the State Farm P-C business represented 38 percent of the P-C companies’ combined net written premium. The underwriting loss was $3.4 billion and dividends to State Farm Mutual Automobile Insurance Company policyholders totaled $401 million.Ĭomparable 2020 figures were: earned premium, $41.3 billion incurred claims and loss adjustment expenses, $27.6 billion all other underwriting expenses, $10.1 billion underwriting gain, $3.5 billion dividends to State Farm Mutual Automobile Insurance Company policyholders of $1.9 billion. Incurred claims and loss adjustment expenses were $34.4 billion and all other underwriting expenses totaled $10.2 billion. State Farm provides insurance and financial services products across over 87 million policies and accounts.Īuto – The State Farm auto insurance business represented 61 percent of the P-C companies’ combined net written premium. The State Farm group makes third party mutual funds and third party banking products available through affiliated 2 State Farm companies that act as intermediaries between the third parties and State Farm customers. The life companies are primarily engaged in individual life insurance and annuity business. The P-C companies are primarily engaged in automobile, health, homeowners, commercial multiple peril (CMP) and reinsurance lines of business. The State Farm Insurance operations consist of thirteen P-C companies and two life companies, each of which is managed on an individual affiliate level. The change includes a significant increase in the value of the P-C companies’ unaffiliated stock portfolio, driven by increases in the U.S. The net worth for State Farm Mutual Automobile Insurance Company ended the year at $143.2 billion compared with $126.1 billion at year-end 2020. State Farm reported net income of $1.3 billion in 2021 compared to $3.7 billion of net income in 2020. Total revenue, which includes premium revenue, earned investment income and realized capital gains (losses) was $82.2 billion for 2021 compared to $78.9 billion for 2020. The 2021 underwriting loss, combined with dividends to policyholders, and investment and other income of $4.4 billion, resulted in a P-C pre-tax operating loss of $301 million, which was down from $4.5 billion profit reported in 2020. Homeowners underwriting results reflect another year of significant catastrophe activity across the country. The 2021 underwriting results reflect higher auto lines incurred claims and lower premiums. This result compared to an underwriting gain of $1.9 billion on earned premium of $65.1 billion in 2020, along with $1.9 billion in dividends to State Farm Mutual Automobile Insurance Company policyholders. The State Farm P-C group of companies reported earned premium of $66.9 billion, a combined underwriting loss of $4.7 billion, and paid $401 million in dividends to State Farm Mutual Automobile Insurance Company policyholders. We are pleased more customers are choosing State Farm as we remain focused on helping more people in more ways.” “We entered our 100th year with financial strength and record growth in our auto, home and life insurance businesses. We helped customers recover from another year of catastrophic events and the life insurance companies continued to be there for our customers,” said Senior Vice President, Treasurer and Chief Financial Officer Jon Farney. ![]() “For nearly 100 years, State Farm has been there to help our customers prepare for and recover from the unexpected. and a leader in individual life insurance, State Farm is committed to serving its policyholders and remains a strong choice for insurance and financial services needs. As the number one Auto and Homeowners insurer in the U.S. The State Farm life insurance companies paid out nearly $600 million in dividends to policyholders, and issued a record $116 billion in new policy volume bringing the year-end 2021 individual life insurance in force to $1.1 trillion. The decrease in auto premium continues to reflect a focus on returning value to customers in the form of lower premiums when appropriate. While experiencing record growth in auto policies, State Farm reported another year-over-year decrease in auto earned premium. Bloomington, IL, Febru– In 2021, State Farm Insurance Companies experienced record growth in auto, home and life policies.
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