Farmers Insurance Financial Performances from Time to Time- Farmers insurance is one of the biggest insurance companies in United States. Historically, the journey of this company was started in 1928 by the initiative of John C. Tyler and Thomas E. Leavey. both have long experienced in agriculture sectors because they were raised in the rural background.
To date, Farmers Insurance company can serve more than 10 million households with more than 19 million individual policies in 50 states of USA. Furthermore, farmers insurance has 48,000 exclusive and independent agents and 21,000 employees. Since 1998, Zurich Financial Services has owned the Farmers Group, Inc. Along with business development, Farmers Insurance has grown with diversified insurance products. Farmers insurance has some insurance products including:
- Vehicle
(Car Insurance, Motorcycle, Boat & Watercraft, Collectible Auto, RV, ATV & Off-Road, RV & Motor Home, 5th Wheel, Travel Trailer)
- Home
(Homeowners, Condo, Renters, Mobile & Manufactured Home, Vacation Homes, Vacant Homes, Landlord, Earthquake, Flood)
- Life
(Life Insurance, Term Life, Whole Life, Universal Life, Accidental Death)
- Business
(Business Insurance, Commercial Auto, Commercial Property, Workers’ Compensation, General Liability)
- Others
(Pet Insurance, Personal Umbrella, Financial Products)
Meanwhile, based on the financial conditions, the Financial Performance and conditions of Farmers insurance was in good shape. It can be seen from the data of business profit and earned premium of farmers insurance.
Gross written and earned premiums of Farmers Insurance
| Years | Farmers Exchange | |
|---|---|---|
| Gross Written Premium | Gross earned premium | |
| in USD millions | in USD millions | |
| 2022 | 26,519 | 26,842 |
| 2021 | 24,228 | 23,689 |
| 2020 | 20,108 | 20,109 |
| 2019 | 20,656 | 20,441 |
| 2018 | 20,325 | 20,171 |
| 2017 | 19,908 | 19,841 |
| 2016 | 19,714 | 19,528 |
| Source :Zurich Annual Report, 2017- 2022 | ||
Basically, the business insurance of Farmers insurance has grown from time to time. It can be seen the premium of Farmers insurance from 2016 to 2022. All the data was obtained from Zurich Insurance Annual Report. Based on the farmers exchange, the gross written premium and Gross earned premium has grown from time to time. In 2016, the gross written premium of farmers insurances was USD 19 billion and increased into USD 26.5 billion in 2022. Furthermore, In 2016, the written gross premium has achieved USD 19.5 billion and gross earned premium in 2022 reached USD 26.8 billion.
Revenue and Business Operating Profit of Farmers Insurance
| Years | Farmers Management Services, Management Fees, and Other Related Revenues | Farmers Business Operating Profit |
|---|---|---|
| Million USD | Million USD | |
| 2022 | 4,490 | 1,909 |
| 2021 | 4,265 | 1,617 |
| 2020 | 3,703 | 1,501 |
| 2019 | 3,780 | 1,707 |
| 2018 | 3,204 | 1,643 |
| 2017 | 2,892 | 1,691 |
| 2016 | 2,867 | 1,722 |
| Source :Zurich Annual Report, 2017- 2022 | ||
Based on the business performance in revenue and profit variables, Farmers Insurance showed stable performances. The Farmers Management Services, Management Fees, and Other Related Revenues has increased from 2016 to 2022. In 2016, the Farmers Management Services, Management Fees, and Other Related Revenues reached USD 2.8 billion, and it has become USD 4.4 billion in 2022. Furthermore, Farmers Business Operating Profit also has positive trend with consistent in reaping the profit. Farmers business profit in 2016 reached USD 1.7 billion and in 2022, it has become USD 1.9 billion.
Bibliography of Farmers Insurance Financial Performances from Time to Time
Zurich Insurance. 2023. Annual Report 2017-2022. Accessed via https://www.zurich.com/en/investor-relations on August 1st, 2023.
