State Farm Insurance Financial Performances from Time to Time

 

State Farm Insurance Financial Performances from Time to Time- State Farm Insurance is one of biggest insurance companies from Bloomington, Illinois, U.S.A. Historically, this company was founded by George J. Mecherle in June 1922. Basically, George is a retired farmer, and he is recognized as one of the most influential people in the insurance industry.

 

Along with business development, State Farm Insurances is one of the biggest property and casualty insurance provider, and the largest auto insurance provider, in the United States. Overall, this company has around 57,000 employees with more than 7.8 million life insurance and annuity policies in force. Based on financial ratings, State Farm Insurance has ratings A++ from A.M. Best®, Aa1 from Moody’s®, and AA from Standard & Poor’s.

 

In Insurance Industries, State Farm has some insurance products. Some of them include.

1. Vehicle insurance (Car, Motorcycle, Boat, RV, Off-road vehicle, Classic car, Personal mobility)

2. Home & property insurance (Home, Condo, Renters, Rental property, Personal articles, Manufactured home, Farm & ranch, Identity restoration)

3. Personal insurance (Life, Personal liability, Health insurance, Disability insurance, Liability insurance, Pet)

4. Small business insurance (Small business, Business owners, Business liability, Commercial umbrella, Workers compensation, Contractors, Surety & fidelity bonds, Commercial auto)

Apart from insurance business activities, state farms also have some products and services in Personal banking, business banking, and Investments. As one of the biggest insurance companies in USA, State Farm showed mixture performance with upside and downside trends from 2014 until 2023.

 

The Premium Earned of State Farm Insurance

Years	Premium Earned
	(In Millions of Dollars)
2024	$ 69,038
2023	$ 57,187
2022	$ 46,592
2021	$ 42,230
2020	$ 41,986
2019	$ 42,137
2018	$ 43,426
2017	$ 42,420
2016	$ 39,593
2015	$ 37,094
2014	$ 36,297
Source: State Farm Mutual Automobile Insurance Company Annual Report, 2015-2024

 

During 2014-2023, according to the State Farm Insurance Annual Report, the premium earned of State Farm Insurance has grown from time to time. In 2014, the premium earned of state farm insurances was about $ 36,297 million. Meanwhile, in 2024, it has increased to $ 69,038 million.

 

The Net Income of State Farm Insurance

Years	Net Income / (Losses)
	(In Millions of Dollars)
2024	$ 4,861
2023	$ (4,735)
2022	$ (8,702)
2021	$ (722)
2020	$ 4,218
2019	$ 2,310
2018	$ 6,350
2017	$ 1,702
2016	$ (2,554)
2015	$ 2,137
2014	$ 1,046
Source: State Farm Mutual Automobile Insurance Company Annual Report, 2015-2024

 

In the different variable, it was different with premium earned. The net income of State Farm Insurance showed the instable performances. This company performed vulnerable conditions with net income and net loss performance. In the years 2016, 2021, 2022, and 2023, State Farm Insurance suffered net losses meanwhile they generated net income in the years of 2014,2015, 2017, 2018, 2019, 2020, and 2024. In the year 2024, State Farm successfully gained net income  with value $ 4,861 million in contrast to the huge net loss in 2023 with value of $ -4,735.

  

Total Total Assets of State Farm Insurance from 2014 to 2024

 

Years	Total Assets
	(In Millions of Dollars)
2024	$ 239,889
2023	$ 220,788
2022	$ 205,812
2021	$ 214,493
2020	$ 193,935
2019	$ 178,476
2018	$ 159,865
2017	$ 160,732
2016	$ 147,697
2015	$ 138,495
2014	$ 138,798
Source: State Farm Mutual Automobile Insurance Company Annual Report, 2015-2024

 

Based on the financial conditions, the total assets of State Farm Insurance showed growing conditions. It has increased from $ 138,798 million in 2014 and turned into $ 239,889 million in 2024. The value basically was vague conditions because the value of total liabilities and equities can’t be shown in the State Farm’s Annual Report.

 

Bibliography of State Farm Insurance Financial Performances from Time to Time

State Farm. 2025. Annual Report 2015–2024. Accessed via https://www.statefarm.com/content/dam/sf-library/en-us/secure/legacy/pdf/2024-annual-report.pdf on July 20th, 2025.