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 products of insurance. Some of them include.
- Auto & Home
Insurance (Car Insurance, Home Insurance, Renters Insurance, Condo
Insurance, Boat Insurance, Motorhome Insurance, and Motorcycle Insurance).
- Life &
Health Insurance (Life Insurance, Medicare Supplement Insurance,
Supplemental Health Insurance, Disability Insurance, Pet Medical
Insurance).
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) |
|
|
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, 2015-2023 |
|
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 2023, it has increased to $ 57,187 million.
The Net Income of State Farm Insurance
|
Years |
Net Income / (Losses) |
|
(In Millions of Dollars) |
|
|
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, 2015-2023 |
|
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, and 2020. In the year 2023, State Farm suffered
huge losses with value $ 4,735 million although its value decreased compared to
2022.
Total Assets of State Farm
Insurance
|
Years |
Total Assets |
|
(In Millions of Dollars) |
|
|
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, 2015-2023 |
|
Based on the financial conditions, the assets of State Farm
Insurance showed growing conditions. It has increased from $ 138,798 million in
2014 and turned into $ 220,788 million in 2023. 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. 2024. Annual Report 2015–2023. Accessed via
https://www.statefarm.com/about-us/company-overview/annual-reports on
July 20th, 2024.