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 of 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 farm also has 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 2022.
The Premium Earned of State Farm Insurance
| Years | Premium Earned |
|---|---|
| (In Millions of Dollars) | |
| 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, 2015-2022 | |
During 2014-2022, according to 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 $ 138,798 million. Meanwhile, in 2022, it has increased into $ 205,812 million.
The Net Income of State Farm Insurance
| Years | Net Income |
|---|---|
| (In Millions of Dollars) | |
| 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, 2015-2022 | |
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 of 2016, 2021, 2022, State Farm Insurance suffered net losses meanwhile they generated net income in the year of 2014,2015, 2017, 2018, 2019, and 2020. In the year of 2022, State Farm suffered huge losses with value $ 8,702 million.
Total Assets of State Farm Insurance
| Years | Total Assets |
|---|---|
| (In Millions of Dollars) | |
| 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, 2015-2022 | |
Based on the financial conditions, the Assets of the State Farm Insurance showed growing conditions. It has increased from $ 138,798 million in 2014 and turned into $ 205,812 million in 2022. 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. 2023. Annual Report 2015- 2022. Accessed via https://www.statefarm.com/about-us/company-overview/annual-reports on July 20th, 2023.
