25 February 2022, Bloomington, Illinois – State Farm Insurance Companies had a record increase in car, home, and life insurance premiums in 2021.
State Farm reported another year-over-year fall in car earned premiums while enjoying a record increase in vehicle policies. The drop in vehicle rates reflects a continued commitment to providing value to clients via reduced premiums when necessary.
State Farm life insurance businesses paid over $600 million in dividends to policyholders and issued a record $116 billion in new policy volume, pushing total individual life insurance in force to $1.1 trillion by the end of 2021.
State Farm is devoted to servicing its customers and remains a solid option for insurance and financial services requirements as the number one auto and homeowners insurer in the United States and a leader in individual life insurance.
Life Insurance Operations.
“State Farm has been helping our clients plan for and recover from the unexpected for over a century. The previous year was no exception.
Senior Vice President, Treasurer, and Chief Financial Officer Jon Farney remarked, “We helped consumers recover from another year of terrible occurrences, and the life insurance companies continued to be there for our customers.”
“In our car, home, and life insurance operations, we began our 100th year with financial health and historic growth. As we continue to concentrate on serving more people in more ways, we are thrilled that more consumers are selecting State Farm.”
Paying State Farm policyholders.
The State Farm P-C group of firms reported $66.9 billion in earned premium, a $4.7 billion underwriting loss, and paid policyholders of State Farm Mutual Automobile Insurance Company $401 million in dividends.
In 2020, State Farm Mutual Automobile Insurance Company policyholders will get $1.9 billion in dividends and an underwriting benefit of $1.9 billion on earned premiums of $65.1 billion.
Underwriting statistics for 2021 show increased auto line claims and lower premiums. The findings of homeowners’ underwriting reveal another year of heavy catastrophic activity throughout the nation.
The underwriting loss in 2021, together with dividends to policyholders and $4.4 billion in investment and other income, resulted in a pre-tax operating loss of $301 million, down from a profit of $4.5 billion in 2020. Premium revenue generated investment income and realized capital gains (losses) totaled $82.2 million.
billion in 2021, up from $78.9 billion in 2020. In 2021, State Farm earned $1.3 billion in net income, compared to $3.7 billion in 2020.
State Farm Mutual Automobile Insurance Company’s net worth finished the year at $143.2 billion, up from $126.1 billion at the end of 2020. The shift includes a considerable gain in the value of the unaffiliated stock portfolio of the P-C firms, owing to increases in the US stock market.
The main is reinsurance.
State Farm Insurance operates thirteen personal lines firms and two life insurance companies, each of which is administered independently.
Automobile, health, homeowners, commercial multiple perils (CMP), and reinsurance are the primary lines of business for P-C businesses.
Individual life insurance and annuity business are the mainstays of the life firms.
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Through related 2 State Farm firms that function as middlemen between third parties and State Farm consumers, the State Farm group makes third-party mutual funds and third-party banking products accessible. State Farm has approximately 87 million policies and accounts within its insurance and financial services umbrella.
State Farm vehicle insurance accounted for 61 percent of the aggregate net written premium of the P-C firms. The premium earned was $41.2 billion.
All other underwriting charges totaled $10.2 billion, including $34.4 billion in claims and loss adjustment expenses. The underwriting loss was $3.4 billion, with $401 million in dividends paid to State Farm Mutual Automobile Insurance Company policyholders.
Earned premiums of $41.3 billion, incurred claims and loss adjustment expenses of $27.6 billion, all other underwriting expenses of $10.1 billion, underwriting gain of $3.5 billion, and dividends to State Farm Mutual Automobile Insurance Company policyholders of $1.9 billion were comparable 2020 figures.
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Homeownership.
CMP, Homeowners, and Others — The net written premium for the rest of the State Farm P-C business accounted for 38% of the total net written premium for the P-C firms. The premium earned was $24.7 billion. Claims and loss adjustment costs reached $19.5 billion, while all other underwriting costs came to $6.3 billion. The loss on underwriting was $1.1 billion.
The earned premium was $22.9 billion in 2020, incurred claims and loss adjustment expenditures were $18.6 billion, all other underwriting expenses were $5.9 billion, and underwriting loss was $1.6 billion.
Health – State Farm Mutual Automobile Insurance Company’s individual health insurance business reported an underwriting loss of $75 million, excluding the decrease in the premium deficiency reserve. The total premium written was $719 million. In 2020, comparable statistics were $24 million in underwriting loss and $710 million in net written premium.
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Investment Planning Services.
State Farm Life Insurance Company and State Farm Life and Accident Assurance Company reported $5.7 billion in premium revenue and $593 million in policyholder dividends in 2021. In 2021, the company earned $929 million in net profits. Individual life insurance was worth $1.1 trillion at the end of 2021.
Premium revenue was $5.5 billion in 2020; payouts to policyholders were $584 million; net income was $339 million, and individual life insurance in force was $994 billion.
Investment Planning Services – At the end of 2021, the Investment Planning Services business had $15.3 billion in assets under management.
The combined net loss of State Farm VP Management Corp. and State Farm Investment Management Corp. in 2021 was $38 million. Total assets under management were $13.9 billion in 2020, with a net loss of $41 million.
GAINSCO, Inc. — Total sales were $327 million in 2021, with an $8 million net loss and $405 million in total assets. Total revenue was $335 million in 2020, net income was $5 million, and total assets were $421 million.
State Farm VP Management Corp. distributes securities.
State Farm Mutual Automobile Insurance Company and each of its affiliates must fulfill solvency and regulatory criteria on an individual entity-by-entity basis, regardless of the solvency or financial situation of any other associated firm.
State Farm VP Management Corp. distributes securities. State Farm VP Management Corp. is distinct from the State Farm subsidiaries that provide banking and insurance services. State Farm and its representatives do not offer financial, tax, or legal advice.
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