State Farm Mutual Automobile Insurance Company Closed Now

State Farm is the largest mutual insurance company in the U.S., providing auto, homeowners, commercial, health, life insurance, and banking products through over 19,000 agents nationwide. Founded in 1922 in Bloomington, Illinois, State Farm remains privately owned by policyholders rather than stockholders Wikipedia+1newsroom.statefarm.com+1.

For calendar year 2024, State Farm posted total revenue of US $123.0 billion, up from $104.2 billion in 2023 — an 18% increase driven primarily by growth in auto and property premiums Business Daily+3newsroom.statefarm.com+3Trending Insurance News+3. It achieved net income of $5.3 billion, a dramatic reversal from a $6.3 billion net loss in 2023, thanks in part to $3 billion in realized capital gains https://www.25newsnow.com+6Insurance Journal+6Autobody News+6.

State Farm’s Property & Casualty segment—which includes auto and homeowners insurance—recorded $103.0 billion in earned premiums, with a combined underwriting loss of $6.1 billion (improved from $14.1B loss in 2023) Autobody News+4newsroom.statefarm.com+4Business Daily+4. Auto insurance underwriting loss narrowed to $2.7 billion (vs $9.7 billion in 2023), corresponding to an auto combined ratio of ~104 (down by 13 points) insurancebusinessmag.com+3Carrier Management+3Insurance Journal+3. Homeowners and related lines posted a $3.6 billion underwriting loss, down from $4.7B in 2023 Business Daily.

State Farm’s Life insurance business reported premium income of $6.7 billion and net income of $1.7 billion in 2024, matching rising policy growth and dividend payouts totaling $817 million to policyholders newsroom.statefarm.com+1Business Daily+1.

The company handled more than 11,750 fire and auto claims related to January 2025 California wildfires, paying nearly $2.2 billion to customers as of late February 2025 Business Daily+2newsroom.statefarm.com+2Autobody News+2.

Despite underwriting headwinds, State Farm continues focusing on digital transformation across claims, underwriting, and customer service; expanding financial and life services; and reinforcing capital and liquidity strength — net worth exceeded $145 billion at year-end 2024 Business Dailynewsroom.statefarm.com.