State Farm Suffers $7B Auto Underwriting Loss, Profits Decline 94%

  Friday, March 3rd, 2017 Source: claimsjournal.com

State Farm Mutual Automobile Insurance Co., the largest U.S. property/casualty insurer, said annual profit fell 94 percent on car insurance claims costs. Net income dropped to $400 million from $6.2 billion in 2015, when results included one-time gains in the stock portfolio tied to pharmaceutical deals, the Bloomington, Illinois-based company said Tuesday in a statement. The underwriting loss from auto insurance widened to $7 billion from $4.4 billion.

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