State Farm Group Life Insurance

State Farm Group Life Insurance – Bloomington, IL, February 25, 2022 – In 2021, State Farm insurance companies experienced record growth in auto, home and life policies. While a record increase in auto policies, State Farm reported another year-over-year decline in auto premium earned. Auto premium reductions continue to reflect a focus on returning value to customers in the form of lower premiums where appropriate. State Farm Life Insurance Company paid nearly $600 million in dividends to policyholders and issued a record $116 billion in new policy volume, bringing end-2021 individual life insurance in force to $1.1 trillion. As the number one auto and homeowners insurer in the US,

“For nearly 100 years, State Farm has been there to help our customers prepare for and recover from the unexpected. This past year was no different. We helped customers recover from another year of catastrophic events and insurance companies to life continue to be there for us. customers,” said Senior Vice President, Treasurer and Chief Financial Officer Jon Farney. “We enter our 100th year with financial strength and record growth in our auto, home and life insurance businesses. We are pleased that more customers are choosing State Farm because we remain focused on helping more people in more ways than one.”

State Farm Group Life Insurance

State Farm Group Life Insurance

The State Farm P-C group of companies reported earned premiums of $66.9 billion, a combined underwriting loss of $4.7 billion and paid $401 million in dividends to policyholders of State Farm Mutual Auto Insurance Company. This result compares to an underwriting profit of $1.9 billion on premium earned of $65.1 billion in 2020, along with $1.9 billion in dividends to Farm Mutual Auto Insurance Company policyholders. 2021 underwriting results reflect losses caused by higher auto lines and lower premiums. Homeowner underwriting results reflect another year of significant disaster activity across the country. The 2021 underwriting loss, combined with dividends to policyholders, and investment and other income of $4.4 billion, resulted in a pre-tax P-C operating loss of $301 million, up from the $4.5 billion profit reported in in 2020. Total revenue, which includes premium income, investment income and realized capital gains (losses), was $82.2 billion for 2021 compared to $78.9 billion for 2020. State Farm reported revenue net income of $1.3 billion in 2021 compared to $3.7 billion in net income in 2020. Net worth for State Farm Mutual Automobile Insurance Company ended the year at $143.2 billion versus $126.1 billion at the end of 2020. The change includes an increase in sensitive to the value of the portfolio of undeclared shares of FI-C companies, driven by increases in the US activity market.

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State Farm’s insurance operations consist of thirteen P-C companies and two life companies, each of which is administered at an individual subsidiary level. P-C companies are primarily engaged in automobile, health, homeowners, commercial multiple risk (CMP) and reinsurance lines of business. These life companies are primarily engaged in the individual life insurance and annuity business. The State Farm Group makes third-party mutual funds and third-party banking products available through 2 State Farm-affiliated companies that act as intermediaries between the third parties and State Farm customers. State Farm offers insurance and financial services products over 87 million policies and accounts.

Auto – State Farm’s auto insurance business represented 61 percent of the P-C companies’ combined net premium written. The premium earned is 41.2 billion dollars. Incurred expenses and loss adjustments were $34.4 billion and all other underwriting expenses were $10.2 billion. The underwriting loss was $3.4 billion and dividends to policyholders of State Farm Mutual Auto Insurance Company totaled $401 million.

The comparable figures for 2020 are: premium earned, $41.3 billion; damages incurred and loss adjustment expenses, $27.6 billion; all other underwriting expenses, $10.1 billion; signing profit, $3.5 billion; Dividends to policyholders of Farm Mutual Auto Insurance Company of $1.9 billion.

Homeowners, CMP, Other – Net premium written for the rest of the P-C State Farm business represented 38 percent of the combined net premium written of the P-C companies. The premium earned is $24.7 billion. Incurred expenses and loss adjustments were $19.5 billion and all other underwriting expenses were $6.3 billion. The underwriting loss was $1.1 billion.

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The comparable figures for 2020 are: premium earned, $22.9 billion; damages incurred and loss adjustment expenses, $18.6 billion; all other underwriting expenses, $5.9 billion; Underwriting loss, $1.6 billion.

Health – Individual health insurance operations for State Farm Auto Insurance Company reported an underwriting loss of $75 million, excluding the change in the premium deficiency reserve. Net premium written is $719 million.

Life – In 2021, State Farm Life Insurance Company and State Farm Life and Accident Assurance Company reported premium income of $5.7 billion and $593 million in dividends to policyholders. Net income for 2021 was $929 million. At the end of 2021, $1.1 trillion of individual life insurance was in force. The comparable figures for 2020 are: premium income, $5.5 billion; Dividends to policyholders, $584 million; net income, $339 million; Individual life insurance in effect, $994 billion.

State Farm Group Life Insurance

Investment Planning Services – Total assets under management for the Investment Planning Services operation at the end of 2021 were $15.3 billion. State Farm VP Management Corp. and State Farm Investment Management Corp. reported a combined net loss of $38 million in 2021. Comparable figures for 2020 are: total assets under management, $13.9 billion; Net loss, $41 million.

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GAINSCO, INC. – In 2021, total revenue was $327 million, net loss was $8 million, and total assets were $405 million. The comparable 2020 figures are: total revenue, $335 million; net income, $5 million; Total assets, $421 million.

Although financial information is presented on a group/line of business basis, State Farm Mutual Auto Insurance Company and each of its subsidiaries must meet solvency and regulatory requirements on an individual entity-by-entity basis, regardless of solvency or condition financial of any other related Entity.

State Farm VP Management Corp. is a separate entity from the State Farm entities that offer banking and insurance products. Neither State Farm nor its agents provide investment, tax or legal advice.

For 100 years, State Farm’s mission has been and continues to be to help people manage the risks of everyday life, recover from the unexpected and realize their dreams. Its more than 19,400 agents and approximately 53,400 employees service over 87 million policies and accounts – which include auto, fire, life, health, commercial policies and financial services accounts. , is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked #42 on the Fortune 500 list of largest companies for 2022. For more information, please visit http://www.statefarm.com. We value your privacy. We may collect personal information from you for business, marketing and business purposes. Read more

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We value your privacy. We may collect personal information from you, such as identification information (name, address, driver’s license number), transaction information (products or services purchased and payment history), digital network activity (interactions with our site Internet, IP address), Geo-Location data. , audio recordings and other forms of personal information. We use this information for commercial, marketing and business purposes, including but not limited to providing the products and services you request, processing your claims, protecting against fraud, maintaining security, verifying your identity and providing you other insurance and financial products.

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If you’re wondering when to get life insurance, there’s no better time than today. Let’s take a look at how your life insurance needs may change with age.

State Farm Group Life Insurance

Life insurance is a key component of your personal financial plan, which means it should grow with you. You can start with a small policy in your 20s, but you’ll likely want to expand your coverage throughout your life. Here are some ideas to consider.

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When you’re a teenager, life insurance may not be top of mind, but it’s the best time to get coverage. Since you are young and likely healthy, you will usually qualify for more affordable premiums.

By age 30, you may have children and a mortgage, making the financial protection provided by life insurance more important than ever. Don’t forget to factor your children’s education costs into your life insurance coverage in case you switch. If you find yourself uninsured, don’t wait until you’re older to increase your coverage—rates usually go up with age.

By the time you reach your 40s and 50s, your career is likely to be more stable than at earlier stages of life, and your children may be close to college age.

As you approach retirement, life insurance can help you leave a legacy for your beneficiaries and can be a useful tool in estate planning.

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It’s a good idea to review your coverage when you experience a major life event that affects your finances, such as buying a home, getting married, or

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