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State Farm Profit Took Hit in Stormy 2011

22.05.12

State Farm lost $4.5 billion on its property/casualty underwriting in 2011 – which is $1.3 billion more than it lost in 2010. The Bloomington, Illinois-based mutual insurer cited catastrophe claims as the main reason for higher underwriting loss, mirroring overall property/casualty industry experience .

Overall net income for the giant mutual insurer fell in 2011 to about $800 million from $1.8 billion a year earlier, while revenue rose to $64.3 billion, up from $63.2 billion in 2010.


Source: Insurance Journal

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