How large is the State Farm insurance company?
Asked by: Donny Hahn | Last update: April 26, 2025Score: 4.9/5 (75 votes)
Who is bigger, State Farm or Geico?
State Farm is the biggest auto insurance company in the country by market share. Progressive, Geico and Allstate are the next three largest. Most of the largest companies in the country are familiar because of national advertising campaigns.
Is state farm insurance in financial trouble?
In a sign of financial trouble, State Farm General has asked for permission to dramatically increase insurance rates for millions of California homeowners and renters. The company saw its net losses grow to $880 million last year from $98.4 million in 2022.
What is America's largest insurance company?
Who owns State Farm?
A mutual insurance company, State Farm is not publicly traded, and is instead owned by its policyholders. The company is made up of 14 property-casualty insurance companies and two life insurance companies. As of 2024, about 64% of State Farm's business is auto insurance, and 35% is homeowners insurance.
State Farm Insurance, Company Review - Why they have been #1 since 1942
Who is State Farm's biggest competitor?
State Farm main competitors are USAA, MetLife, and American Family Insurance. Competitor Summary. See how State Farm compares to its main competitors: MetLife has the most employees (49,000).
Is State Farm losing its rating?
The ratings agency announced that it has lowered State Farm General's FSR from A (excellent) to B (fair) and its Long-Term ICR from “a” (excellent) to “bb+” (fair). The rating agency has also revised its outlook for the insurer's FSR from stable to negative.
What is the salary of the CEO of State Farm?
“State Farm paid its CEO Michael Tipsord over $24 million while hiking auto insurance rates in its home state of Illinois four times in a single year, increasing auto rates by 17% in Louisiana, and raising homeowners insurance rates by 28.1% in California while also halting new California applications for homeowners ...
Why does State Farm deny so many claims?
Some common reasons for claim denials include: Insufficient evidence or information: The burden of proof falls on the injured party. State Farm might deny your claim if it believes you have insufficient evidence to prove how the car accident occurred or the severity of your damages.
Who has cheaper insurance than State Farm?
GEICO is cheaper and has better ratings than State Farm. Your experience with GEICO and State Farm will vary based on individual rating factors.
Where does State Farm rank in the Fortune 500?
State Farm is ranked 39th in the 2024 Fortune 500, which lists American companies by revenue.
Who is the #1 insurance company in the USA?
State Farm is the largest auto insurance company in the U.S. based on written premium, or the total amount it bills customers. Progressive is the second-largest car insurance company, followed by Geico and Allstate.
Is it better to own an Allstate or State Farm?
State Farm's cheaper rates and higher ratings make it a slightly better choice than Allstate for homeowners insurance. That said, Allstate offers some discounts and optional coverages that you can't get from State Farm.
What is the most trusted car insurance company?
Amica and USAA tied in Bankrate's analysis as the two best auto insurance companies overall. Geico ranks as the best car insurance company for high-risk drivers. Nationwide and Liberty Mutual are some of the best auto insurance companies for discounts and bundling.
How is State Farm doing financially?
In 2023, State Farm General — the California-only subsidiary — reported a net loss of about $880.4 million, according to documents submitted to the Department of Insurance. Its surplus — or its assets minus its liabilities —was about $1.3 billion.
What is the most profitable insurance company?
Net Income (TTM) as of March 31, 2024: $73.42 Billion
Berkshire Hathaway Inc. (NYSE:BRK-A) ranks first on our list of the most profitable insurance companies.
Who are the largest shareholders of State Farm?
- Apple Inc. 11.82%
- NVIDIA Corporation 5.40%
- Johnson & Johnson 4.61%
- Caterpillar Inc. 4.31%
- Eli Lilly and Company 4.20%
- Microsoft Corporation 3.86%
- ASML Holding N.V. 3.28%
- Walmart Inc. 3.18%
How much is State Farm worth?
Schwamberger said State Farm "remains financially strong." Stock market gains helped boost State Farm's net worth by several billion dollars, to $134.8 billion at the end of the year. That's up from $131.2 billion in 2022.
How many employees does State Farm have?
In 2021, State Farm disclosed a net income of $1.3 billion. In the fourth quarter of the year 2021, State Farm had $143.2 billion in total net worth. State Farm has a total of 57,672 employees. Women make up over half of State Farm's employees, counting for 62% of their workforce.