State Farm's net worth in 2014 was $80 billion, and increase of over $4 billion from 2013, despite an underwriting loss of $939 million in its property-casualty companies. (WJBC file photo)

By Joe Ragusa

BLOOMINGTON – 2014 was a mixed bag for State Farm. The Bloomington-based company increased its net-worth to a record $80 billion last year, but profits fell about $1 billion to $4.2 billion in 2014. State Farm Spokesman Dick Luedke said the company doesn't put much stock into the year-by-year numbers.

"The volatility of this business, I mean, a lot of things can change from one year to the other, so the one-year difference is not of great significance."

State Farm experienced an underwriting loss of $939 million in its property-casualty companies, but investment and other income rose about $300 million. Luedke said property-casualty companies, like home and auto insurance, have reported underwriting losses in six of the last seven years. Auto claims rose $2.5 billion in 2014.

State Farm Chairman and CEO Ed Rust made $12.9 million last year, compared to $11.6 million last year. His salary includes a base salary that hasn't changed since 2001 and four other incentive-based metrics: financial results, growth, customer retention and employee satisfaction over the last three years.

Joe Ragusa can be reached at [email protected].