State Farm lost $6.3B in 2023; company VP reports that State Farm “remains financially strong”

Posted on February 29, 2024
State Farm’s headquarters are located in Bloomington. (Photo courtesy: WJBC/File)

By Blake Haas

BLOOMINGTON – Bloomington-Normal’s largest insurance company posted a net loss of $6 billion in 2023.

Despite the loss, State Farm reported a $3.5 billion increase in net worth.

“While we improved overall auto lines profitability in 2023, our results remain below the level we expect, and we’re taking a state-specific approach as we operate,” said Senior Vice President, Treasurer, and Chief Financial Officer Mark Schwamberger. “State Farm Mutual Automobile Insurance Company remains financially strong, and it is that strength that allows us to handle uncertainty and serve more customers in more ways over the long term.”

Records indicate State Farm reported an underwriting loss of $13.2 billion on earned premiums of $74.3 billion in 2022.

Over the past year, State Farm reported over $725 million in dividends to policyholders and issued a record $118 billion in new policy volume.

Recent reports indicate that the value of individual life insurance at State Farm is $1.1 trillion.

You can read a State Farm’s financial outlook here.

Blake Haas can be reached at Blake.HaasCumulus.com.

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