State Farm Insurance Companies announce their 2021 financial results

The insurers experienced record growth in home, auto and life policies last year.

Last year, State Farm Insurance Companies brought in record growth in their home, auto, and life policies.

In 2021, the insurer experienced record level growth in its auto business but earned premium dropped.

Even though State Farm Insurance Companies experienced record growth in auto policies, it saw a year-over-year drop in its earned premium in that category. The falling auto premium is a continuation of the impact of its focus on bringing value back to customers in the form of reduced premiums where appropriate.

The insurers paid out almost $600 million in dividends to policyholders. Moreover, it issued a record-breaking $116 billion in new policy volume, drawing 2021 year-end individual life coverage in force to $1.1 trillion.

State Farm is the largest auto and home insurer in the United States. It is also an individual life leader. A recent news release underscored its commitment to serving its policyholders and is a powerful option for coverage and financial service requirements.

State Farm Insurance Companies issued a news release focusing on its successes from 2021.

“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 the life insurance companies continued to be there for our customers,” said Jon Farney, the insurer’s senior vice president, treasurer, and chief financial officer. “We entered our 100th year with financial strength and record growth in our auto, home and life insurance businesses. We are pleased more customers are choosing State Farm as we remain focused on helping more people in more ways.”

The State Farm property and casualty group of insurance companies reported a $66.9 billion earned premium in 2021. It also reported a $4.7 billion combined underwriting loss. It paid $401 million in dividends to its Mutual Automobile Insurance Company policyholders. The outcome compared to a $1.9 billion underwriting gain earned on a $65.1 billion earned premium from 2020 in addition to $1.9 billion in dividends to State Farm Mutual Automobile Insurance Company policyholders.