State Farm Insurance Posts Healthy Numbers for 2010

Car insurance provider State Farm recently released its financial numbers for 2010, showing that net income more than doubled over the previous year.

Net income jumped to $1.8 billion last year, compared with $800 million in 2009.

Total worth of the company reached the $61.2 billion level at the end of 2010. The insurer’s net worth has increased by 40 percent in the past 10 years.

State Farm remains the largest car insurer in the United States, followed by Allstate.

The automobile insurance coverage wing of the company posted a year-to-year increase in earned premiums, spurred by both the addition of new premiums and rises in rates, while there were year-to-year decreases in the amounts of underwriting losses and incurred claims and loss adjustment expenses.

Earned premiums for car coverage increased by 1.6 percent to a total  of $31.4 billion for last year. That’s up from $30.9 billion in 2009.

About John Pirro
John Pirro is a licensed fire and casualty insurance agent specializing in various aspects of the auto insurance industry. He worked in the auto body repair industry before taking a reporting position at Online Auto Insurance News.

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