Who Owns State Farm Insurance? (2024)

FAQs

Who Owns State Farm Insurance? ›

State Farm is owned by State Farm policyholders. The fact that State Farm is a mutual insurance company means the company is privately owned by the people who purchase its insurance policies, and shares in the company are not available to investors on the public market.

The State Farm Insurance Company is actually a family of property, casualty and life insurance companies doing business throughout the United States and Canada. State Farm is a mutual company, which means that the company is owned collectively by State Farm policyholders, and not by shareholders.

Michael L. Tipsord (Sep 2015–)

State Farm / CEO

State Farm Mutual Automobile Insurance Company, America's largest property and casualty insurance provider, and GAINSCO, Inc. announced Sept. 17, 2020, that they have entered into an agreement pursuant to which State Farm will acquire GAINSCO for approximately $400 million in cash.

State Farm is owned by State Farm policyholders. The fact that State Farm is a mutual insurance company means the company is privately owned by the people who purchase its insurance policies, and shares in the company are not available to investors on the public market.

Securities distributed by State Farm® VP Management Corp.

BlackRock mutual funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”). BlackRock is not affiliated with SFVPMC or any other entity mentioned herein.

Bloomington, IL

State Farm / Headquarters

Farney will formally begin his role on June 1. Bloomington, IL (March 14, 2024) — State Farm President Jon Farney has been selected as the company's next Chief Executive Officer by the State Farm Mutual Board of Directors. Farney will formally begin his role on June 1.

While ZipRecruiter is seeing salaries as high as $119,908 and as low as $24,673, the majority of State Farm Agent salaries currently range between $43,900 (25th percentile) to $76,000 (75th percentile) with top earners (90th percentile) making $98,197 annually in California.

How is State Farm doing financially? ›

Total revenue, which includes premium revenue, earned investment income and realized capital gains (losses) was $104.2 billion for 2023 compared to $89.3 billion for 2022. State Farm reported a net loss of $6.3 billion in 2023 compared to a net loss of $6.7 billion in 2022.

Gov. Ron DeSantis' office confirmed that State Farm Insurance plans to continue its presence in the Florida insurance marketplace after Farmers Insurance declared plans to leave the state. Gov.

State Farm said in a release that its unfavorable operating results came from "continued elevated claims severity and significant catastrophe activity," for both auto and homeowners insurance.

Considering State Farm and Geico are the two biggest auto insurance companies in the U.S., most drivers can find what they need from either company, whether that's minimum or full coverage. However, there are a few key differences between State Farm vs. Geico when it comes to auto insurance options.

Achieve your financial goals

We're excited to introduce you to banking products that allow you to bank when, where, and how you want, thanks to an alliance between U.S. Bank® and State Farm®. Now, you'll be able to apply for U.S. Bank checking, savings, CDs and CD-IRAs online, or through your local State Farm agent.

State Farm total revenue last year was $104.2 billion. State Farm said in a release that its unfavorable operating results came from "continued elevated claims severity and significant catastrophe activity," for both auto and homeowners insurance.

The group's main business is State Farm Mutual Automobile Insurance Company. Although not owned by Disney, State Farm Insurance is the lead sponsor of the Cars 2 "Agents on a Mission" tour.