Auto insurance underwriting loss narrows to 2.8 billion in 2017
The State Farm property-casualty (P-C) group of companies today reported a combined underwriting loss of $6.5 billion in 2017 on earned premium of $63.9 billion, compared to an underwriting loss of $5.5 billion on earned premium of $61.7 billion in 2016. The 2017 underwriting loss, combined with investment and other income of $4.8 billion, resulted in a P-C pre-tax operating loss of $1.7 billion. The underwriting loss in 2017 was driven by significant catastrophe losses. Even with these operating losses, each of the State Farm companies remains financially strong.
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