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You are here: Home / News / State Farm Reports Improved 2024 Financial Results Amid Continued Underwriting Losses

State Farm Reports Improved 2024 Financial Results Amid Continued Underwriting Losses

March 3, 2025 By CollisionWeek Editor

Auto insurance business sees significant improvement as underwriting losses narrow compared to 2023.

State Farm reported net income of $5.3 billion in 2024, a sharp turnaround from the $6.3 billion net loss in 2023. Despite continued underwriting losses in its auto and homeowners insurance businesses, the property and casualty (P-C) group of companies benefited from increased earned premiums and investment income.

State Farm logoThe State Farm P-C group reported earned premium of $103.0 billion in 2024, marking a substantial increase from $87.6 billion in 2023. The group posted a combined underwriting loss of $6.1 billion, a notable improvement over the $14.1 billion

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Filed Under: News Tagged With: Earnings, State Farm

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