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.
The 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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