State Farm Insurance
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State Farm Insurance
Like a good neighbor, State Farm is there.
Type
Mutual (main company)
Industry
Insurance
Founded
June 7, 1922; 92 years ago [1]
Founder
George J. Mecherle
Headquarters
Bloomington, Illinois, U.S.
Number of
locations
18,000 agents
343 claim offices
30 operations centers[2]
Area served
USA and Canada
Key people
Edward B. Rust,
Jr. (Chairman& CEO)
Services
Insurance, Banking, Investing
Revenue
US$68.291 billion (2013)[3]
Net income
US$5.2 billion (2013) [3]
Total assets
US$224.694 billion (2013)[4]
Total equity
US$75.900 billion (2013)
Number of
employees
65,000[2]
Divisions
Insurance; mutual funds; State
Farm Bank
Subsidiaries
see Companies below
Website
www.statefarm.com
State Farm Insurance "Fire Building" in downtown Bloomington, Illinois.
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State Farm is a group of insurance and financial services companies in the United States. The
company also has operations in Canada.
The group's main business is State Farm Mutual Automobile Insurance Company, a mutual
insurance firm that also owns the other State Farm companies. The corporate headquarters are
in Bloomington, Illinois.
State Farm is ranked 44th in the 2013 Fortune 500, which lists American companies by revenue.
[5]
Contents
[hide]
1 History
2 Logo
3 Companies
4 Advertisement
5 CEOs
6 Financial services
7 Florida withdrawal and reentry
8 Criticism
9 Competition
10 Non-insurance-related
o
10.1 Sponsorships
10.2 Services
11 See also
12 References
13 External links
History[edit]
State Farm was founded in 1922 by retired farmer George J. Mecherle as a mutualautomobile
insurance company owned by its policyholders. The firm originally specialized in auto insurance
for farmers. The company later expanded its services into other types of insurance, such as
homeowners and life insurance, in addition to banking and financial services.
The State Farm jingle ("Like a good neighbor, State Farm is there") was written by American
songwriter Barry Manilow in 1971. A cover was released by Weezer in 2011.[6][7]
As of December 2013 State Farm had 65,000 employees and 18,000 agents. February 2014
figures show the group servicing 80 million policies in the United States and Canada, of which
over 44,000,000 are for automobiles, 27,000,000 are for fire, 7,000,000 for life, and more than 2
million bank accounts.
Edward B. Rust, Jr. is the current chairman and CEO of State Farm Mutual Automobile
Insurance Company,[2] as well as president and chief executive officer of State Farm Fire and
Casualty Company, State Farm Life Insurance Company, and other principal State Farm
affiliates.[citation needed]
Effective January 1, 2015, Canadian policies have been transferred to be underwritten by
the Desjardins Group, though the State Farm brand remains in place for agents and marketing.[8]
Logo[edit]
State Farm's tri-oval logo from 1953 to 2012.
The State Farm interlocked tri-oval logo was created in the mid-to-late 1940s and was later
updated in 1953. For nearly 60 years, this design was critical to its brand image.
On December 15, 2011, State Farm decided to transform their interlocked tri-oval logo to a
simpler, contemporary logo to showcase the companys core service offerings of auto, fire, and
life. The new logo was introduced January 1, 2012, marking the companys 90th anniversary. It
consists of a simple three-oval design adjacent to the State Farm wordmark. According to Pam
El, Marketing Vice President at State Farm, a change in image was needed to employ a bolder
presence that could compete in todays digital world.[9]
Companies[edit]
State Farm Mutual Automobile Insurance Company is the parent company of several wholly
owned State Farmsubsidiaries:[1]
State Farm Fire and Casualty Company
State Farm Life Insurance Company
State Farm Life and Accident Assurance Company (NY/CT/WI)
State Farm County Mutual Insurance Company of Texas (TX auto)
State Farm Mutual Insurance Company of Texas (TX preferred auto)
State Farm Indemnity Company / State Farm Guaranty Insurance Company (NJ auto)
State Farm General Insurance Company (CA home)
State Farm Florida Insurance Company (FL home)
State Farm Lloyds (TX home/commercial)
State Farm Bank, F.S.B.
State Farm Investment Management Corp. (SFIMC)
State Farm VP Management Corp. (SFVPMC)
State Farm International Service, Inc.
State Farm Associate's Funds Trust
State Farm Mutual Fund Trust
State Farm Investor Services (Canada) Co.
State Farm Finance Corporation of Canada
SF Insurance Placement Corporation of Canada
Insurance Placement Services, Inc.
State Farm International Life Insurance Company Ltd.
Plaza One Realty Co.
State Farm Guaranty Insurance Company
State Farm Variable Product Trust
This section requires expansion.(June 2008)
Get an Auto Quote It's Fast and Easy
Choosing the right auto insurance can be tough. State Farmmakes it easier with a fast online
quote that helps you get car insurance discounts as you go. You can compare options and
customize coverage to fit your needs. After you choose State Farm, we're there anytime,
anywhere you need us, with helpful advice and award-winning service. That's why more drivers
trust us than any other auto insurer. Get your auto insurance quote now, and get to a better State.
Motorcycles Covered
We will consider any factory-built motorcycle, classic motorcycle, custom motorcycle,
motorscooter, and other two- or three-wheel vehicles including minibikes and trail bikes licensed
for use on public roads.
Motorcycle Insurance Coverage Options
Bodily injury to someone else or property damage that you accidentally caused while
riding your motorcycle
Bodily injury to yourself because of an accident with an uninsured motorist
Damage to your motorcycle caused by an accident
Theft, fire, vandalism, and other losses even while your motorcycle is in storage for the
winter
Custom motorcycle work, such as paint or upgraded components
Attached side cars
Emergency Roadside Expenses
Loss to Protective Gear
Trip Interruption Expenses
Get Affordable Protection Term Life Insurance
How it Works
Term life insurance is the most straightforward form of protection. You generally pay premiums
on a monthly or annual basis and your family is protected for that "term." State Farm offers a
variety of affordable term life insurance products to fit your needs, time frame, and budget.
Help provide for a family's loss of income
Cover short-term debts and needs
Provide additional insurance protection during the child-raising years
Provide longer term protection to help your family pay off a mortgage or to help pay for a
college education
Get Affordable Protection Term Life Insurance
How it Works
Term life insurance is the most straightforward form of protection. You generally pay premiums
on a monthly or annual basis and your family is protected for that "term." State Farm offers a
variety of affordable term life insurance products to fit your needs, time frame, and budget.
Help provide for a family's loss of income
Cover short-term debts and needs
Provide additional insurance protection during the child-raising years
Provide longer term protection to help your family pay off a mortgage or to help pay for a
college education
EWelcome
This service will allow you to view your EFT payment information from State Farm
Insurance. Please contact your local claim office or business contact at State Farm for
details of who is eligible to participate in the service and further instruction on how to
register for EFT payments.
If you are a Policyholder or an individual and have been given a permanent user ID
and temporary password to allow you to receive EFT payments from Property and
Casualty Claims, you are eligible for the service. During the registration process, you
will need to provide a valid zip code in addition to your permanent user ID and
temporary password.
If you are a vendor/business, you will need to sign-up or register with your tax
identification number, 9 digit zip-code (if you are a Health Care provider) and a
temporary user ID and password.
For security purposes this service requires an internet browser that includes 128 bit
encryption. We also recommend updating your computer with the latest internet
browser version.
41
State Farm
Insurance
Cos.
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Tim Boyle/Getty Images
Rank
41
Previous Rank
44
CEO
Edward B. Rust Jr.
Address
1 State Farm Plaza, Bloomington, IL 61710
Website
www.statefarm.com
State Farm saw its net income
increase by 63% in 2013 thanks in
part to a strong year for the
Bloomington, Ill.-based insurance
and financial service companys
stock investments. Net worth grew
by 16% to $75.9 billion over the
same period the highest net
worth in State Farms 92-year
history driven by an underwriting
gain of $230 million in 2013. In
January 2014, State Farm
announced plans to sell its Canada
business to Desjardins Group, a
transaction expected to finish in
early 2015. Terms of the deal have
not been disclosed, but Reuters
values the businesses at around
$1.46 billion.
Key Financials
Revenues
Profits
Key Financials
Total Assets
Total Shareholder Equity
Market Value (on March 31, 2014)
Profit as a % of
Sales
Assets
Stockholders' Equity
Earnings Per Share
Earnings Per Share ($)
EPS % Change (from 2012)
EPS % Change (5 year)
EPS % Change (10 year)
Total Return to Investors
Total Return to Investors
Total Return to Investors
Total Return to Investors (5 year, annualized)
Total Return to Investors (10 year, annualized)
