The largest property-casualty insurer in the U.S. saw its revenue tick up 0.6% to $76.1 billion in 2016, helping it gain two places on this year’s Fortune 500 list and maintain its spot as one of the largest companies in the world. Its profit, however, was a different story. State Farm’s net income dipped to just $400 million in 2016, down from $6.2 billion the year before, thanks to high auto insurance claim costs. (A stock portfolio windfall in 2015 also exacerbated the difference.) It announced in May that it would close 11 facilities and displace thousands of workers following the losses.
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