State Farm Insurance
The insurance provider earned $89 billion in revenue in 2022, making it the biggest company by revenue in the U.S. property and casualty insurance sector. At the same time, State Farm posted sizable operating losses in its auto insurance business, as inflation drove up the cost of auto repair claims.
- The company took a $13.2 billion underwriting loss in 2022 because inflation had made auto parts more expensive.
- In January 2023, the company announced it was moving many IT operations jobs to Indian IT services company HCLTech, including many that were previously based in Bloomington, Ind.
- Because of inflation and rising auto claims rates, the insurer raised rates for some policyholders across the U.S.
Photo Illustration by Igor Golovniov—SOPA Images/LightRocket/Getty Images
As of 6/5/23
Insurance: Property and Casualty (Mutual)
Michael L. Tipsord
Market Value ($M)
Figures are for fiscal year ended Dec. 31, 2022.
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State Farm Insurance Rank History
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Lists ranking State Farm Insurance