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Lockdowns kept Americans off the road in the first months of the pandemic. State Farm, the largest auto insurer in the U.S., returned $2 billion in premiums to car-insurance customers, and saw its 2020 profits fall 33.1%, to $3.7 billion. The 99-year-old Illinois-based company also swung to an underwriting loss of $1.6 billion in its homeowners insurance business “due to significant catastrophe activity across the country.”
Courtesy of State Farm
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