Powered by lexis nexis

State Farm lost more money than ever insuring cars

Feb 28, 2017 - Chicago Business Journal

State Farm Mutual Automobile Insurance Co., the huge car insurance underwriting division of Bloomington, Illinois-based State Farm, lost $7 billion in 2016 as claims and loss adjustment expenses overwhelmed premium revenues.

The loss, which is the auto segment's worst full year swoon in the company's 95-year history, comes a year after a $4.4 billion auto underwriting loss in 2015.

Despite continuing problems in the auto division, State Farm managed to squeeze out $400 million in net...