State Farm’s 2010 Profits Doubled
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BLOOMINGTON, Ill. (AP) — State Farm Insurance Cos. says it made a $1.8 billion profit in 2010. That was more than double the $777 million in 2009.
The Pantagraph newspaper reported Tuesday that the Bloomington-based company credited gains in its stock portfolio and smaller underwriting losses.
The company made moves last year to cut costs. They included cutting some retiree benefits. The company also conducted a review of its operations that could lead to job cuts.
The company said the value of its stick portfolio increased $1.9 billion in 2010. Underwriting losses dropped $600 million to $3.1 billion.
State Farm is a privately held company so it doesn’t sell stock or face the same federally imposed reporting requirements as companies that do. But the company regularly reports its financial situation for policy holders.
Copyright 2011 The Associated Press