State Farm shrinks losses

State Farm has released the Q1 2024 financial results for 12 of its P&C insurance carriers.

During the period, the group of companies reported a net underwriting loss of $1.35 billion, a significant decrease compared to the $3.3 billion loss in Q1 2023.

State Farm’s auto carrier saw the biggest improvement, going from a $2.87 billion loss in Q1 2023 to a $1 billion loss in the first quarter of the year. The auto carrier increased written premiums by ~$2.7 billion YoY to a total of $15.9 billion.

In 2023, State Farm had a combined underwriting loss of $14.1 billion across its P&C companies, but it ended the year with a net loss of $6.3 billion thanks to investment income and positive results from its life insurance business.