State Farm reports Q3 results

State Farm released the Q3 2024 financial results for 12 of its P&C insurance carriers.

During the quarter, the group of companies reported a net underwriting loss of ~$4 billion, leading to an underwriting loss of ~$8.3 billion for the first nine months of the year. During the first nine months of 2023, State Farm reported a net underwriting loss of $12.5 billion.

State Farm’s auto carrier saw the biggest improvement, going from a loss of $8.2 billion in the first nine months of 2023 to a $3.3 billion loss for the same period this year. The auto carrier increased written premiums by ~$7.57 billion (18%) YoY to a total of $48.8 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.