State Farm reports Q2 results
State Farm released the Q2 2024 financial results for 12 of its P&C insurance carriers.
During the quarter, the group of companies reported a net underwriting loss of $4.35 billion, leading to a ~$5.7 billion underwriting loss for the first six month of the year. During the first six month of 2023, State Farm reported a net underwriting loss of $7.2 billion.
State Farm’s auto carrier saw the biggest improvement, going from a $4.85 billion loss in the first six months of 2023 to a $3.26 billion loss for the same period this year. The auto carrier increased written premiums by ~$5.34 billion (20%) YoY to a total of $31.8 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.