State Farm sees large losses in 2023

Based on an analysis of the financial statements of 11 State Farm P&C companies, the group recorded a net underwriting loss of $12.47 billion for the first nine months of 2023 (data for MGA Insurance Company was not yet available).

For the same period last year, the group reported a net underwriting loss of $8.58 billion across 12 of its P&C companies (including MGA Insurance Company which had a net underwriting loss of $18.4 million).

For 2022, State Farm reported an underwriting loss of $13.23 billion.