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State Farm increases net worth by $3.1 billion in 2010

Posted On Wed, March 2, 2011

Court costs didn't prevent State Farm Insurance from having a banner year in 2010.

The company says it increased its net worth by $3.1 billion in 2010, ending the year with a value of $61.2 billion.

"[Last year] was another economically challenging year for many of our customers," said Paul Smith, State Farm's senior vice president, treasurer and chief financial officer. "State Farm has maintained the financial strength needed to serve our customers. We attribute that strength not only to our continued focus on the customer, but also to our commitment to the fundamentals of our business."

Since 2000, the insurance giant has increased its net worth by 40 percent.

Auto insurance premiums represented 62 percent of the company's profits.

Earnings were up despite State Farm being in the midst of a lawsuit with the state of Texas over rate hikes. Lawyers representing Texas say State Farm owes residents $350 million in overcharges.

The case has hit a series of delays since 2003, as several judges presiding have had to withdraw due to being customers of State Farm.  

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