By Joe Ragusa
BLOOMINGTON – State Farm saw a decline in profits last year.
The company brought in $1.9 billion last year, down from $4.2 billion in 2014. State Farm’s net worth jumped from $80 billion in 2014 to $82.7 billion last year.
Spokesman Dave Phillips said it was a good year for the insurance company.
“State Farm is still in a very good financial state and is pretty well-invested in the future,” Phillips said.
Phillips said the company’s underwriting loss doubled from $939 million in 2014 to $2.1 billion last year, and most of that was from the company’s auto insurance business. Auto claims rose by $1.5 billion.
In his final year as CEO, Ed Rust earned $13.3 million, up from $12.9 million in 2014. His base salary has not changed since 2001 and the rest is through performance-based incentives.
Joe Ragusa can be reached at joe.ragusa@cumulus.com.
