State Farm faces $1.2B operating loss in 2016

State Farm faces $1.2B operating loss in 2016

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BLOOMINGTON, Ill. (WEEK) -- -

State Farm Insurance is reporting a $1.2 billion pre-tax operating loss for 2016. 

The 10 property-casualty companies under the State Farm umbrella had a total $5.5 billion underwriting loss in 2016. The combined net worth of the company is $87.6 billion compared with $82.7 billion at the end of 2015. 

Total revenue is also slightly up, at $76.1 billion for 2016 compared to $75.7 billion in 2015. 

“Our focus of putting customers first for nearly 95 years continues to underscore our position as the leader in auto and home insurance and a leader in individual life insurance. Our financial strength, local presence and broad product offerings allow us to help customers recover from the unexpected and be there to help life go right,” said Senior Vice President, Treasurer and Chief Financial Officer Jon Farney. 

State Farm provides more than 84 million insurance policies and financial service accounts, including in auto, homeowners and health. 

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