State Farm General Ins Co
Major Rating Factors:
Fair reserve development (4.5 on a scale of 0 to 10) as reserves have generally been sufficient to cover claims. In 2023 the one year reserve development was 21.0% deficient. Good liquidity (5.9) with sufficient resources (cash flows and marketable investments) to handle a spike in claims. Good overall results on stability tests (6.2) despite weak risk adjusted capital in prior years and negative cash flow from operations for 2023. Other stability subfactors include potentially strong support from affiliation with State Farm Mutual Automobile Ins Co, good operational trends and excellent risk diversification. The largest net exposure for one risk is acceptable at 2.6% of capital.
Other Rating Factors:
Fair long-term capitalization index (4.5) based on weak current risk adjusted capital (moderate loss scenarios), although results have slipped from the good range during the last year. Weak profitability index (1.5) with operating losses during 2020, 2022, 2023 and the first six months of 2024. Average return on equity over the last five years has been poor at -15.3%.
Stability Factors:
C - Past results on our Risk-Adjusted Capital tests.
F - Negative cash flow.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Homeowners (74.2%), comm multi (12.6%), fire (3.4%), farmowners (0.5%), other (9.2%)
Licensed in:
All states except CT, MA, RI
Principal Investments:
Investment grade bonds (95.7%), other (4.3%)
Corporate Info
Group Affiliation
State Farm Mutual Automobile Ins Co
Investment Rating
--
Company Address
One State Farm Plaza
Bloomington, IL 61710
Bloomington, IL 61710
Phone Number
(309) 766-2311
NAIC Number
25151
Website
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