State Farm Mutual Automobile Insurance Co - Company Profile
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State Farm Mutual Automobile Insurance Co (State Farm) is a provider of general and life insurance, banking products and mutual funds. It offers insurance products for autos, motorcycles, sport and leisure vehicles, homes, renters, condos, health, disability, professional liability, workers’ compensation, and business owners. It also offers annuities, term life insurance, whole life insurance, universal life insurance, and surety and fidelity bonds. It provides banking products such as certificates of deposit, individual retirement accounts, money market accounts, checking accounts, savings account, health savings accounts, credit cards, loans, home equity loans and vehicle loans. The company markets products online and through agents in the US and Canada. State Farm is headquartered in Bloomington, Illinois, the US.
Headquarters
United States of America
Address
One State Farm Plaza, Bloomington, Illinois, 61710
Website
www.statefarm.com
Telephone
1 309 7662311
No of Employees
53,000
Industry
Financial Services
Revenue (2022)
$50.1B
State Farm Mutual Automobile Insurance Co premium industry data and analytics
Products and Services
| Products | Services |
|---|---|
| Auto Insurance | Claims Management Service |
| Condo Insurance | |
| Renters Insurance | |
| XYZ | |
| XYZ | |
| XYZ |
History
History section provides information on new products, mergers, acquisitions, expansions, approvals, and many more key events.
| Year | Event | Description |
|---|---|---|
| 2023 | Contracts/Agreements | In May, the company entered into an agreement with The E.W. Scripps to serve as the official sponsor of "WNBA Friday Night Spotlight on ION" in 2023. |
| 2022 | Financing Agreements | In September, the company announced a US$1.2 billion equity investment in ADT Inc. |
| 2022 | Others | In August, the company announced to expand its Digital Pay solution to include claim payouts delivered instantly into a customer’s PayPal account. |
Competitor Comparison
| Key Parameters | State Farm Mutual Automobile Insurance Co | The Progressive Corp | The Allstate Corp | Nationwide Mutual Insurance Co | American Family Insurance Group |
|---|---|---|---|---|---|
| Headquarters | United States of America | United States of America | United States of America | United States of America | United States of America |
| City | Bloomington | Mayfield Village | Northbrook | Columbus | Madison |
| State/Province | Illinois | Ohio | Illinois | Ohio | Wisconsin |
| No. of Employees | 53,000 | 55,100 | 53,000 | - | 13,500 |
| Entity Type | Private | Public | Public | Private | Private |
Executives
| Name | Position | Board | Since | Age |
|---|---|---|---|---|
| Michael L. Tipsord | President; Chief Executive Officer; Chairman | Executive Board | 2016 | - |
| Paul Smith | Executive Vice President; Chief Operating Officer | Senior Management | - | - |
| Mary Schmidt | Chief Administrative Officer; Executive Vice President | Senior Management | 2017 | - |
| Jon Farney | Treasurer; Chief Financial Officer; Senior Vice President | Senior Management | - | - |
| Cathy Wallace | Senior Vice President; Chief Risk Officer | Senior Management | - | - |
| Non Dignissim Eros | Proin vel | Convallis | 2024 | XY |
| Non Dignissim Eros | Proin vel | Convallis | 2024 | XY |
| Non Dignissim Eros | Proin vel | Convallis | 2024 | XY |
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