Friday, March 2, 2018

STATE FARM POSTS OPERATING LOSS

A pair of large hurricanes and some severe winter weather is getting the blame for massive payouts at State Farm. The Bloomington-based insurance giant yesterday posted a nearly two billion-dollar operating loss for last year. A statement from the company said a large underwriting loss drove the operating loss. State Farm collected almost 64 billion-dollars in premiums, and paid out almost seven billion to customers. Despite the loss, State Farm managers say the company's overall net worth increased in 2017.

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