State Farm Net Worth 2023; Founder, History, CEO & Revenue

What is State Farm?

State Farm Insurance keeps a large group of mutual insurance companies throughout the United States, with corporate headquarters in Bloomington, Illinois. In 2023, State Farm net worth is around $143.2 Billion.

Company name:	State Farm
Company based on:	Insurance
State farm headquarters:	Bloomington, Illinois, United States
Founded by:	George J. Mecherle
Founded in:	June 7, 1922
Successor:	Desjardins Insurance (Canada)
State Farm Net Worth 2023:	$143.2 Billion

History:

In June 1922, George J. Mecherle, a retired farmer, founded State Farm as a mutual automobile insurance company.

Initially, the company provided auto insurance to farmers before other insurance products, including homeowners’ insurance, life insurance, and financial services. Michael L Tipsord is a State Farm Mutual Automobile Insurance Company’s chairman and CEO.

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The state farm had 70,000 employees and 19,000 agents in December 2017. Figures from February 2014 show that the group serves 80 million policies in the United States and Canada, of which more than 44,000,000 are automobiles. There are 27,000,000 for fire, 7,000,000 for life, and more than 2 million bank accounts.

 

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Michael L. Tipsord is chairman and CEO of State Farm Mutual Automobile Insurance Company and president and chief executive officer of State Farm Fire and Casualty Company, State Farm Life Insurance Company, and other principal State Farm affiliates.

State Farm Overview

State Farm Company has the largest asset and loss insurance portfolio and the largest automobile insurance business in the United States.

The State Farm Company has the biggest property and casualty insurance portfolio and the largest automobile insurance business in the United States.

State Farm relies on specialized agents (captive agents) to sell insurance. Only State Farm agents can sell State Farm Insurance, and their agents can only sell State Farm products.

CEOs

CEO	Years Served
George J. Mecherle	1922–1937 (14)
Raymond Mecherle	1937–1954 (16)
Adlai Rust	1954–1970 (15)
Edward B. Rust Sr.	1970–1985 (14)
Edward B. Rust Jr.	1985–2015 (29)
Michael L. Tipsord	2015–present

State Farm Net worth 2023 / Income

In 2023, State Farm’s net worth is $143.2 Billion. State Farm Mutual Automobile Insurance Company ended the year with a net worth of $143.2 billion. This makes State Farm one of the largest companies in the world and one of the most valuable brands.

The company’s success can be attributed to its powerhouse brands, including State Farm, Allstate, and Farmers. These brands have a combined market share of approximately 60 percent. In addition to its iconic brands, State Farm is also a leading provider of insurance products and services. It has more than 12 million customers and provides coverage in more than 50 states.

Subsidiaries:

• State Farm Mutual Automobile Insurance Company is the parent company of several wholly owned State Farm subsidiaries:
• State Farm Fire and Casualty Company
• State Farm Life Insurance Company
• State Farm Life and Accident Assurance Company (NY/CT/WI)
• State Farm County Mutual Insurance Company of Texas (TX auto)
• State Farm Mutual Insurance Company of Texas (TX preferred auto)
• State Farm Indemnity Company / State Farm Guaranty Insurance Company (NJ auto)
• State Farm General Insurance Company (CA home)
• State Farm Florida Insurance Company (FL home)
• Dover Bay Specialty Insurance Company
• State Farm Lloyds (TX home/commercial)
• State Farm Bank, F.S.B.
• State Farm Investment Management Corp. (SFIMC)
• State Farm VP Management Corp. (SFVPMC)
• State Farm International Service, Inc.
• State Farm Associate’s Funds Trust
• State Farm Mutual Fund Trust
• SF Insurance Placement Corporation of Canada
• Insurance Placement Services, Inc.
• State Farm International Life Insurance Company Ltd.
• Plaza One Realty Co.
• State Farm Specialty Insurance Company
• State Farm Guaranty Insurance Company
• State Farm Variable Product Trust
• HiRoad Assurance Company
• Amberjack Ltd. (Real Estate)

Frequently Asked Questions

What does State Farm do?

State Farm is one of the largest American property and casualty insurance providers and the largest auto insurance provider.

What is the slogan of State Farm?

State Farm’s slogan is “Like a good neighbor, State Farm is there”.

Who is the CEO of State Farm?

Michael Tipsord is the CEO, Chairman, and President of State Farm.

What is State Farm net worth?

In 2023, State Farm net worth is estimated at $143.2 Billion.