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State Mutual Automobile Insurance Co

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BUSINESS
March 1, 2003 | From Bloomberg News
State Farm Mutual Automobile Insurance Co., the biggest U.S. auto and home insurer, posted a loss of $2.8 billion in 2002 as claims outstripped premiums and the company lost money in its stock portfolio. State Farm narrowed its loss from a record $5 billion in 2001 after it cut losses in its homeowner and auto units.
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BUSINESS
December 14, 1994 | From Times Staff and Wire Reports
State Farm Quake Estimate Now $2.53 Billion: State Farm Mutual Automobile Insurance Co. said the figure is its final estimate of its payout from the Northridge earthquake and covers nearly 114,000 claims. Insurance companies have repeatedly revised their claims estimates from the Jan. 17 quake. State Farm said its payout for customers' losses will be $2.28 billion and that its claims-handling expenses will be $250 million.
BUSINESS
July 17, 2002 | Bloomberg News
State Farm Mutual Automobile Insurance Co. said it is consolidating its claims and business operations in California to help save $69 million annually. The plan affects operation centers in Westlake Village and Costa Mesa, which employ 1,227 people. Although no immediate job cuts are planned, the Bloomington, Ill.-based insurer said 1,200 people may be offered relocation, reassignment or severance options.
BUSINESS
September 1, 2004 | From Bloomberg News
State Farm Mutual Automobile Insurance Co., the biggest U.S. auto insurer, will cut auto rates in California by 7.6%, shaving more than $215 million off of 3 million customers' bills, the company said. The rate reduction will go into effect Oct. 1, said the company, which is owned by its policyholders and based in Bloomington, Ill. State Farm has reduced rates in 34 states this year, a spokesman said, as competition increased and the frequency of accidents declined.
BUSINESS
September 11, 1997
Thanks to lower-than-anticipated costs, State Farm Mutual Automobile Insurance Co. will pay a $692.3-million dividend to policyholders in 30 states and the District of Columbia. California policyholders will get $93.3 million, or about 8.3% per each policyholder's semiannual premium. That translates into an average rebate of $32 per California policyholder. State Farm, as a mutual insurance company with no stockholders, returns dividends when claims are less costly than expected.
BUSINESS
March 2, 2007 | From Bloomberg News
State Farm Mutual Automobile Insurance Co. said profit climbed 64% in 2006 as the Gulf Coast escaped hurricane damage. Net income rose to $5.32 billion from $3.24 billion in 2005, the Bloomington, Ill.-based company said. The company, which is owned by its policyholders, will pay a record $1.25-billion dividend to its auto customers, including $195 million in California.
BUSINESS
September 11, 1985
Edward B. Rust Jr., president and chief executive of State Farm Mutual Automobile Insurance Co., was named president of each of six State Farm affiliates: State Farm Fire & Casualty, State Farm General Insurance, State Farm Life, State Farm Life & Accident Assurance, State Farm Annuity & Life Insurance and State Farm County Mutual of Texas. Rust succeeded his father as chief executive of the parent State Farm Mutual upon the death last Aug. 18 of Edward B. Rust Sr. Roland F.
CALIFORNIA | LOCAL
August 24, 1985 | From Times Wire Services
Edward B. Rust, president and chief executive officer of State Farm Mutual Automobile Insurance Co. and president of the U.S. Chamber of Commerce in 1973-74, died Sunday. He was 66. Rust had been undergoing treatment for aplastic anemia, a blood and bone marrow disorder, for several years. A Bloomington native and 1940 honors graduate of Stanford University, Rust joined State Farm in 1941 and became a board member of the parent company, State Farm Mutual Automobile Insurance Co., in 1952.
BUSINESS
October 8, 1999 | Bloomberg News
State Farm Mutual Automobile Insurance Co. said it will temporarily stop requiring the use of generic parts after a jury deciding an Illinois class action ordered it to pay customers $456 million, saying State Farm broke a pledge to pay for replacement parts of "like kind and quality." State Farm has defended the less-costly replacements as a way to cut insurance premiums. But it said Thursday that it wants to avoid "customer confusion" that could result from "misinformation" linked to the suit.
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