State Farm
State Farm overview
About State Farm
State Farm is a large group of insurance companies throughout the United States with corporate headquarters in Bloomington, Illinois. The company was founded in 1922 and is the largest property and casualty insurance provider in the United States, as well as also the largest car insurance provider. State Farm’s annual revenue exceeds $80 billion.
The company sells its insurance products through a large network of captive (i.e., exclusive) agents, who are the only agents authorized to sell State Farm insurance. State Farm agents are only allowed to sell State Farm products
State Farm is a mutual insurance company, meaning it is owned entirely by its policyholders. Any profits earned by a mutual insurance company are either retained within the company or returned to policyholders in the form of dividend distributions or reduced future premiums.
The diversified company also offers annuities, mutual funds, and banking products.
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