State Farm Swot

Topics: Insurance, Home insurance, Mutual insurance Pages: 5 (1684 words) Published: June 4, 2009
Largest personal lines insurer in the U.S. (through its property, life and health policies), State Farm covers about one in five households. has been the number one automobile insurer in the United States since 1942. Top 50 Employer - Equal Opportunity Magazine's 2009 Reader's Choice Award (2009). National Association of Female Executives Top Companies for Executive Women - The National Association of Female Executives (NAFE) named State Farm among their Top 30 Companies for Executive Women for the second year in a row (2008, 2009). Most Admired Company - Fortune Magazine has recognized State Farm as one of the 2009 World's Most Admired Companies in the property & casualty'insurance industry. Top 50 Most Military-Friendly Employer - G.I. Jobs Magazine award winner for the fourth consecutive year (2008-2005). Computerworld Best Places to Work in IT - IDG's Computerworld, ranked State Farm as one of the top 100 work environments for technology professionals (2008, 2007 & 2002). State Farm insures more cars and homes than any other insurer in the U.S., is the leading insurer of watercraft and is also a leading insurer in Canada. State Farm's 17,700 agents and 68,600 employees serve 81 million policies and accounts - more than 78.7 million auto, fire, life and health policies in the United States and Canada, and more than 1.9 million bank accounts. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 31 on the Fortune 500 list of largest companies. Several insurance companies did gain significant ground from last year in the eyes of the U.S. public, including Traveler's (+7.17%) and State Farm (+7.18%) according to global pulse Its products are marketed via some 17,000 agents in the US and Canada. Key numbers for fiscal year ending December, 2007:

Sales: $61,600.0M
One year growth: 1.8%
State Farm Insurance is the largest automobile insurer in the United States. Insuring one in every five automobiles in the United States givers the company a strong market position. The company is almost as strong in the personal property and casualty insurance market. State Farm Companies also has a strong and stable management. Only two families have ever provided the top management at the mutual company. The current top management group, the Rusts, have been in charge of the firm since 1954. Net income: $5,460.0M

Income growth: 2.6%
State Farm is the leading personal (automobiles, property, and casualty) insurer in the United States. The mutual company is in a strong industry position and has positive profit potential for the coming five years. Through a network of over 16,700 agents, the company and its subsidiaries handle 71 million auto, home, life, and health insurance policies. The State Farm group also offers its customers mutual funds and a variety of banking services, including deposit accounts, CDs, and mortgages via the Internet and telephone. Unlike a capital stock company, which distributes dividends, a mutual company adjusts premium costs and will refund a portion of the company's surplus to policyholders during periods when claims are lower and income higher. This innovation of tying insurance rates to risk level established State Farm's legacy as a smart insurer that passed savings on to the customer. another key element in State Farm's success was its unique agent force. Normally, insurance agents represented a number of different companies, took large commissions, and shouldered a great deal of the paperworkcentral office in Bloomington handled most of the paperwork, which freed up its agents to spend the bulk of their time selling. State Farm states that its success depends upon "quality service and relationships, mutual trust, integrity and financial strength." Its vision for the future is to "be the customer's first and best choice in the products and services we provide. We will continue to be the leader in the insurance industry and...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • State Farm rhetorical analysis final es Essay
  • Price and State Farm Essay
  • State Farm Case Essay
  • State Farm Dangerous Intersection Essay
  • Olive Farm Swot Analysis Research Paper
  • Perdue Farms Swot Analysis Essay
  • Essay on State Farm Advertising Analysis
  • SWOT Analysis of Islamic State Essay

Become a StudyMode Member

Sign Up - It's Free