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State Farm Secondary Business Also Prospers

Mon, 03 Mar 2014 16:50:20 CST
By: Charlie Schlenker

In addition to last week's overall record financial results for State Farm Insurance, the Bloomington-based company is reporting strong numbers in lesser lines of business. Spokesman Dick Luedke says State Farm Bank also did well in 2013 with its third straight year in the black.

"It was the third year in a row that our bank operation realized a profit. Pretax net income was the highest ever. After tax net income was 48 million, barely less than the 53 million of the year before. So it was a good year."

Life Insurance was also a positive.

"Life insurance net income was up a little bit, 493 million versus 471 million in 2012. Life insurance affilitiates added 25 billion of life insurance in force. We have a position of financial strength in that line of business as well."

And the company's line of mutual funds grew by $1.6 billion to $9.2 billion.

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