Bloomington, Ill.-based State Farm Mutual Automobile Insurance Company said it will pay $1.25 billion in dividends to its mutual auto insurance policyholders in 46 states, the District of Columbia and the Canadian province of New Brunswick.
The company said the payment is a company record eclipsing the previous high of just over $1 billion paid in 2000.
The better-than-expected auto results, combined with a $4.1 billion reduction in catastrophe losses in 2006, resulted in an increase in State Farm's after-tax net income from all sources of $5.32 billion, compared to $5.31 billion in net income reported in 2004. State Farm's net income in the hurricane-laden year of 2005 was $3.24 billion.
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