State Farm said it posted an underwriting loss in its auto insurance business of $2.8 billion in 2010, but improvement in the property and casualty segment overall drove a 200 percent increase in net income for the year.
State Farm reported after-tax net income of $1.8 billion for 2010, compared to $600 million in 2009, the insurer said.
Auto insurance is about 62 percent of net written premium from State Farm's P&C companies. Earned premium in auto increased 1.6 percent from 2009 to $31.4 billion in 2010, State Farm said.
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