NU Online News Service, March 2, 11:43 a.m. EST

The busy 2011 catastrophe season had a heavy impact on State Farm's earnings, as the insurer says its net income slid 56 percent over the previous year's results.

“Our 2011 financial results must be viewed in the context of five catastrophe events that are among the 25 largest in our history,” says Paul Smith, State Farm senior vice president, treasurer and chief financial officer in a statement. “Even while making a substantial number of catastrophe-claim payments to our customers, we've maintained the financial strength that gives our customers confidence we'll be there to serve them whenever they need us.”

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