State Farm says its after-tax 2012 net income grew to $3.2 billion, compared to $0.8 billion in 2011, due primarily to improved underwriting results.
While the Bloomington, Ill.-based insurer reported net underwriting losses in its property & casualty businesses, the losses were considerably less than in 2011.
For its combined P&C business, which according to a spokesman includes the insurer's auto, fire, health and reinsurance businesses, the underwriting loss fell to $1.7 billion on earn premium of $52.3 billion, compared to a $4.5 billion underwriting loss on earned premium of $51.4 billion in 2011. P&C after-tax net income was $2.6 billion in 2012, up from $0.2 billion in the year prior. Pre-tax operating profit was $2.7 billion for the year, compared to an operating loss of $0.2 billion in 2011.
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