State Farm has been engaged in the business of providing affordable automobile insurance since 1922. It is a group of companies providing insurance and financial services. State Farm has been the largest automobile insurance company in the US since 1942 continuously. The headquarters of State Farm Automobile Insurance Company is in Bloomington, Illinois. State Farm enjoys 31st rank in the Fortune 500 list of 2009 based on revenues. Fortune Global 500 names State Farm as the world’s largest mutual P & C (Property and Casualty Insurance) company. Toronto Star new paper announced that Mediacorp Canada Inc. has named State Farm Insurance Companies in Canada as one the Greater Toronto’s Top Employers. State Farm’s employee strength is 67,000 and 17,000 agents who service 77 million policy holders in the US and Canada. They also service over 1.9 million bank accounts. Farm Insuring e4xceeded 40 million in 2005.
State Farm Automobile Insurance Company is the parent company of many wholly owned subsidiary companies that provide property insurance and life insurance besides banking products and mutual funds. State Farm Investment Management Group acts as the investment advisor to the State Farm Associate and Retail Mutual Funds. It also serves as the transfer agent for these companies. State Farm VP Management Corp. is the broker and dealer for the above funds and State Farm Variable Products.
1922 – Founded by George J Mecherle a retired farmer. He believed that farmers should pay less insurance as they drove less. Farmers agreed with him and his company became an instant success. His company concentrated mainly on providing auto insurance to Illinois farmers. The mutual organization providing this service was owned by the customers. The company started providing various types of insurance to farmers including home owners insurance and life insurance.
State Farm Life Insurance Company was started in 1929.
State Farm Fire and Casualty Insurance Company was established in 1935 to offer property insurance for State Farm customers in the US and Canada.
In 1942 State Farm became the nation’s largest auto insurance firm and remains so ever since. Nearly one out of every five car is insured by State Farm Auto Insurance.
In the year 1961 State Farm Life and Accident Assurance Company was founded for meeting the special life insurance requirements in cities like New York, Connecticut and Wisconsin.
State Farm General Insurance Company started as an insurance affiliate in 1962. This company later evolved into the primary provider of State Farm Homeowners and property liability insurance in California State.
State Farm has been the largest insurer of homes from the year 1964.
The State Farm Mutual Automobile Company started its health insurance in the year 1965. Later Stat4e Farm Automobile Insurance Company became the parent company of many wholly owned subsidiaries providing various other kinds of insurance.
State Farm Indemnity Company started in 1991 and does business in the state of New Jersey. The company aimed at providing accurate pricing and risk assessment for their auto insurance offerings.
These companies have been marketing Variable Products to customers through State Farm VP Management Corporation from the year 1998. They provided home owners insurance, boat owners insurance and other commercial lines.
In 2006, State Farm Guaranty Insurance Company began its operations in the state of New Jersey.
State Farm Bank was established in 1998 with a focus on consumer oriented financial products. It is a nontraditional financial institution without branch offices. The bank provides assistance through phone call center, mail and on the internet.