State Farm

State Farm Insurance

Type	Private
Key people	Michael L. Tipsord (Chairman, President, and CEO)
Industry	Insurance, Financial services
Products	Insurance, Banking, Mutual funds
Revenue	$79.4 billion (2020)

State Farm Insurance is a large group of insurance and financial services companies throughout the United States. The group was founded in 1922 by George J. Mecherle as a mutual automobile insurance company owned by its policyholders. State Farm is the largest property and casualty insurance provider in the United States.

History

State Farm was founded on June 7, 1922, by George J. Mecherle, a retired farmer and insurance salesman. Mecherle's vision was to create an insurance company that operated fairly and did not discriminate against farmers, who were often charged higher rates by urban-based insurance companies. The company was initially established as a mutual automobile insurance company, meaning it was owned by its policyholders.

Over the years, State Farm expanded its offerings to include other types of insurance, such as homeowners insurance, life insurance, and health insurance. In addition to insurance, State Farm also offers financial services, including banking and mutual funds.

Products and Services

State Farm offers a wide range of insurance products, including:

• Auto Insurance: Coverage for cars, motorcycles, and other vehicles.
• Homeowners Insurance: Protection for homes and personal property.
• Life Insurance: Various life insurance products, including term, whole, and universal life policies.
• Health Insurance: Health coverage options for individuals and families.
• Business Insurance: Insurance solutions for small and large businesses.

In addition to insurance, State Farm provides financial services such as:

• Banking: State Farm Bank offers checking and savings accounts, credit cards, and loans.
• Mutual Funds: Investment options through State Farm Investment Management Corp.

Corporate Structure

State Farm is structured as a mutual company, meaning it is owned by its policyholders rather than shareholders. This structure allows the company to focus on the needs of its customers rather than the demands of investors. The company is headquartered in Bloomington, Illinois, and operates through a network of agents across the United States.

Community Involvement

State Farm is known for its community involvement and corporate social responsibility initiatives. The company supports various programs and initiatives focused on education, safety, and community development. State Farm's "Good Neighbor" philosophy emphasizes the importance of giving back to the communities it serves.

Also see

• Insurance
• Financial services
• Mutual insurance
• George J. Mecherle
• Bloomington, Illinois