BLOOMINGTON, Ill. (WMBD)– State Farm released the previous year’s financial results on Monday.

According to a State Farm press release, there were record underwriting losses from rapidly increasing claims severity and significant additions to prior accident year incurred claims.

State Farm life insurance companies paid out nearly $600 million in dividends to policyholders and issued $110 billion in new policy volume.

While 2022 was a year of significant growth at State Farm, our annual operating results were not at the level we expect as we consider each affiliate’s financial strength and long-term performance. At the same time, the organization remains financially strong, said. We’re pleased we could assist our customers during the pandemic and we’re there to help them navigate the current period of high inflation. As we take actions to improve our operating performance, we look forward to helping more people in more ways as we begin our next 100 years.

Senior Vice President, Treasurer and Chief Financial Officer Jon Farney

The net worth for State Farm Mutual Automobile Insurance Company ended the year at $131.2 billion compared with $143.2 billion at year-end 2021 and $126.1 billion at year-end 2020.

State Farm auto insurance underwriting loss for 2022 was $13.4 billion. Homeowners insurance underwriting gain for 2022 was $849 million.