State Farm Bank
State Farm Bank
Karen Pratt
ChFC, CLU, CASL, FLMI
1009 U Street NW
Washington, DC 20001-4021
phone: (202) 328-1210
State Farm Companies
Here are some of the major companies in the State Farm Group and a bit of their history. Detailed financial information is contained in We Are State Farm: 2007 Year in Review.
State Farm Mutual Automobile Insurance Company was founded on June 7, 1922, by George J. Mecherle, a retired farmer. It initially concentrated on meeting auto insurance needs of Illinois farmers through a mutual organization owned by the customers. By 1942, the company was the nation's largest auto insurer, a ranking it has held ever since. About one out of every five cars on the road is insured with State Farm®. State Farm Mutual Automobile Insurance Company is a mutual insurance company and as such does not have any shareholders. State Farm Mutual Automobile Insurance Company began marketing health insurance in 1965.
State Farm Mutual Automobile Insurance Company is also the parent company of several wholly-owned subsidiaries that provide property and life insurance, banking products and mutual funds. These entities include:
State Farm Life Insurance Company was founded in 1929. State Farm Life and Accident Assurance Company began operations in 1961 to meet special requirements for life insurance in New York, Connecticut, and Wisconsin. State Farm Life Insurance Company and State Farm Life and Accident Assurance Company have been marketing Variable Products to our customers through State Farm VP Management Corporation since 1998.
State Farm Fire and Casualty Company was formed in 1935 to provide property insurance for State Farm customers in the United States and Canada. The product lines written by State Farm Fire and Casualty Company include homeowners, boat owners and many commercial lines. The company has been the nation's largest insurer of homes since 1964.
State Farm County Mutual Insurance Company of Texas became a part of the State Farm Group in 1961 and protects motorists in Texas . This company cedes most of the risk assumed under its policies to State Farm Mutual Automobile Insurance Company under a quota-share reinsurance arrangement. The company is under common management with State Farm Mutual Automobile Insurance Company.
State Farm Indemnity Company commenced business in 1991 and writes auto insurance in the state of New Jersey for the State Farm group. The company was formed to provide more accurate pricing and risk assessment in this unique market. In 2006, State Farm Guaranty Insurance Company, a wholly owned subsidiary of State Farm Indemnity Company, began writing auto insurance business in the state of New Jersey. All business written by State Farm Guaranty Insurance Company is ceded to State Farm Indemnity Company.
State Farm General Insurance Company was organized in 1962 as a property insurance affiliate. This company has evolved into the primary writer of State Farm homeowners and property liability insurance in the state of California.
State Farm Florida Insurance Company commenced business Feb. 1, 1999 and is the primary writer of homeowners and property liability insurance in the state of Florida.
State Farm Lloyds is an association of underwriters operating under the Lloyds Plan as provided in Texas law. It underwrites homeowners and commercial multiple peril insurance in that state. It began writing business in 1983. The association's insurance operations are managed by its attorney in fact, State Farm Lloyds, Inc., as required by law.
State Farm Bank, F.S.B. received formal approval for a thrift charter from the Office of Thrift Supervision (OTS) in November 1998 and is generally referred to as "State Farm Bank®". Its focus is on consumer-oriented financial products, complementing State Farm's insurance focus on personal lines.
State Farm Bank is a nontraditional financial institution and does not have branch offices. The bulk of direct customer interaction and product assistance is provided by State Farm® agents, augmented by a telephone call center, mail and the Internet. As of December 31, 2005, the Bank held $12 billion in total assets.
State Farm Investment Management Corp. (SFIMC) serves as the investment advisor for the State Farm Associate and Retail Mutual Funds and the underlying Funds offered in connection with State Farm Variable Products. In addition, SFIMC serves as the transfer agent for the State Farm Associate and Retail Mutual Funds . SFIMC has over 35 years experience managing investment company assets. State Farm VP Management Corp. (SFVPMC) serves as the broker/dealer for the State Farm Associate and Retail Mutual Funds and State Farm Variable Products .
Copyright 2009, State Farm Mutual Automobile Insurance Company
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