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BLOOMINGTON, Ill. (AP) - State Farm Insurance Co., the nation's largest insurer, said Friday profit fell 39 percent last year as claims soared during a record hurricane season that battered the Gulf Coast and other Southern states.
The Bloomington-based insurer posted earnings of $3.2 billion — down from $5.3 billion the year before — after a flurry of major hurricanes including Katrina, the costliest disaster in U.S. history.
"All things considered, given the hurricane activity that occurred this year, they had a relatively good year," said Rich Attanasio, an analyst with A.M. Best.
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