A friend in Bloomington sent me a clipping from his local newspaper, the Pantagraph. Here are the salient details:
- State Farm Insurance Cos. reported record earnings of $5.46 billion in 2007, breaking the record set the previous year when it earned $5.32 billion.
- It was the fifth consecutive year of profit, including 2005 when it paid out $6.3 billion to policyholders affected by hurricanes Katrina, Rita, and Wilma.
- State Farm Chairman and CEO Ed Rust “earned” $11.71 million in 2007.
(Photo credit: Pantagraph file photo)
- State Farm Chairman and CEO Ed Rust “earned” $11.66 million in 2006.
- State Farm ranks 31st on the Fortune 500 list.
- “Our philosophy is a long-term approach. … It’s a buy-and-hold investment approach. It’s served us well for a long, long time,” says company spokesman Dick Luedke.