Most people will recommend State Farm if someone is looking for insurance. Indeed, State Farm is one of the trusted insurance companies in the United States. This company focuses on property, casualty, and automotive insurance.
Fortune 500 ranked this company as the 42nd biggest insurance by revenue in 2022. Amazingly, this company was founded by a retired farmer known as George J. Mecherle in June 1922. Mecherle started his business as a mutual automobile insurance company. Surprisingly, the business significantly grows.
In December 2017, State Farm even had up to 70.000 employees and 19.000 agents. The policies the company covered vary, such as automobiles, fire, life, and bank accounts. The agents have served a million policies in the United States and Canada.
The owner sold the company to the Desjardins Group in 2014. This company is so popular because of its brilliant marketing and promotions. For instance, they created the State Farm Jingle for the Jack Benny Program in the 1960s. The company also used television ads to grab more insurers.
| Founder | George J. Mecherle |
| Founded | June 1922 |
| CEO | Michael L. Rust Jr. |
| Headquarters | Bloomington, Illinois, United States |
| Area Served | United States |
| Social Media | www.instagram.com/statefarm |
| Website | https://www.statefarm.com/ |
State Farm Slogans
State Farm has two taglines so far, including:
- Like a Good Neighbor, State Farm in There.
- Here to Help Life Go Right
State Farm Logo
Business Segment
Indeed, State Farm doesn’t want to stop in only one business segment. The company wants to grow its revenue by targeting other business segments. State Farm develops businesses in the similar industry, including:
Banking
The company started a bank in May 1999 under State Farm Financial Services. State Farm Bank works as a regular bank service.
Clients can create a bank account, check their accounts, and other services.
Clients can even use the internet, phone, and agents to access the bank and its services.
Mutual Funds
State Farm also provided auto loans during the 1950s. It started when the company held a contest among the agents to expand the company.
An agent from Chicago known as Robert H. Kent came up with the idea of providing auto loans for clients.
Revenue
State Farm earned up to $79.395 billion of the total revenue in 2019. The revenue increased up to $87.6 billion in 2021. In the second quarter of 2022, the total revenue significantly increased to $206.0 million. On June 30, 2022, the total number of members was 2.5 million and it increased the revenue to $373.8 million.
