State Farm saw its profits fall in 2014, from $5.2 billion in 2013 to $4.2 billion last year. Underwriting losses in the company's property-casual companies totaled $939 million last year.
Spokesman Dick Luedke (lud-key) says there was a spike in insurance claims last year.
[audio:3041564713-FARM1.mp3] [/audio]
Luedke (lud-key) says the company doesn't put much stock into the year-by-year numbers
[audio:3041564713-FARM2.mp3] [/audio]
Total auto claims rose $2.5 billion dollars last year from 2013. State Farm Chairman and CEO Ed Rust made $12.9 million dollars last year, compared to $11.6 million last year. His salary includes a base salary that hasn't changed since 2001 and four other metrics: financial results, growth, customer retention and employee satisfaction over the last three years.
