Multiline insurer State Farm Mutual Automobile Insurance Co. posted a 56% decline in earnings and a slight increase in revenue in 2011, according to the company’s year-end financial results.
State Farm, Bloomington, Ill. reported an after-tax net income of $0.8 billion in 2011, down from $1.8 billion in net income in 2010. Company revenue in 2011 (including premium revenue, earned investment income and realized capital gains) was $64.3 billion, up from $63.2 billion for 2010.
Experts from insurance companies ranging from property/casualty to life insurance will discuss their companies’ economic position at the New York Society of Security Analysts’ (NYSSA’s) 16th Annual Insurance Conference from March 19–20, 2012.
Robert P. Hartwig, president and economist at Insurance Information Institute, will provide an outlook for the industry on day one of the conference. On the second day, Stephen L. Way, chairman and CEO at Houston International Insurance Group, will examine the industry from a private equity perspective.
The Prudential Foundation, an arm of Newark, N.J.-based Prudential Financial Group Inc., has awarded $70,000 to four nonprofit organizations, all winners of the Prudential Leadership Award Program. The non-profits include American Camp Association in Martinsville, Ind. The Champlain Housing Trust in Burlington, Vt.; Helen Keller International, in New York City; and MATHCOUNTS, in Alexandria, Va.;
Developed and hosted by BoardSource and supported by Prudential, the initiative is part of the Strength for Capacity initiative, which The Prudential Foundation launched to help nonprofits achieve long-term sustainability.