Business Week reports that State Farm, the largest U.S. home and car insurer, had quadrupled its profits in 2012, earning $3.2 billion in income. Allstate, the second-largest home and auto insurer, did not do quite as well, only tripling their profits. Allstate earned $2.31 billion in 2012.
It is all good; I don’t begrudge these people making money. What I do expect, though, is that they get off their high horse as they lobby state legislatures around the country saying that the anti-insurance sentiment is making it impossible for them to be profitable. Because that is, to be charitable, silly.
You can read the Business Week article here.