STATE FARM’S 2019 EARNINGS FALL 36% AS MOTOR SEGMENT SWINGS TO LOSS

US property/casualty insurer State Farm saw its 2019 net earnings fall 36% to $5.6bn, after its motor insurance segment swung to a $764m underwriting loss from year-earlier income of $1.1bn and total property/casualty earned premiums dropped $400m, or 0.6%. Overall, the property/casualty underwriting gain fell by nearly $1bn to $777m owing to the fall in premiums and higher incurred losses. Homeowners and other nonlife lines, which account for the remaining 35% of p/c written premiums, saw underwriting income more than double to $2bn from $928m. Earned premiums in those lines grew 3.7% to $22.4bn.