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Article: Headed in the right direction State Farm reorganization well underway

Article from:
The Pantagraph Bloomington, IL
Article date:
January 11, 2004
Author:
Copyright

BLOOMINGTON -- During the past 2 1/2 years, State Farm Insurance Cos. has spent a lot of time in front of the mirror.

Initially, the reflection that stared back looked bloated -- a Fortune 500 company that doubled its Twin City work force in the 1990s, added too many policyholders too fast and invested heavily in what at least one watchdog group considered a risky portfolio.

Sluggish, it couldn't dodge the one-two punch of higher operating costs and the pummeling of Wall Street that greeted the industry and a host of other businesses at the turn of the millennium.

Shortly before reporting a staggering $5 billion loss for 2001, State Farm began to reorganize.

Today, the 81-year-old firm ...

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