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Article: State Farm rallies after 2 bad years
- Article from:
- The Pantagraph Bloomington, IL
- Article date:
- March 13, 2004
- Author:
CopyrightCopyright 2004 The Pantagraph Bloomington, IL. Provided by ProQuest LLC. (Hide copyright information)
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BLOOMINGTON - It seemed like old times in 2003 for State Farm
Insurance Cos.
After two years of billion-dollar losses, the Bloomington-based
insurance giant reported a $2.8 billion profit for 2003.
The results were attributed to 21/2 years of corporate cost
cutting and higher insurance rates instituted after losses of $2.8
billion in 2002 and $5 billion in 2003. A healthier stock market in
2003 also translated into higher investment returns for State Farm,
said spokesman Dick Luedke when the company's financial report was
released in February.
Outside analysts also said tougher underwriting standards on the
part of State Farm in setting rates and selecting policyholders
played a big part ...