State Farm blames the $9.2 billion decline in the value of the property/casualty companies’ unaffiliated stock portfolio (net of deferred tax) for its $10.4-billion net worth decrease in 2008. The insurer ends 2008 at $53.3 billion. Although this decline was driven by general market conditions, State Farm’s P&C portfolio had a smaller percentage decline than the broader equity market, the insurer says.
The $10.4 billion decrease in net worth comes after five consecutive years of net worth increases. State Farm keeps an optimistic view, saying in spite of the 2008 decline, the State Farm group’s net worth is 68% higher than it was at the end of 2002, after two years of significant decline.
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