State Farm was founded in 1922 by two farmers, George Mecherle and his cousin, Herbert J. Tinker, in the small town of Bloomington, Illinois. Mecherle, a retired farmer, saw a need for affordable auto insurance that catered to farmers and rural drivers, who were often overlooked by urban-based insurance companies. He started the company with just $100 and a commitment to providing personalized service and fair claims processing.

The company’s growth was initially slow but steady. It expanded its services to include home insurance in the 1930s and life insurance in the 1940s. State Farm’s reputation for reliability and customer service began to spread, attracting more customers and leading to its incorporation as a mutual insurance company in 1947. Throughout the mid-20th century, State Farm continued to grow, becoming one of the largest auto insurers in the United States.

State Farm’s Current Net Worth (2025)

As of 2025, State Farm’s current net worth is approximately $100 billion, making it one of the largest insurance companies in the United States.

Career

Founded in 1922, State Farm has grown from a single company to a group of insurance and financial service companies. It’s known for its auto, home, and life insurance, as well as banking and investment services. Today, State Farm employs over 50,000 people and has served more than 80 million policies and accounts.

Other Ventures

Beyond insurance, State Farm has diversified into other ventures. It owns the State Farm Center, a basketball arena at the University of Illinois, and has invested in renewable energy projects. Additionally, it’s a major sponsor of various sports teams and events, including the NFL and Major League Baseball.

Assets

State Farm’s assets are vast and diverse. As of 2021, its total assets were valued at over $300 billion, including investments in stocks, bonds, and real estate. It also holds significant cash reserves to ensure it can meet policyholder obligations.

Annual Income

State Farm’s annual income is substantial. In 2021, it reported a net income of $7.4 billion, with premiums written totaling over $79 billion. This income is generated from its various insurance lines, including auto, home, life, and health insurance, as well as its financial services division.

Frequently Asked Questions about  State Farm

Frequently Asked Questions: State Farm Net Worth

1. What is State Farm’s net worth?

State Farm’s net worth is estimated to be around $90 billion.

2. How does State Farm generate its revenue?

State Farm generates revenue through premiums from its insurance policies, investment income, and fees from its banking services.

3. What types of insurance does State Farm offer?

State Farm offers a wide range of insurance products, including auto, home, life, health, and business insurance, as well as annuities and mutual funds.

4. How many employees does State Farm have?

State Farm employs over 69,000 people in the United States.

5. What is State Farm’s market share in the U.S. insurance industry?

State Farm is the largest property and casualty insurer in the U.S., with a market share of approximately 18%.

6. When was State Farm founded?

State Farm was founded in 1922 by retired Minnesota farmer George J. Mecherle.

7. Where is State Farm’s headquarters located?

State Farm’s headquarters is located in Bloomington, Illinois.

8. Does State Farm offer any discounts on its insurance policies?

Yes, State Farm offers various discounts on its insurance policies, such as safe driver, good student, and multi-policy discounts.

9. How can I file a claim with State Farm?

You can file a claim with State Farm by contacting your local State Farm agent, calling their customer service line at 1-800-SF-CLAIM (1-800-732-5246), or using their online claim center.

10. Is State Farm publicly traded?

No, State Farm is a mutual company, which means it is owned by its policyholders and operates for their benefit, rather than being publicly traded on a stock exchange.