State Farm policyholders to get record dividend
State Farm Mutual Automobile Insurance Co. said profit climbed 64% in 2006 as the Gulf Coast escaped hurricane damage.
Net income rose to $5.32 billion from $3.24 billion in 2005, the Bloomington, Ill.-based company said.
The company, which is owned by its policyholders, will pay a record $1.25-billion dividend to its auto customers, including $195 million in California.
The dividend, State Farm’s fourth since 1997, trumps the company’s previous record of just over $1 billion, announced in June 2000. It will pay eligible customers an average of $35 per insured vehicle.
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