State Farm premiums up… so are profits


From the Insurance Journal:

State Farm generated a record $5.32 billion profit last year. In 2005 – due to Hurricane Katrina – the insurance giant only earned a profit of $3.24 billion.

Chairman and Chief Executive Officer Ed Rust Jr. earned $11.66 million in 2006 compared to $6.4 million in 2005 and $5.5 million in 2004.

Now you know where your insurance premium increase went.