State Farm today reported its net worth dropped $10.4 billion--to end the year at $53.3 billion--and an after-tax loss of $542 million for 2008.
The Bloomington, Ill.-based mutual insurer said the primary reason for the decrease was the $9.2 billion decline in the value of the property-casualty company's stock portfolio.
The decline comes after five consecutive years of net worth increases, and despite the decline, the company's net worth is 68 percent higher than it was at the end of 2002, the company said.
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