State Farm says the combined net worth of the group declined by $400 million to $60.8 billion. That includes a $200 million decrease in net worth related to the P&C companies' unaffiliated stock portfolios. The results also reflect a $200 million pre-tax operating loss for its P&C companies due to the significant catastrophe activity. That figure includes an underwriting loss of $4.5 billion, $1.3 billion higher than the previous year's underwriting loss.

Concerning State Farm's auto-insurance business, which the carrier says represents 62 percent of the P&C business, earned premium increased $300 million to $31.7 billion over 2010. Incurred claims and loss adjustment expenses dropped $700 million to $26.1 billion, while the underwriting loss improved by $900 million to $1.9 billion.

On its homeowners and related companies that constitute 35 percent of the P&C business, earned premium rose $700 million or 5 percent to $18 billion. Incurred claims and loss adjustment expenses rose 17 percent, or $2.2 billion, to $15.4 billion. The underwriting loss increased by $1.7 billion to $2.6 billion.

As a whole, State Farm says its total P&C underwriting loss was $4.5 billion on earned premium of $51.4 billion. When combined with investment and other income of $4.3 billion, the result was a pre-tax operating loss of $200 million.

After-tax net income for P&C in 2011 was $200 million, compared to net income in 2010 of $1.3 billion.

A company spokesman says the company's combined ratio for 2011 was 108.7 compared to 106.2 in 2010.