Jon Farney News Today

State Farm President Jon Farney has been selected as the company’s next Chief Executive Officer by the State Farm Mutual Board of Directors. Farney will formally begin his role on June 1. The announcement was shared by Chairman and retiring CEO Michael Tipsord, who expressed his confidence in Farney's abilities. Tipsord stated, “Jon and I have worked together for many years. I’ve seen how much he cares about State Farm, how much he cares about the people at State Farm, how he solves pr...

Jon Farney, current President of the State Farm insurance company has now been named the next Chief Executive Officer by the State Farm

State Farm said Monday that it would “take actions to improve our operating performance” after eating a record $13.2 billion in underwriting losses in 2022 – in part because of costlier auto insurance claims driven by inflation.

Bloomington-based State Farm had net income of $1.3 billion last year on revenue of $82.2 billion. The company’s year end financial release showed net income shrank from $3.7 billion in 2020. A strong stock market performance boosted the net worth of the cluster of 13 affiliated companies by more than $17 billion to $143.2 billion at the end of 2021.