Wednesday, June 4, 2008

State Farm Hits 80 Million Policies Milestone

State Farm Chairman and CEO, Edward Rust Jr. announced the company now has more than 80 million policies and investment and bank accounts in place.

Monday was State Farm's 86th birthday and Rust revealed the milestone in a broadcast to the company's 67,000 employees and 17,000 agents across the United States and in Canada.

"State Farm reached one million insurance policies in 1943. Achieving the 80 million mark is a significant accomplishment for us as a company and a tribute to the dedication of our people and to the trust placed in us by our customers," said Rust.

Rust became CEO in 1985 when State Farm had about 45 million policies on the books. The company has added more than 35 million policies and accounts since then and maintains its position as the largest automobile and home insurer in the United States.

"We're proud that our 1.9 million account holders at State Farm Bank have helped us get to where we are today. Offering a range of investment and bank products, in addition to our auto, fire, life, and health policies, has allowed us to remain number one in insurance and a leader in financial services," said Rust.

State Farm sold its first policy in 1922. Back then, the company's founder, G.J. Mecherle set the bar high saying, "If I can sell one, I can sell a million."

Turns out he was right – more than 80 times over.

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