IIRC, the last time I checked (sometime back last year), State Farm actually had spent the last few years running at an underwriting loss— they were taking in l

IIRC, the last time I checked (sometime back last year), State Farm actually had spent the last few years running at an underwriting loss— they were taking in less in premiums than they were distributing in claims. They were mostly remaining solvent (and paying admin costs) through investment income. Which is probably about how they should operate. As a mutual company, if they’re routinely having to return profits to policyholders, their premiums are too high.