STATE FARM MUTUAL AUTOMOBILE INSURANCE CO

State Farm Mutual Automobile Insurance is a mutual insurance firm that serves as State Farm Insurance’s main business. The company currently holds numerous wholly owned State Farm subsidiaries, including the State Farm Fire and Casualty, Life Insurance, Bank, Investment Management, International Service, Mutual Fund Trust, and Placement Services companies. The firm was founded in 1922 by George J. Mecherle, originally specialization in automobile insurance for farmers. The company would grow largely through organic means, expanding itself into new markets as it pooled enough resources, not from IPOs, to do so. In the late 90s, State Farm would open mutual funds and its own bank, splitting off specific expansions into its own privately held subsidiaries. It is the top auto and home insurance provider in the country and also is a leader in health and life insurance and annuities. State Farm Mutual Automobile Insurance is a Fortune 500 company and is currently ranked within the top 50. Currently the company has over 65,000 employees and 18,000 agents, providing over 80 million policies to its clients in the United States and Canada with the majority of them for automobiles. As of 2015, the company’s Canadian policies have changed to become underwritten by Desjardins Group, with State Farm remaining in place as the brand for agents and market purposes. State Farm has 30 operations centers, generating a revenue of approximately $70 billion, which translates to a revenue of over $5 billion. Some of the mutual funds available under the State Farm organization include the LifePath Retirement funds, Tax Advantaged Bond, International Equity, International Index, and D&P 500 Index funds. In 2015, current CEO Edward B. Rust announced that he would be stepping down, ending a thirty year legacy as CEO, and handing over the position to Michael L. Tipsord, who is the current Chief Operating Officer of State Farm Mutual Automobile Insurance.