(June 12 – 14:25 ET) – State Farm Mutual Automobile Insurance Company announced today that auto insurance policyholders in three provinces, 49 states and the District of Columbia will receive dividends totalling just over $US1 billion.
The record-breaking return of premiums betters the previous high of $892 million announced in June 1998. Dividends are a one-time return of premium based on recent financial results.
“As a mutual company, State Farm’s primary obligation is to its policyholders,” said Vincent J. Trosino, president and COO. “We work hard to be good stewards of our policyholders’ money and to give our policyholders fair, reliable and quick service whenever they need it. Returning insurance premium dollars through dividends is just another way for us to show our commitment to our customers.”
The size of each customer’s dividend will vary from state to state, but the average per insured vehicle will be about $US29. The vast majority of policyholders will receive their dividend by check during the six-month policy renewal cycle beginning today.
In Canada, State Farm Mutual markets auto insurance in only three provinces, Alberta, Ontario and New Brunswick, where a $US 22 dividend is being paid. Canadian policyholders will receive their payments in Canadian dollars.
-IE Staff
http://www.newswire.ca/releases/June2000/12/c4138.html