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Thursday, May 3, 2007
State Farm Insurance posts record profit
Please post your thoughts. Are your insurance premiums are too high? Are the premiums you pay fair? Just take a look at these staggering figures from State Farm Insurance.
Story on Insurance Journal on March 7, 2007:
State Farm Insurance's chairman and CEO received an 82 percent raise after the company posted a record profit last year, a statement from the Bloomington-Ill.-based insurer said this week.
Chairman and Chief Executive Officer Ed Rust Jr. got a $5.26 million raise. He earned $11.66 million in 2006 with a base salary of $1.77 million and results-based bonus of $9.89 million, the statement said. Rust made $6.4 million in 2005 and $5.5 million in 2004.
The absence of a major catastrophe helped the insurer generate a record $5.32 billion profit last year, compared to $3.24 billion in 2005 when Hurricane Katrina hit the Mississippi Gulf Coast, release said.
Click here to read article.
Story on Insurance Journal on March 7, 2007:
State Farm Insurance's chairman and CEO received an 82 percent raise after the company posted a record profit last year, a statement from the Bloomington-Ill.-based insurer said this week.
Chairman and Chief Executive Officer Ed Rust Jr. got a $5.26 million raise. He earned $11.66 million in 2006 with a base salary of $1.77 million and results-based bonus of $9.89 million, the statement said. Rust made $6.4 million in 2005 and $5.5 million in 2004.
The absence of a major catastrophe helped the insurer generate a record $5.32 billion profit last year, compared to $3.24 billion in 2005 when Hurricane Katrina hit the Mississippi Gulf Coast, release said.
Click here to read article.
posted by James Bartolomei at 7:29 AM
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1Comments:
Wait, a plaintiff's attorney crying about big paychecks?! Oh, the pathos!
What about those years, times, and events when nasty little things like Katrina DO happen. I'm sure you there to weep for the insurance companies then---and the people with investments and retirement funds affected---to "feel their pain."
I smell the distinct stench of Karl Marx in that original post.
Rasputin
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