State Farm: $6.3B P/C Underwriting Loss, $2.1B Operating Loss in 2008

February 27, 2009

  • February 27, 2009 at 7:25 am
    Rich Pyorre says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    It will be interesting to see what the bonus for Junior Rust will be this year. In 2007 he got a $9,890,000 bonus in addition to his pay of $1,770,000. But in 2001 he still got a bonus of $2,000,000 plus his 1.7 million dollar salary even though the company lost $5 Billion. How bad does the company have to do before a bonus would be unthinkable? Probably not until there was no money left if the coffers. This guy has no shame.

  • February 27, 2009 at 1:01 am
    Ben Dover says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    I wonder what Rust’s bonus will be this year?

  • February 27, 2009 at 2:30 am
    Independent Agents Everywhere says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Hurry up and file. I been waiting for you to so I can cut into your market share more.

    Thanks.

    Indy

  • February 27, 2009 at 2:31 am
    Haywood says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Always a good time to point out that he is the son of the previous “peerles leader” of State Farm.

    Nothing like a meritocracy out there in the corn fields of Illinois.

  • February 28, 2009 at 3:13 am
    wudchuck says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    um… many of you don’t realize, that the bonuses are probably written in the contract w/o any excuse for doing a bad thing or not making a profit. you wonder how these companies can keep paying out these bonuses during a loss. you’d think that by now, they will restructure these bonuses/contracts — especially with the many companies dying for stimulus.

    it’s just a matter of time, you’ll see these things come to life w/in companies, finally getting their head out of the sand as whole and not just one headed. they won’t just be handing over the money w/o thinking, that includes these luscious vacations or working w/e’s… but then again, as any looked at congress and said the same thing?! how much in the whole do we have to get before we start turning them over? how long as mr kennedy been in office? or the others? how long can their constituents remain loyal? how much can you keep our country in the RED!???

  • March 2, 2009 at 7:45 am
    ChrisC says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    How do execs make huge bonuses in down years?

    That’s easy — the terms are in their contracts. Quite often, a senior exec’s bonus is based on multi-year results, so it’s quite possible a big payout this year is based on several years’ results.

  • March 2, 2009 at 6:24 am
    company guy says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    your wish may come true soon, I got an E-mail today with this information. We should find out pretty soon if it’s true.

    State Farm has filed a rate change with the IDOI for an overall 16.7% increase in Homeowners effective 5-1-09 for new business and 6-15-09 for renewal business.

  • March 2, 2009 at 6:28 am
    noting that Rust doesn’t recei says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Chairman and Chief Executive Officer Ed Rust Jr. earned $11.66 million in 2006, including a base salary of $1.77 million and results-based bonus of $9.89 million, spokesman Dick Luedke said Friday. Rust made $6.4 million in 2005 and $5.5 million in 2004.

    “Our goal has been to adjust his compensation to compare more competitively with other organizations like us,” Luedke said, noting that Rust doesn’t receive millions in stock options like other similarly sized,

  • March 2, 2009 at 6:34 am
    Noting that Rust doesn't says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    State Farm Chairman and Chief Executive Officer Ed Rust, in March 2008, earned $13.66 million in 2008, up from $11.71 million in 2007. Noting that Rust doesn’t SHOULD receive millions .

  • March 2, 2009 at 6:40 am
    How could you feel good says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    at the expense of those who truly earn AND NEED IT! How could you feel good about yourself if you were just handed money you didn’t earn? Noting that Rust doesn’t SHOULD receive millions .
    GET RUST TO GO WORK IN THE MAIL ROOM .

  • March 3, 2009 at 12:07 pm
    nobody important says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    He may not want to work with you Mr. multiple cut and paste poster. He may or may not be a crook, but he has standards.

  • March 8, 2009 at 10:09 am
    (State Farm) defense counsel d says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    In the Oklahoma case, after State Farm finally turned over to the court a “claims legal research” DVD and other records, Judge Richard G. Van Dyck told company attorneys

    “As I was watching these tapes I just want to say this for the record, the hair on the back of my neck did — did stand up because I was seeing things there that early on in this case I was told by (State Farm) defense counsel didn’t exist and couldn’t be produced. So I’m not real happy with that and I want to remind all counsel that their ethical responsibilities as attorneys outweigh the wishes of their clients.”

  • March 8, 2009 at 10:11 am
    adjust his compensation says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    I have been witnessing document destruction, concealment, and obstruction of discovery by State Farm for many years in connection with my review of internal claim practices documents of the insurer. I have accumulated certain Exhibits which show the company’s goals and objectives for document handling by its employees. The documents show close to 28 years of intentional destruction, concealment and distortion of claim practices records.”

  • March 8, 2009 at 10:14 am
    close to 28 years state farm says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    March 6, 2009
    The top three reasons consumers filed formal complaints against their insurance companies in 2008 were delays, denials of claims and unsatisfactory settlement offers. According to the National



Add a Comment

Your email address will not be published. Required fields are marked *

*