If you look on LinkedIn, SF is boasting about their marketing awards and cutting edge commercials. While other companies are trimming advertising costs in order to stay profitable, SF is continuing to dump insane amounts of spending into their advertising. This is one of the internal budgets that is top secret and you won't find anyone who will share a number. But, I do know for a fact that it is in the billions. Another reason why SF will continue to lose large amount of money and never be profitable anytime soon. Oh, and probably slip to #3 auto insurer in the next 5 years. Stupid decisions made my incompetent execs who don't have a clue how to run a large company. They are only concerned about making their big salary and then getting out before the ship totally sinks.
24 replies (most recent on top)
@2jb-LOL,funniest post in a long time.
Most of the budget goes to celebrity like clothing and accessories for the top and for managing their social media presence
@rc+1jtvdrgq0 If you think SF doesn't spend billions on advertising, then you are uninformed. Over the past 5-7 years, SF has significantly increased marketing spend even when others were reducing. We are definitely spending billions on marketing and that is a fact. I don't believe we are matching Progressive at this time, but SF does not provide the full picture when sharing marketing costs to the public.
Let the James Comey types at SF go and the company will go back to the peaceful powerhouse it once was.
All this money spent on marketing after tons of benefits taken from the employee. Hummm just saying!
Marketing and agency are all about spending money, celebrities, and parties. The CMO cares about her red bottom shoes and social status more than any customer. The head of marketing and her VP clone care about status, botox, and weight loss meds.
It’s a sad, sad disaster.
What is “loses”? Can you have a parent post for you?
Ask yourself as a customer....... Do you think it is wise for any company to spend the money SF is spending in advertising while customers are paying high prices and claiming loses? Same as USPS.
Op is full of equine sc-t.
Remember, the downturn in the market is buy buy buy. We will soon be making record highs. Do you think insurance will give the consumer and employee their share? Watch they won't. They'll maximize it off the consumer and employees back.
The OP. Literally. Has no idea what he or she is talking about.
No one is cutting back. If fact, Progressive is on track to spent $4B in marketing this year. It dwarfs SFs and everyone else’s marketing spend. It’s the most ever by an insurer, by a long shot.
SF doesn’t spend “billions” in marketing. Not even close, it’s a small fraction of what progressive spends.
It’s just goes to show almost everyone on this site is full of complete BS.
To Post ID: @en+1jtvdrgq0,
Thats supposed to save money how? lol. State Farm is saving buttloads of money operating under a hybrid work environment.
To Post ID: @cv+1jtvdrgq0
State Farm offers one of best benefits packages in the country. They treat their employees great. Its just people apply for positions before researching what the position entails and they get mad, quit and try to trash the company. Yeah I am an employee of SF, and I know all the BS behind people like that.
And to the OP, literally none of what you said is true. lol
Facts are a startling revelation on this site full of BS and opinions.
@hr+1
that's a lot of words to say they jacked up premiums to make their nut.
You'd think with those numbers they could reduce premium and marketing.
The net worth for State Farm Mutual Automobile Insurance Company ended the year at $145.2 billion compared to $134.8 billion at year-end 2023. The change during 2024 includes an increase in the value of the P-C companies’ unaffiliated stock portfolio, driven by increases in the U.S. equities market, partially offset by the P-C group of companies pre-tax operating loss. The State Farm P-C group of companies reported earned premium of $103.0 billion and a combined underwriting loss of $6.1 billion. This result compared to an underwriting loss of $14.1 billion on earned premium of $87.6 billion in 2023. The change over 2023 reflects significant improvement in auto lines underwriting results which was partially offset by an increase in homeowners incurred catastrophe claims. The 2024 underwriting loss, combined with investment and other income of $6.0 billion, resulted in a P-C pre-tax operating loss of $111 million, which compares to the $8.5 billion loss reported in 2023. Total revenue, which includes premium revenue, earned investment income and realized capital gains (losses) was $123.0 billion for 2024 compared to $104.2 billion for 2023. State Farm reported a net income of $5.3 billion in 2024 compared to a net loss of $6.3 billion in 2023. The reported net income for 2024 includes the impact of $3.0 billion of realized capital gains, net of tax.
SF used to be the most educated customer centric company with little to no advertising. It has turned into a corporate cookie cutter mass production metrics that has lost its flavor and the marketing has proven that. Stadiums? Really? Definitely little man syndrome!
To the ahole in the previous post. Good luck with that.
Cut staff 10% and demand full time return to office. No more coddling the spoiled entitled employees.
Spend the money on the internal and external customers. You'll have more business than you need. 😉
Takes money to make money. So tell me, how would YOU do it different or better?
Completely stupid. But I've come to expect nothing less from this stupid company.
It speaks volumes about a company who spends money on cliché advertising instead of spending money on their best advertising.....their employees and all their customers. So very sad.
Batman laughable. The Joker represents SF better!