Tipsturd is a glorified bean counter. Add and Subtract with no real understanding or ability to apply economics to the numbers So, it's time once again to school the fool... #1 the numbers you analyze so much to make decisions on a day to day basis are all bogus numbers. Why? because middle management is putting pressure on front management who puts pressure on the workers to lie about production output. Garbage in - garbage out. #2 there is no economic model that supports performance of 100% accuracy, 100% of the time....the laughable. Do you drive your car at 100 mph 100% of the time? No the engine (in this case the workers) can't sustain it. Result is your car crashes or the engine breaks down which causes what? More money and time to fix it. Now you've been schooled twice. 3rd and final #3, volume of work and quality of work cannot both be 100% as work and quality have an inverse relationship and cannot both exist at 100%. The more volume of work equals less quality output. Simply put unless the known laws of economics cease to exist at SF, this goal is an illusion. There you have it bean counter. Good luck selling your inferior product after you get rid of the loyal SF frontline workers.
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Of course management actions effect the total net worth. That wasn't my point. My point was that when such a large percentage of a company's net worth is in investments, being in the midst of the longest bull market in history is going to mask a lot of executive ineptitude. Case in point: In 2008 when the mortgage market collapsed, State Farm decided to pull billions of dollars out of investments (at near the low point, mind you) and proceed to waste it on CDE, which was one of the most expensive and absurd wastes of systems resources in history.
Most of the present re-org in Systems was designed to FIX the billion dollar mistakes they made with CDE.
So let's not pretend this executive team is responsible for our increase in net worth. They've been bailed out by the markets.
There is no brain trust up top.
Don't forget the federal corporate tax cut from 35% to 21%. That has boosted net worth.
I can think of quite a few management decisions that enabled net worth growth. Decisions around investment mix and risk appetite, the type of business we’re writing, rate activity, and expense reduction. Not to say they were perfect decisions, but each of them directly impacted net income, which all you smart people know feeds right into net worth. I know some of you aren’t interested in facts, but open your mind a bit.
The Clowns are those that believe in accounting manipulations. They need to come out of their basements and stop reading conspiracy theories.
Can anyone say reserves or better yet reserve realrase
There's clearly no need to manipulate the accounting since clowns galore will believe absolutely everything they say, or suggest. Like, for example, that the massive increase in net worth has anything to do with management.
Can one of you really smart people explain these “accounting manipulations?” Another fool for you to school here.
That increase in net worth has nothing to do with Tipsord and everything to do with the longest running bull market in history.
Lol accounting manipulation
Another corporate know nothing thinking everything is,great because the company doubled it's net worth...what about the countless employees driven out or layed off, the reduced quality service, the reduced customers satisfaction? Yeah, it's great news the company doubled it's net worth because it sure as hell can't deliver a quality product. Can you say Sears? IBM?
Nope & wrong again Those were accounting manipulations and one time gains caused by restructure and layoffs. Accounting tricks...Do you believe buying off the RICO case was ethical too?
Company net worth has doubled in 8 years. All publicly available and audited. FYI, we made enough to offset the loss from 2016 last year :)
I saved State Farm from my mediocre predecessor yet I received a mere pittance of $6.6mm last year. Some day, when my magnificent son or grandson is CEO, there will be built a giant statue of me. I am tired of you jealous insignificant nothings and your pathetic attempts to besmirch my monumental accomplishments
Don't forget the $250m payout for getting caught buying a judge. Where's your code of ethics on that one. Guess code of conduct only applies to worker drones.
Whatta,bunch of morrons. Apparently somebody drank the kool-aid. No Way Street Farm doubled net worth in last 8 years. Pull your heads oottaurasses Any gains are accounting manipulation of the numbers . Facts are declining retention of customers. Declining new customers, stock market down. Company only makes money 2,ways -premiums and investments.,gains are from selling assets, reducing workforce and moving to cheaper states to run operations. All are short term gains. AND here's a fact not coming from corporate drones. In 2017 a 7 billion dollar loss. You just got served. Me out.
They're gonna need that money for Florida.
No more beans for out of date Defined Benefit, I can just here it now when they rollout new benefit package. I think it coming and we just have to deal with it hopefully they provide an enhanced 401k. But with everything else going on right now cutting things left and right it’s in the works hopefully not a Freeze. Good luck to everyone I think we are going to need alot of luck pretty soon.
I always thought it was the agents selling the product, but apparently it’s been the “loyal frontline worker” all along.
@qwf You know it’s not your net worth right?
Net worth is publicly reported every March. Every major news source reporting on insurance industry publishes it. Easy to verify.
Is the “front management” lying about the company’s net worth doubling over the last 8 years, or is that the back management?
Pension is in no way currently tied to success/failure of the company. Totally separate and guaranteed. Scare tactics either tied to manipulating leaders or more likely ignorant outsiders.
Pension freeze coming brother unless u live under a rock
A bean counter that turned 90 billion into 150 billion. Keep counting those beans. My pension relies on it