State Farm announces a record $5.3 billion in net income for 2006, triggering a $1 billion dividend to the mutual auto insurance policyholders in 46 states. A little over $25 million will come back to Florida car customers, the mutual announces.
Chief Executive Officer Ed Rust received $11.66 million in compensation for the hurricane-free year, double the size of his 2005 paycheck.
Much of that income comes from State Farm's property insurance lines – including its pup, State Farm Florida. Combined, they reported a pretax profit of $6 billion for 2006, contrasted with $3.5 billion in 2005, the year of Hurricane Katrina.