INSURANCE: The Profits of Recession

During the next few months, some 8.5 million Americans will receive a check that is almost as rare these days as a winning lottery ticket: a partial refund on their automobile insurance premiums. The lucky recipients are policyholders of State Farm Mutual, the nation's largest auto insurer, which revealed this week a $112.2 million underwriting profit for the first six months of 1971, compared with an $18.4 million loss in the same period last year. The company's overall earnings after taxes have shot up to $108 million —an astonishing 500% improvement on...

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