The FINANCIAL -- Farmers Insurance Exchange entities that make up the Farmers Insurance Group of Companies was named to the list of Fortune magazine’s 500 largest companies based in the United States, coming in at number 264.
“We are pleased that Farmers Insurance Exchange has been recognized as among the nation’s largest and most successful companies,” said Jeff Dailey, chief executive officer of Farmers Group, Inc., which serves as the attorney-in-fact for Farmers Insurance Exchange. “This acknowledgement provides clear validation of our accomplishments in the marketplace.”
The Farmers Insurance Group of Companies, or Farmers InsuranceSM, is composed of Farmers Insurance Exchange (FIE), Fire Insurance Exchange and Truck Insurance Exchange, which are three reciprocal insurers owned by their policyholders, together with their subsidiaries and affiliates. Under the Farmers, Foremost, 21st Century and Bristol West brands, Farmers Insurance has become a leading U.S. insurer group, insuring automobiles, homes and small businesses. Farmers Insurance also provides a wide range of other insurance and financial services products to customers, according to Farmers Insurance.
Since its founding in 1928, Farmers Insurance has sold products and services through a network of Farmers agency owners who are independent small business owners based in communities across the nation. Currently, there are more than 13,000 Farmers agency owners nationally who receive training from the University of Farmers, which provides industry-leading learning and development programs to help agents further enhance their skills. Farmers Insurance continues to look for talented leaders and individuals with a record of professional success to support additional growth in its existing markets and its expansion into new states. To assist those interested in becoming Farmers agency owners, Farmers recently introduced further incentives for qualified candidates to provide additional support to those transitioning to agency ownership.
“Organizationally, Farmers Insurance has been on an ongoing journey to bring the power of Smart to consumers. At Farmers Insurance, we believe in smart and are committed to making our customers smarter, more informed and better prepared to manage risk today and tomorrow,” added Dailey. “Our current efforts at improving customer centricity and serving customers through our omni-channel approach have begun delivering sustainable results. I couldn’t be more enthused about the future of Farmers.”
In reports supplied to Fortune magazine, FIE reported $11.3 billion in revenue in 2014 and assets of more than $15.6 billion. While this year’s submission to Fortune magazine by FIE did not include similar data for Fire Insurance Exchange or Truck Insurance Exchange, the combined figures for the three reciprocal insurers would have shown combined revenue of $14.2 billion and total combined assets of $20.0 billion.