FORTUNE Magazine Ranks State Farm® No. 1 in Social Responsibility
FORTUNE Magazine's 2013 World's Most Admired Companies results have been released, and State Farm has made the list.
State Farm received the highest marks in the key attributes of Social Responsibility, Financial Soundness, Quality of Products/Services, People Management and Quality of Management. The rating criteria used to determine the ranking includes nine Key Attributes of Reputation (see chart below).
State Farm Rankings by Key Attributes of Reputation within the P&C Industry
|Key Attributes of Reputation||Ranking 2013|
|Use of Corporate Assets||6|
|Quality of Management||3|
These are the highest marks State Farm has ever received on this survey.
FORTUNE World's Most Admired Companies – P&C Industry
1. Berkshire Hathaway
2. Munich Re Group
3. Zurich Financial Services
5. Travelers Companies
6. State Farm Insurance
7. Liberty Mutual Insurance Group
8. Tokio Marine Holdings
11. Hartford Financial Services
12. MS&AD Insurance Group Holdings
13. American International Group
14. Mapfre Group
15. NKSJ Holdings
16. People's Insurance Company of China
"FORTUNE's Most Admired list is rather interesting because the ranking is based on global reputation rather than market share," said Duane Otey, Analyst in Enterprise Diversity & Inclusion. "It's essentially a peer review since the survey primarily goes to executives and board members of leading property and casualty companies throughout the world."
Our No. 6 ranking reflects the second year we have increased (from number 7 in 2012 and number 8 in 2011).
"Over the years, the leaders participating in FORTUNE's survey have consistently given State Farm high marks in Social Responsibility, Financial Soundness and Quality of Products/Services, said Naveen B Miller, Manager – Enterprise Diversity & Inclusion. "I think this says a lot of who we are and how others in our industry perceive us."
State Farm Remains Strong with Other Recognitions
The gain with FORTUNE is one of several awards and recognitions showing an increase in rank, points and strength in the last 12 months:
- Asian Enterprise Magazine – Best Companies for Asian Americans and Pacific Islanders
- Black Enterprise – 40 Best Companies for Diversity
- G.I. Jobs Magazine – Top 100 Military Friendly Employers
- Hispanic Business Magazine Diversity Elite 60
- Human Rights Campaign (HRC) – Corporate Equality Index
- Latina Style – 50 Best Companies for Latinas to Work
- National Association of Female Executives (NAFE) – Top Companies for Executive Women
- Working Mother – Best Companies for Multicultural Women