Fitch affirms State Farm

Fitch Ratings said it affirms its Insurer financial strength ratings for State Farm Mutual Automobile Insurance Co., State Farm Life Insurance Co. and State Farm Life and Accident Assurance Co. at AA+.

The outlook is negative.

The agency said that the negative outlook reflects both State Farm's exposure to equity markets and below average underwriting performance in its core markets.

State Farm's ratings could face downward pressure due to further deterioration in statutory surplus from investment losses or if underwriting losses continue at 2008 levels, Fitch noted.

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