Who Owns Your Car Insurance? GEICO, State Farm, Progressive, and Beyond

The Most Advertised Industry You Never Think About

Auto insurance companies spend over $9 billion annually on advertising in the United States, more than virtually any other industry. GEICO's gecko, Progressive's Flo, State Farm's Jake, Allstate's Mayhem, Liberty Mutual's emu. These are among the most recognized advertising characters in America.

But while consumers choose between these brands based on price, coverage, and advertising, few consider who actually owns these companies. The ownership structures behind major insurers range from Warren Buffett's conglomerate to century-old mutual companies to publicly traded corporations. Here is who owns your car insurance.

The Complete Auto Insurance Ownership Map

GEICO - Berkshire Hathaway

Owner: Berkshire Hathaway (NYSE: BRK.A, BRK.B) Premiums: ~$43 billion (2025) Market share: ~14% (2nd largest) Ultimate owner: Warren Buffett and Berkshire shareholders

GEICO (Government Employees Insurance Company) is one of the crown jewels of Warren Buffett's Berkshire Hathaway. Buffett first invested in GEICO in 1951 when he was 20 years old and gradually increased his stake until Berkshire acquired full ownership in 1996 for $2.3 billion.

GEICO is now worth significantly more than Buffett paid, generating over $43 billion in annual premiums. The gecko mascot, introduced in 1999, is one of the most effective advertising campaigns in insurance history.

What this means: When you pay your GEICO premium, the profits flow to Berkshire Hathaway, which also owns Dairy Queen, Duracell, Fruit of the Loom, and holds major stakes in Apple and Coca-Cola. Your car insurance and your batteries share a corporate parent.

State Farm - Mutual Company (No External Owner)

Structure: Mutual company (owned by policyholders) Premiums: ~$72 billion (all lines, 2025) Auto market share: ~16% (largest) Owner: Its own policyholders

State Farm is the largest auto insurer in America and one of the largest mutual companies in the world. As a mutual company, State Farm is not publicly traded and has no external shareholders. Policyholders are technically the owners.

• No stock price to worry about
• No quarterly earnings pressure from Wall Street
• Profits are either retained or returned to policyholders through dividends/lower rates
• No billionaire or conglomerate owns State Farm

State Farm was founded in 1922 in Bloomington, Illinois, by George J. Mecherle and remains headquartered there. Its mutual structure is why State Farm can focus on long-term stability rather than short-term profit maximization.

Progressive - Publicly Traded

Structure: Public corporation (NYSE: PGR) Premiums: ~$62 billion (2025) Auto market share: ~15% (3rd largest) Owner: Public shareholders

• Vanguard Group (~9%)
• BlackRock (~6%)
• Various mutual funds and ETFs

Progressive's "Flo" character (played by actress Stephanie Courtney since 2008) has appeared in over 100 commercials, making her one of the longest-running advertising spokespeople in U.S. history.

Allstate - Publicly Traded

Structure: Public corporation (NYSE: ALL) Premiums: ~$55 billion (all lines, 2025) Auto market share: ~10% Owner: Public shareholders

Allstate Corporation was originally a subsidiary of Sears, Roebuck and Co. Sears spun off Allstate as an independent public company in 1993. Today, Allstate has no controlling shareholder.

• Esurance (online auto insurance, acquired 2011)
• Encompass Insurance
• National General (acquired 2021, $4B)

The Allstate "Mayhem" campaign (actor Dean Winters) has run since 2010 and won multiple advertising awards.

USAA - Member-Owned

Structure: Reciprocal inter-insurance exchange Premiums: ~$38 billion (all lines) Eligibility: Military members, veterans, and families only Owner: Its members

USAA is exclusively available to U.S. military members, veterans, and their families. It consistently ranks among the highest-rated insurance companies for customer satisfaction. Like State Farm, USAA is not publicly traded and operates for the benefit of its members.

Liberty Mutual - Mutual Company

Structure: Mutual holding company Premiums: ~$50 billion (global, all lines) Owner: Its policyholders

Liberty Mutual is the fifth-largest property and casualty insurer globally. As a mutual company, it is owned by its policyholders with no external shareholders. Liberty Mutual also owns Safeco Insurance and various international operations.

The Liberty Mutual emu (paired with "LiMu Emu & Doug") has become one of the more memorable recent insurance mascots.

Farmers Insurance - Zurich Insurance Group

Owner: Zurich Insurance Group (Switzerland) Premiums: ~$25 billion Market share: ~6%

Farmers Insurance is owned by Zurich Insurance Group, a Swiss-based multinational. Many consumers do not realize that Farmers, one of the most "American" insurance brands, is owned by a European corporation. Zurich acquired Farmers Insurance Group's management company through its acquisition of Farmers Group, Inc.

Nationwide - Mutual Company

Structure: Mutual company Premiums: ~$25 billion (all lines) Owner: Its policyholders

Nationwide Mutual Insurance Company, headquartered in Columbus, Ohio, is another major mutual insurer. Like State Farm and Liberty Mutual, it has no external shareholders. Nationwide also operates Nationwide Financial (retirement, investments) and formerly owned pet insurer Petplan.

The Hartford - Publicly Traded

Structure: Public corporation (NYSE: HIG) Owner: Public shareholders (includes ~5% stake held by George Soros's investment fund at various times)

The Hartford Financial Services Group provides auto insurance alongside other property, casualty, and life insurance products. The company traces its origins to 1810.

The Ownership Spectrum

Auto insurers fall into three distinct ownership categories:

Mutual Companies (Policyholder-Owned)

Advantage: No shareholder pressure for short-term profits. Can prioritize long-term policyholder value. Disadvantage: Cannot raise capital by selling stock. Growth funded entirely from operations.

Public Corporations (Shareholder-Owned)

Advantage: Can raise capital through stock and bond markets. Higher growth potential. Disadvantage: Quarterly earnings pressure. Must balance policyholder service with shareholder returns.

Conglomerate/Corporate-Owned

The Advertising Arms Race

Auto insurance advertising spending is extraordinary:

Combined, the top five auto insurers spend approximately $8-9 billion annually on advertising. This creates a barrier to entry for smaller insurers who cannot afford to compete for consumer awareness.

What Ownership Means for Your Rates

Does the corporate structure of your insurer affect your premium? Potentially:

Mutual companies (State Farm, USAA) theoretically prioritize policyholder value over shareholder returns, which could mean more competitive rates. USAA consistently offers among the lowest rates for eligible military families.

Public companies (Progressive, Allstate) must balance competitive pricing with shareholder return expectations. This does not automatically mean higher rates, but shareholders expect profitability.

Berkshire/GEICO benefits from Berkshire Hathaway's investment income (the "float"), which allows GEICO to price competitively while still generating returns for Berkshire shareholders through investment of premiums.

In practice, rates vary more by your personal profile (driving record, location, vehicle) than by corporate structure. Shop across ownership types for the best rate.

Frequently Asked Questions

Does Warren Buffett own GEICO?

Warren Buffett's Berkshire Hathaway owns GEICO. Buffett does not personally own GEICO; it is a wholly owned subsidiary of Berkshire Hathaway, which Buffett controls as CEO and chairman.

Is State Farm publicly traded?

No. State Farm is a mutual company owned by its policyholders. It has no stock ticker and no external shareholders.

Who owns Farmers Insurance?

Farmers Insurance Group is managed by Farmers Group, Inc., which is owned by Zurich Insurance Group, a Swiss-based multinational insurance company.

Which auto insurer is the biggest?

State Farm is the largest U.S. auto insurer by market share (~16%), followed by GEICO (~14%) and Progressive (~15%). Progressive has been growing fastest and may surpass State Farm in the coming years.

The Bottom Line

Auto insurance is one of the most heavily advertised and widely purchased consumer products in America, yet few consumers consider who owns their insurer. The ownership structures range from mutual companies (State Farm, USAA) with no external shareholders to Warren Buffett's Berkshire Hathaway (GEICO) to Swiss conglomerates (Farmers) to public corporations (Progressive, Allstate). Understanding these structures helps you evaluate which insurer's incentives best align with yours as a policyholder.

Explore brand ownership across all categories on WhoBrands or browse companies.

Sources

1. NAIC. "U.S. Auto Insurance Market Share Report." 2025. 2. S&P Global. "Insurance Company Rankings." 2025. 3. Ad Age. "Insurance Advertising Spending." 2025. 4. AM Best. "Insurance Company Ratings." 2025.

All brand ownership data verified through WhoBrands.com's research methodology. Last updated: February 11, 2026.