Query on Mutual insurance companies

[Carrol Cox <cbcox@xxxxxxxxx>]

How do the controllers of a mutual insurance company make their money.
The Rusts (who control State Farm) are very wealthy indeed -- but of
course State Farm Automobile is a mutual company, nominally owned by the
policy holders. All the other State Farm companies are stock companies,
with the stock originally, I suppose, belonging to State Farm
Automobile. But even if that stock is distrbuted to management, the
Rusts' wealth (and that of the Meherles) was built up before those
subsididary companies could have contributed much. I never have
understood this.

Carrol