The Mutual Model — Why "Owned by Policyholders" Shapes Everything

State Farm is one of the only Fortune-50-scale companies where the customers are also the owners. This module unpacks what that means in practice — the absence of shareholders, the long-term horizon on decisions, and why the historic $5 billion 2025 dividend tells you more about the company's culture than any mission statement. Understanding the mutual model is the single most leverageable piece of knowledge for "Why State Farm?" answers.