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State Farm Cuts Rust Pay 9.3% to $9.25 Million as Profit Falls

March 1 (Bloomberg) -- State Farm Mutual Automobile Insurance Co., the largest U.S. car and home insurer, decreased Chief Executive Officer Ed Rust’s compensation 9.3 percent last year as net income slipped.

Rust’s compensation totaled $9.25 million in 2011, compared with $10.2 million a year earlier, said Dick Luedke, a spokesman for the Bloomington, Illinois-based insurer, in a telephone interview today.

Editor: Dan Kraut

To contact the reporter on this story: Andrea Ludtke in New York at nbuhayar@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at Dkraut2@bloomberg.net

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