State Farm Invests in Iran-Linked Firms, California Says
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State Farm Mutual Automobile Insurance Co. and units of Cigna Corp. are among insurers investing in firms that do business with Iran, California Insurance Commissioner Dave Jones said.
An ING Groep NV unit also has Iran-linked holdings, according to a statement today from Jones. Insurers that operate in California have $198 million invested in firms that do business with Iran’s military, energy and nuclear sectors, down from about $6 billion in 2009 when California began pushing them to divest, Jones said.