Caterpillar and State Farm ranked by Fortune 500

By WEEK Producer

July 8, 2014 Updated Jul 8, 2014 at 10:25 PM CDT

The 2014 Fortune 500 list is out, and two area companies saw their rankings change.

State Farm Insurance Co. saw their rank rise three places, from 44 to 41.

The Bloomington company saw its profits rise 63 percent in 2013. The total net worth of State Farm rose 16 percent to $75.9 billion, the highest it has ever been.

Caterpillar’s rank fell to 49, a slight decline from last year’s 42. A decrease in mining equipment purchases caused Cat’s profits to fall by 16 percent last year.

Caterpillar CEO Doug Oberhelman told Fortune the year turned out “worse than anticipated,” and he expects a further decrease in mining equipment sales this year.