Statements of Operations in Policyholders' Surplus
STATE COMPENSATION INSURANCE FUND
Statements of Operations and Changes in Policyholders' Surplus
(Statutory Basis)
Years ended December 31, 2010 and 2009
(In millions)
| 2010 | 2009 | ||
|---|---|---|---|
| Net premiums earned | $ | 1,136 | 1,248 |
| Losses incurred | 850 | 940 | |
| Loss adjustment expenses incurred |
521 | 574 | |
| Underwriting and administrative expenses | 409 | 457 | |
| Net underwriting loss | (644) | (723) | |
| Net Investment income | 861 | 908 | |
| Net realized capital gains | 34 | 4 | |
| Other income (expense) | (80) | (46) | |
| Net income | 171 | 143 | |
| Policyholders' surplus, beginning of year | 5,249 | 5,089 | |
| Change in nonadmitted assets | 55 | 16 | |
| Change in net unrealized capital gains (losses) | (4) | 4 | |
| Change in provision for reinsurance | (5) | (3) | |
| Policyholders' surplus, end of year | $ | 5,466 | 5,249 |
