State Compensation Insurance Fund today announced the release of its 2008 annual report. The report is available online www.statefundca.com/news/AnnualReports.asp
Jan Frank, State Fund’s CEO, said, “We’re very pleased to publish this annual report. Despite the economic challenges we faced in 2008, State Fund implemented some of the most significant and meaningful changes in our recent history, which makes this the perfect time to reflect on our accomplishments. State Fund insures one in four California businesses. We’re an important pillar for California’s economy; millions of Californians depend on us every day.”
State Fund’s successes in 2008 included making significant progress in responding to the California Department of Insurance audit, quickly implementing the Bagley-Keene Open Meeting Act and California Public Records Act, and re-committing to a culture prioritizing stellar service.
The company finished 2008 with $1.66 billion in earned premium, compared to $2.27 billion in 2007. Its investment portfolio was valued at $18.5 billion, compared to $19.6 billion in 2007. Net investment income was $896.2 million, compared to $961.5 million in 2007. Reserves were $15.6 billion, compared to $16.0 billion in 2007.
EDITOR’S NOTE: Established in 1914 by the state legislature, State Fund is a strong and stable provider of workers’ compensation insurance and a vital asset to California businesses. Completely self supporting, State Fund plays a stabilizing role in California’s economy by maintaining an open door policy that ensures that all employers have a strong and stable option for their workers’ compensation needs.
