SAN FRANCISCO, May 6, 2014 /PRNewswire/ -- State Compensation Insurance Fund's 2013 Annual Report, released on its Web site today, shows an increase in net premiums to more than one billion dollars and a decrease in its combined ratio of more than 10 percent.
Other key financial highlights for 2013 include:
- A $100 million dividend;
- Policyholders' surplus increased by six percent compared to last year;
- More than 98.4 percent of its bond portfolio received the National Association of Insurance Commissioners' highest quality credit rating.
"State Fund has seen tremendous successes in one hundred years of doing business and supported those that have shaped California to succeed and grow," said Carol Newman, Acting President and CEO in the report. "As we enter our next century, we've implemented an ambitious plan to redesign our operations and reduce costs to California's employers, making us a financially stronger and more efficient organization."
In 2010, State Fund began a transformation that has reduced annual fixed expenses by $300 million dollars. These savings will help State Fund maintain fair pricing and bring greater value to more California employers.
EDITOR'S NOTE: Established in 1914 by the state legislature, State Fund is California's largest provider of workers' compensation insurance and a vital asset to California businesses. State Fund supports California's entrepreneurial spirit and plays a stabilizing role in the economy by providing fairly priced workers' compensation insurance, making California workplaces safe, and restoring injured workers.
Disclaimer statement: Under California law it is unlawful for an insurer to promise the future payment of dividends under an unexpired workers' compensation insurance policy or to misrepresent the conditions for dividend payment. Dividends are payable only pursuant to conditions determined by the Board of Directors or other governing board of the Company following policy expiration. It is a misdemeanor for any insurer or officer or agent thereof, or any insurance broker or solicitor, to promise the payment of future workers' compensation dividends. Past dividend performance is no guarantee of an insurer's future dividend performance.
SOURCE State Compensation Insurance Fund