Vacaville, CA -(PRNewswire)- State Fund’s 2011 Annual Report debuted online recently. The report reveals that State Fund ended 2011 with just over $1 billion dollars in net premiums earned.
State Fund President and CEO Tom Rowe said, “Our financial summary reveals well-executed pricing disciplines, and improving results from the most experienced claims team in the marketplace. We are starting to see benefits from expense management protocols, and the consistent performance of a well-balanced and highly secure investment strategy.”
“We made sufficient progress in 2011 to support the declaration of a $50 million dividend for our policyholders, the first in a decade, so we know we are on the right track,” Rowe continued.
State Fund is in the second year of its three-year plan to consolidate operations, shrink its real estate footprint, and reduce operating expenses. Annual savings from the plan are anticipated to be $350 million, further strengthening State Fund’s position to fulfill its mission to provide California’s businesses a strong and stable choice for their workers’ compensation insurance while making workplaces safer and helping injured employees return to work – with no financial obligation to the public.
Rowe said in the report, “We are proud to have served California for nearly a century, and have the passion, commitment, dedicated staff, and are well positioned to serve California for the next 100 years.”
The report is available here: CA State Fund 2011 Annual Report
Source: PRNewswire