San Francisco, CA – State Compensation Insurance Fund’s 2014 Annual Report is now available online. The report highlights a jump in net premiums earned of $1.669 billion, which is 53 percent more than in 2013. Other important highlights include:
- 139,000 policies were written in 2014, a six percent increase over the previous year.
- Net income was $37 million.
- Policyholders’ surplus grew by $22 million to $6.4 billion.
- Net investment income was $656 million.
- Dividend of $37 million was declared for the 2014 policy year.
“In 2014, we undertook several actions to preserve our financial position and benefit our customers and injured workers in the years ahead, including strengthening our reserves,” stated Vernon Steiner, State Fund President and CEO. “We remain dedicated to our purpose of providing fairly priced workers’ compensation insurance to all businesses that seek coverage, to help make workplaces safe, and to restore injured workers.”
State Fund also rolled out a free online training program on acute and chronic pain treatment alternatives for physicians in State Fund’s medical network and broadened their pricing structure. All were aimed to improve operations and reduce expenses in order to better serve all stakeholders—policyholders, brokers, and employees.
Click here for the annual report: CA State Fund 2014 Annual Report
Source: CA State Fund