State Fundís 2020 Annual Report Now Available Online
Pleasanton,CA(WorkersCompensation.com) – State Compensation Insurance Fund (State Fund) has released its 2020 Annual Report. The report outlines how State Fund maintained its financial strength while continuing to support its policyholders and injured workers during a uniquely challenging year.
In his president's letter accompanying the financial report, State Fund President & CEO Vern Steiner discusses the actions State Fund took to help its policyholders and injured workers during the COVID-19 crisis.
These actions included placing a moratorium on policy cancellations, reaching out directly to tens of thousands of policyholders to revise payrolls and provide payment flexibility, providing more than $44 million in COVID-19 safety support grants, accelerating the delivery of the 2019 dividend, declaring a 10% dividend for 2020, and much more.
Important financial highlights include:
Net income of $172 million
Earned premium of $1.1 billion
Combined ratio of 141.2%, higher than in 2019 due to a reserve release of $536 million during that year
State Fund is California's leading provider of workers' compensation insurance. Not for profit and funded solely by premiums and investment income, we've supported California's entrepreneurial spirit and played a vital role in the state's economy for more than 100 years. By innovating in areas such as workplace safety and injured worker care, we're committed to serving California for the next 100 as well. To learn more or get a quote, contact your broker or visit www.StateFundCA.com.
Be the first person to comment!
You must Login or Register in order to read and make comments!