California’s State Compensation Insurance Fund has published its 2008 annual report.
Among the workers’ compensation insurer’s successes the group said it accomplished in 2008 were establishing a solid leadership team, 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.
Jan Frank, State Fund’s CEO, said, “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.”
Source: SCIF
Topics California
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