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State Compensation Insurance Fund Reports Annual Results

Net investment income was $896.2 million, as compared to $961.5 million in 2007

State Compensation Insurance Fund (State Fund) has declared its 2008 annual results. The company finished 2008 with $1.66 billion in earned premium, as compared to $2.27 billion in 2007.

State Fund’s investment portfolio was valued at $18.5 billion, as compared to $19.6 billion in 2007. Net investment income was $896.2 million over $961.5 million in 2007. Reserves were $15.6 billion as against $16.0 billion in 2007. The company stated that the positive result is mainly due to making significant progress in responding to the California Department of Insurance audit.

Jan Frank, CEO of State Fund, 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.”