SAN FRANCISCO, CA --- State Compensation Insurance Fund announced today that it ended 2010 with $1.1 billion in net premium earned, and $171 million in net income.
CEO and President Tom Rowe shared the news in an online annual report.
The financial performance report shows that State Fund’s 2010 net income of $171 million was $28 million higher than the $143 million that the carrier recorded in 2009.
“We have successfully managed problematic market cycles throughout our 98-year history of serving California businesses and their injured workers. We have served California for nearly a century and are positioned to continue to do so because of our financial strength and careful underwriting and investment practices,” Rowe said in the announcement.EDITOR’S NOTE: Established in 1914 by the state legislature, State Fund is California’s largest provider of workers’ compensation insurance and a vital asset to California businesses. Completely self supporting, State Fund plays a stabilizing role in California’s economy by maintaining an open door policy that ensures all employers have a strong and stable option for their workers’ compensation needs.
