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2023 Annual Report

President's Letter

As I look back at 2023, I am very proud of our performance, and I will discuss a few of our many accomplishments a bit later. But I’d like to focus first on how our performance last year—and over the past several years—has set us up so well for the future.

First, we are in the strongest financial position we have ever been in during my tenure. There are several reasons for this, but the most important is our claims performance over time. Our claims team has significantly reduced our open claim counts and allowed us to release loss and loss adjustment expense (LAE) reserves amounting to $1.9 billion over the past five years. Those releases, in addition to our underwriting effectiveness and investment management performance, have allowed us to declare dividends for five consecutive years.

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We've been helping business owners for more than 100 years and we're prepared to be here for the next 100 as well.

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Financial Summary

View the most important parts of our 2023 financial picture.

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Statutory Annual Statement

Our required annual statement to the California Department of Insurance.


2023 Audited Statement

The certified financial statement of our auditors will be released in July 2024.

*Under California law, it is unlawful for an insurer to promise the future payment of dividends under an unexpired workers’ compensation policy or to misrepresent the conditions for dividend payment.  Dividends are payable only pursuant to conditions determined by the Board of Directors of the State Compensating Insurance Fund following policy expiration. It is a misdemeanor for any insurer or agent thereof, or an insurance broker or solicitor to promise the payment of future workers’ compensation dividends.  Past dividend payments are no guarantee of an insurer’s future dividend performance.