2024 Annual Report
President's Letter
Throughout 2024, we delivered on our commitments to our policyholders and injured workers and effectively served our unique role in the state’s economy. I’m proud of the progress we made toward becoming more customer- and employee-centric, more technologically advanced, and ultimately more competitive in the marketplace, and I’ll talk more about these changes in a moment.
But none of that progress would be possible if we had not maintained our financial strength. We continue to be in the strongest financial position we have ever been in during my tenure. And while there are multiple factors that contribute to that strength, nothing is more critical than our claims performance over time.
Declared dividend for sixth consecutive year
Our strong financial results continue to allow us to return money to our policyholders.*
Superior claims performance contributed to strong financial results
We continue to exceed all our claims, legal quality, and timeliness measures and released more than $540 million in claims reserves by improving claim performance.
Technology improvements
We replaced legacy systems with advanced technology platforms—providing customers with better online services and delivering millions of dollars in operational cost savings.
We've been helping business owners for more than 100 years and we're prepared to be here for the next 100 as well.
Financial Summary
View the most important parts of our 2024 financial picture.
Statutory Annual Statement
Our required annual statement to the California Department of Insurance.
*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.