2025 Annual Report
President's Letter
Throughout 2025, we remained focused on our mission to provide fairly priced workers’ compensation insurance to any California business that needs it. We excelled in nearly every area of our operation and had, upon reflection, perhaps our most successful year to date in the more than 11 years I have been President and CEO of State Fund. I’m extremely proud of our successes, and even more proud of the leaders and frontline employees who made those successes possible.
I’ve talked about our claims performance in my last several letters, and while it may be getting repetitive, the repetition is entirely appropriate—our Claims team has continued to excel.
Declared dividend for seventh consecutive year
Strong financial results continue to allow us to return money to our policyholders*
Awarded more than 1,600 policyholders with grants totaling $10 million
Expanded our Safety Equipment Grants program to make them eligible to more policyholders.
Made progress on our technology roadmap & released enterprise AI tool
Piloted several other AI initiatives in an effort to reduce expenses and/or improve customer or employee experience.
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 2025 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.
State Compensation Insurance Fund is not a branch of the State of California.