California State Fund Reports Increase in Net Income in 2018

California’s State Compensation Insurance Fund reported an increase of net income and written premium in its just-released annual report for 2018.

Financial highlights of the 2018 annual report include:

• Net income of $187 million, up from $40 million the previous year;
• Earned net premiums of $1.33 billion, up slightly from $1.31 billion a year earlier;
• Combined ratio of 134.7 percent—roughly 15 points lower than the previous year.

“State Fund’s financial position remained strong in 2018, allowing us to continue to deliver on our purpose—providing fairly priced workers’ compensation insurance, helping keep workplaces safe, and restoring injured workers,” Vern Steiner, president & CEO of State Fund, said in statement.

State Fund last week announced a partnership with Kura MD, a provider of telehealth services, to offer health services to injured workers 24 hours a day, seven days a week.

State Fund is a workers’ comp insurer originally created as a public enterprise fund by California.