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California’s largest workers compensation insurer saw a leap in net income and an increase in premium in 2018 over 2017 numbers, according to the latest annual report released Thursday by the State Compensation Insurance Fund.
Net premiums earned stood nearly flat at $1.3 billion compared with 2017 figures, which were $12 million lower, according to the report. This year’s slight increase was “primarily due to the net effect of an increase from premium audits,” the insurer’s President and CEO Vern Steiner wrote in a letter that posted along with the report.
The combined ratio was 134.7% — about 15 points lower than the 149.4% reported in 2017, according to the report.
The fund’s investment income was $695 million in 2018, down from $741 million the previous year, according to the report, which also showed a net income of $187 million in 2018, up from $40 million 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,” Mr. Steiner said in a statement.
Although workers compensation insurance rates in California have dropped 22% since 2014, the state still has the highest rates in the United States, representing one-fifth of the premium collected nationwide with only 11% of the national workforce, according to a report released Monday by the Workers’ Compensation Insurance Rating Bureau of California.