State Fund announces $75M midyear dividend

California’s State Compensation Insurance Fund will distribute a $75 million midyear dividend to policyholders, which represents about 10% of the fund’s estimated annual reported premium between Jan. 1, 2020, and Aug. 26, 2020, the insurer announced Monday.

The Pleasanton, California-based State Fund reported approximately $700 million in estimated annual premium through July of this year and approximately $60 million in capital gains. Last year, the insurer distributed dividends of about $160 million to its 2019 policyholders. State Fund’s 2020 policyholders eligible for the dividend will receive payments after the expiration date of their individual policies, the insurer said in a statement.