Approximately $55 million will be returned to California businesses
State Compensation Insurance Fund (State Fund) today announced plans to distribute an approximate $55 million dividend to its qualifying policyholders with policies that took effect between January 1 and December 31, 2021. This dividend equals approximately 5% of the estimated annual premium reported during that period.
In 2021, State Fund reported approximately $1.1 billion in estimated annual premium (EAP) and approximately $159 million in realized capital gains.
“Due to the significant capital gains we realized in our equity portfolio, and our strong financial position, we are able to return money to our policyholders for the third consecutive year,” said State Fund President & CEO Vern Steiner. “We are always looking for ways to help our policyholders improve their bottom lines and invest in California’s economy and we’re pleased to be able to provide this support.”
Since its creation in 1914, State Fund has paid out more than $5 billion in dividends to policyholders.
State Fund policyholders eligible for the 2021 dividend will begin to receive their payments after the expiration date of their individual policies.
To learn more about State Fund, visit StateFundCA.com.
Disclaimer: Under California law it is unlawful for an insurer to promise the future payment of dividends under an unexpired workers' compensation insurance policy or to misrepresent the conditions for dividend payment. Dividends are payable only pursuant to conditions determined by the Board of Directors or other governing board of the Company following policy expiration. It is a misdemeanor for any insurer or officer or agent thereof, or any insurance broker or solicitor, to promise the payment of future workers' compensation dividends. Past dividend performance is no guarantee of an insurer's future dividend performance.
About State Fund
State Fund is California’s leading provider of workers’ compensation insurance. Not for profit and funded solely by premiums and investment income, we’ve supported California’s entrepreneurial spirit and played a vital role in the state’s economy for more than 100 years. By innovating in areas such as workplace safety and injured worker care, we’re committed to serving California for the next 100 as well. To learn more or get a quote, contact your broker or visit www.StateFundCA.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220317005717/en/
Contacts
Jonathon Tudor
media@scif.com
(888) 722-2782
