State Compensation Insurance Fund today announced it earned $143 million in net income in 2009, up from $75 million for the prior year. In its 2009 Annual Report, the company noted it has an increase of $161 million in policyholders’ suprlus.
The new report noted the company has a strengthened balance sheet and capital base resulting from a strong investment portfolio that earned an NAIC 1 rating. State Fund ended 2009 with $1.25 billion in net premium earned, compared to $1.66 billion in 2008. Net investment income was $912 million compared to $896.2 million in 2008. Its assets base was valued at $20.6 billion down from $21.1 billion in 2008.
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