The California State Fund says yearly net income increased 176 percent in 2012—evidence that its three year restructuring plan is bearing results, says the company's CEO.
The state's largest provider of workers' compensation reports 2012 net income of $359 million, up $229 million from 2011.
The program reported a combined ratio of 137.7, an improvement of 20.5 points. The results allow the insurer's board to pay a $100 million dividend to qualifying policyholders.
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