State Fund Annual Report Release

SAN FRANCISCO, July 10 /PRNewswire/ -- State Compensation Insurance Fund today
announced the release of its 2008 annual report. The report is available
online http://www.scif.com/about/AnnualReports.html

Jan Frank, State Fund's CEO, said, "We're very pleased to publish this annual
report. Despite the economic challenges we faced in 2008, State Fund
implemented some of the most significant and meaningful changes in our recent
history, which makes this the perfect time to reflect on our accomplishments.
State Fund insures one in four California businesses. We're an important
pillar for California's economy; millions of Californians depend on us every
day."

State Fund's successes in 2008 included making significant progress in
responding to the California Department of Insurance audit, quickly
implementing the Bagley-Keene Open Meeting Act and California Public Records
Act, and re-committing to a culture prioritizing stellar service.

The company finished 2008 with $1.66 billion in earned premium, compared to
$2.27 billion in 2007. Its investment portfolio was valued at $18.5 billion,
compared to $19.6 billion in 2007. Net investment income was $896.2 million,
compared to $961.5 million in 2007. Reserves were $15.6 billion, compared to
$16.0 billion in 2007.

SOURCE State Compensation Insurance Fund

Jennifer Vargen of State Fund, +1-415-565-1065