Department of Labor & Industry – State Workers’ Insurance Fund for the Years Ended December 31, 2022 and December 31, 2023

The State Workers’ Insurance Fund (SWIF) provides workers’ compensation insurance in Pennsylvania, especially for employers denied by private insurers. A board comprising the Secretary of Labor and Industry, the State Treasurer, and the Insurance Commissioner oversees SWIF operations. For the fiscal years ending December 31, 2022, and 2023, SWIF’s admitted assets decreased by $38 million. This was largely due to a $33 million decrease in investments, impacted by global market downturns. Liabilities remained unchanged at $1.274 billion, although net unpaid losses rose slightly to $928 million. Surplus fell to $19 million, a 66.6% decrease from 2022, largely due to a net loss of $63 million before other changes in surplus. The audit, conducted according to U.S. auditing standards, found the statements fairly presented. However, financial statements follow statutory accounting, not GAAP, and should be interpreted accordingly. This report was primarily for internal and regulatory