Department of Labor & Industry – State Workers’ Insurance Fund – For the Years Ended December 31, 2024 and December 31, 2023

The financial audit report for the State Workers’ Insurance Fund (SWIF) of Pennsylvania covers the fiscal years ending December 31, 2023, and 2024. SWIF is a self-sustaining entity within the Pennsylvania Department of Labor and Industry, providing workers’ compensation insurance. The fund experienced an increase in admitted assets, which grew by $10 million to $1.303 billion in 2024. Total liabilities decreased significantly by $143 million to $1.131 billion in 2024, largely due to a reduction in net unpaid losses and unpaid loss adjustment expenses. The surplus increased dramatically from $19 million in 2023 to $172 million in 2024, marking an 805% rise. This increase is attributed to favorable reserve development and a net income of $142 million, compared to a net loss of $63 million in 2023. The audit verifies the financial statements are accurately presented in accordance with statutory accounting practices. This is an automated summary. Please rely on the contents included in the released audit report.