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State actuary and WA Cares staff report premium collections, reserves and investment approach
Summary
Office of the State Actuary and WA Cares staff reviewed two fiscal years of premium assessments, investment results and near‑term projections: actual premiums have exceeded base expectations, the fund holds about $2.9 billion in reserves, Q1 FY26 premium receipts were $379 million, and return projections may change once the State Investment Board updates policy under SJR 80.
Matt Smith of the Office of the State Actuary told the commission that the program is in phase 1 of its risk management framework and that Milliman updated assumptions after seeing higher‑than‑expected premium assessment experience. Smith said actual premiums in fiscal year 2024 exceeded the base scenario by about 46%, and in fiscal year 2025 exceeded it by about 10%. He cautioned that short‑term investment returns are volatile and that Milliman's expected long‑term annual return assumptions…
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