2022 Annual Report


Letter from the President of Montana State Fund


When I took the reins as President in May 2022, I was touched by the willingness of the employees to partner with me. Now, one year later, I get it. Partnering is ingrained at MSF. In fact, it’s our mission.

We partner with employers and their employees to care for those injured on the job and we champion a culture of workplace safety for our fellow Montanans.

We partnered with our policyholders.
Our relationship with our policyholders ensures they receive a fair and stable workers’ compensation rate. With that, we approved an average 3% premium rate decrease. These rates are at their lowest level since 1990. Our strong financial position allowed us to distribute a $30 million dividend. This marks the 24th year for this distribution totaling almost $400 million that were given back to policyholders.

We partnered with our stakeholders across the state.
I began my new job on the road. I traveled hundreds of miles around the state to personally meet and speak with stakeholders. With agents, I discussed how we can meet the needs of our policyholders. With legislators, I relayed our significant role in the marketplace. And with policyholders, how to keep costs down and best care for their employees.

We partnered with Montana’s youth.
Through our Growing a Safer Montana initiative, 20 college students majoring in the trades or safety and health fields, were awarded a $4,000 academic scholarship. The middle and high school personal protect equipment program supplied essential safety gear for students in the industrial trade classrooms.  Over 3,000 students from 40 high school and 15 middle school trade classrooms benefited.

This is only the beginning
The strides we made last year have fueled our next steps. We’re leaning in to create an even more robust customer experience. Innovative online solutions, collaborative claims management and focused accident prevention programs are key areas of concentration. These improvements can be achieved through focused strategic project management and stakeholder insight. We see it as a partnership built on Montanans looking out for Montanans.

Thank for your confidence in our team.


Holly O’Dell


2022 Highlights

  • Holly O’Dell took over as the President and CEO in May 2022. Her predecessor, Laurence Hubbard, retired after 19 years in the position.
  • Our financial strength remained excellent. Our Board of Directors declared a dividend of $30 million, marking the 24th consecutive year MSF has declared dividends
  • We partnered with more than 25,000 policyholders.
  • We insure businesses in every single one of Montana’s 56 counties.
  • Our customers represent over 350 industries – both small and large businesses – in every imaginable profession that matters to Montanans.
  • Our safety management consultants traveled to over 100 communities across Montana to provide in-person consulting to employers.
  • A record number of Montana citizens engaged with safety and our highly popular Workplace Safety: Naked Without It campaign.
  • Our team came alongside more than 14,000 employees recovering from workplace injuries.
  • Making timely decisions on claims matters. We make decisions 40% faster than required by law, so employees and employers can move forward.

2022 Financial Statements

MSF’s strong financial condition offers Montanans’ employers stable year-to-year pricing for worker’s compensation coverage, consistent policyholder dividends, and helpful safety and training programs.

MSF financial statements are presented on a statutory basis, which is consistent with insurance industry financial statement presentation. Furthermore, because MSF is a component unit of the State of Montana, it is required by statute that the State of Montana’s Legislative Audit Division (LAD) conduct an audit of MSF’s financial statements in accordance with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). The governmental financial statements and the related audit opinion for the year ending December 31, 2022, will be available on the State of Montana Legislative Audit Division’s website once they have been presented and approved by the Legislative Audit Committee.

Click to view the 2022 Financial Statements

Quick Facts as of December 31, 2022  
Net earned premium $168,470,070
Number of policies serviced 25,924
Investment income earned $36,065,207
Net income after dividends $2,734,433
Policyholder dividends $30,014,316
Loss and LAE reserves $924,392,485
Statutory equity $613,096,145
Reserves to Equity Ratio (after dividend) 1.51