November 5, 2013 GEMC Workers’ Compensation Fund Trustee Meeting Georgia Electric Membership Corporation Workers’ Compensation Fund Georgia EMC Workers’ Compensation Fund Trustee Meeting Conference Call • Gary Miller - Call Meeting to Order • Tonya Washington - Roll Call - Determination of Quorum • Gary Miller - Motion on April 17, 2013 Trustee Meeting Minutes » All in Favor Georgia Electric Membership Corporation Workers’ Compensation Fund Investment Committee Report The Investment Committee met via conference call on October 7, 2013 • The following items were reviewed, discussed and approved: - Reviewed the Fund’s Portfolio Current Economic Conditions and Outlook Reviewed the Fund’s Investment Guidelines Reviewed and Approved the Fund’s Purchases and Sales from March 20, 2013 through September 30, 2013 Georgia Electric Membership Corporation Workers’ Compensation Fund Reviewed Fund’s Portfolio and Performance • Fund’s Portfolio as of Sept. 30, 2013 - Current Market Value $11,575,148 Current Cost Value $11,152,312 Unrealized Gain $ 422,836 Estimated Income $ 382,485 Georgia Electric Membership Corporation Workers’ Compensation Fund Reviewed Fund’s Portfolio and Performance Georgia Electric Membership Corporation Workers’ Compensation Fund Investment Committee Report You were furnished an electronic copy of all purchases and sales for the Fund from March 20, 2013 thru September 30, 2013 The total purchases and sales were as follows: Bonds Matured Bonds/Stocks Sold Total Matured/Sold Total Purchases Georgia Electric Membership Corporation Workers’ Compensation Fund $ 575,000 $ 634,663 $ 1,209,663 $ (805,593) Investment Committee Report These maturities, purchases and sales and were reviewed and approved by the Investment Committee - Any further discussion »All in favor Georgia Electric Membership Corporation Workers’ Compensation Fund Executive Committee Report • Executive Committee Meetings: - Met October 8, 2014 to review and approve the Georgia EMC Workers’ Compensation Fund 2014 Budget - Met July 22, 2013 to approve North Georgia Network’s Membership in the Fund Georgia Electric Membership Corporation Workers’ Compensation Fund 2014 Georgia EMC Workers’ Compensation Fund Budget Budget Comparison Net Change Net Change in 2014 in 2014 Budget $ Budget % 2013 Projected Actual Projected Projected Actual to Actual to Budget $ Budget % 2014 Budget 2013 Budget 2013 Projected Actual 1,096,524 1,009,406 1,021,977 87,118 8.63% 12,571 1.25% TPA Services 141,450 138,000 138,000 3,450 2.50% - 0.00% SITF 290,000 290,000 276,026 - 0.00% (13,974) -4.82% State Board of WC 93,000 85,000 90,128 8,000 9.41% 5,128 6.03% Consulting Services 89,000 109,000 89,596 (20,000) -18.35% (19,404) -17.80% 617,246 628,084 714,817 (10,839) -1.73% 86,733 13.81% 2,327,220 2,259,490 2,330,544 67,730 3.00% 71,054 3.14% Description Insurance Placement Personnel & A&G Costs Georgia Electric Membership Corporation Workers’ Compensation Fund 2014 Georgia EMC Workers’ Compensation Fund Budget Budget Comparison Net Change Net Change in 2014 in 2014 Budget $ Budget % 2013 Projected Actual Projected Projected Actual to Actual to Budget $ Budget % 2014 Budget 2013 Budget 2013 Projected Actual 1,096,524 1,009,406 1,021,977 87,118 8.63% 12,571 1.25% TPA Services 141,450 138,000 138,000 3,450 2.50% - 0.00% SITF 290,000 290,000 276,026 - 0.00% (13,974) -4.82% State Board of WC 93,000 85,000 90,128 8,000 9.41% 5,128 6.03% Consulting Services 89,000 109,000 89,596 (20,000) -18.35% (19,404) -17.80% 617,246 628,084 714,817 (10,839) -1.73% 86,733 13.81% 2,327,220 2,259,490 2,330,544 67,730 3.00% 71,054 3.14% Description Insurance Placement Personnel & A&G Costs Georgia Electric Membership Corporation Workers’ Compensation Fund 2014 Georgia EMC Workers’ Compensation Fund Budget Budget Comparison Net Change Net Change in 2014 in 2014 Budget $ Budget % 2013 Projected Actual Projected Projected Actual to Actual to Budget $ Budget % 2014 Budget 2013 Budget 2013 Projected Actual 1,096,524 1,009,406 1,021,977 87,118 8.63% 12,571 1.25% TPA Services 141,450 138,000 138,000 3,450 2.50% - 0.00% SITF 290,000 290,000 276,026 - 0.00% (13,974) -4.82% State Board of WC 93,000 85,000 90,128 8,000 9.41% 5,128 6.03% Consulting Services 89,000 109,000 89,596 (20,000) -18.35% (19,404) -17.80% 617,246 628,084 714,817 (10,839) -1.73% 86,733 13.81% 2,327,220 2,259,490 2,330,544 67,730 3.00% 71,054 3.14% Description Insurance Placement Personnel & A&G Costs Georgia Electric Membership Corporation Workers’ Compensation Fund 2014 Georgia EMC Workers’ Compensation Fund Budget Budget Comparison Net Change Net Change in 2014 in 2014 Budget $ Budget % 2013 Projected Actual Projected Projected Actual to Actual to Budget $ Budget % 2014 Budget 2013 Budget 2013 Projected Actual 1,096,524 1,009,406 1,021,977 87,118 8.63% 12,571 1.25% TPA Services 141,450 138,000 138,000 3,450 2.50% - 0.00% SITF 290,000 290,000 276,026 - 0.00% (13,974) -4.82% State Board of WC 93,000 85,000 90,128 8,000 9.41% 5,128 6.03% Consulting Services 89,000 109,000 89,596 (20,000) -18.35% (19,404) -17.80% 617,246 628,084 714,817 (10,839) -1.73% 86,733 13.81% 2,327,220 2,259,490 2,330,544 67,730 3.00% 71,054 3.14% Description Insurance Placement Personnel & A&G Costs Georgia Electric Membership Corporation Workers’ Compensation Fund 2014 Georgia EMC Workers’ Compensation Fund Budget Budget Comparison Net Change Net Change in 2014 in 2014 Budget $ Budget % 2013 Projected Actual Projected Projected Actual to Actual to Budget $ Budget % 2014 Budget 2013 Budget 2013 Projected Actual 1,096,524 1,009,406 1,021,977 87,118 8.63% 12,571 1.25% TPA Services 141,450 138,000 138,000 3,450 2.50% - 0.00% SITF 290,000 290,000 276,026 - 0.00% (13,974) -4.82% State Board of WC 93,000 85,000 90,128 8,000 9.41% 5,128 6.03% Consulting Services 89,000 109,000 89,596 (20,000) -18.35% (19,404) -17.80% 617,246 628,084 714,817 (10,839) -1.73% 86,733 13.81% 2,327,220 2,259,490 2,330,544 67,730 3.00% 71,054 3.14% Description Insurance Placement Personnel & A&G Costs Georgia Electric Membership Corporation Workers’ Compensation Fund 2014 Georgia EMC Workers’ Compensation Fund Budget Budget Comparison Net Change Net Change in 2014 in 2014 Budget $ Budget % 2013 Projected Actual Projected Projected Actual to Actual to Budget $ Budget % 2014 Budget 2013 Budget 2013 Projected Actual 1,096,524 1,009,406 1,021,977 87,118 8.63% 12,571 1.25% TPA Services 141,450 138,000 138,000 3,450 2.50% - 0.00% SITF 290,000 290,000 276,026 - 0.00% (13,974) -4.82% State Board of WC 93,000 85,000 90,128 8,000 9.41% 5,128 6.03% Consulting Services 89,000 109,000 89,596 (20,000) -18.35% (19,404) -17.80% 617,246 628,084 714,817 (10,839) -1.73% 86,733 13.81% 2,327,220 2,259,490 2,330,544 67,730 3.00% 71,054 3.14% Description Insurance Placement Personnel & A&G Costs Georgia Electric Membership Corporation Workers’ Compensation Fund 2014 Georgia EMC Workers’ Compensation Fund Budget Budget Comparison Net Change Net Change in 2014 in 2014 Budget $ Budget % 2013 Projected Actual Projected Projected Actual to Actual to Budget $ Budget % 2014 Budget 2013 Budget 2013 Projected Actual 1,096,524 1,009,406 1,021,977 87,118 8.63% 12,571 1.25% TPA Services 141,450 138,000 138,000 3,450 2.50% - 0.00% SITF 290,000 290,000 276,026 - 0.00% (13,974) -4.82% State Board of WC 93,000 85,000 90,128 8,000 9.41% 5,128 6.03% Consulting Services 89,000 109,000 89,596 (20,000) -18.35% (19,404) -17.80% 617,246 628,084 714,817 (10,839) -1.73% 86,733 13.81% 2,327,220 2,259,490 2,330,544 67,730 3.00% 71,054 3.14% Description Insurance Placement Personnel & A&G Costs Georgia Electric Membership Corporation Workers’ Compensation Fund 2014 Georgia EMC Workers’ Compensation Fund Budget Budget Comparison Net Change Net Change in 2014 in 2014 Budget $ Budget % 2013 Projected Actual Projected Projected Actual to Actual to Budget $ Budget % 2014 Budget 2013 Budget 2013 Projected Actual 1,096,524 1,009,406 1,021,977 87,118 8.63% 12,571 1.25% TPA Services 141,450 138,000 138,000 3,450 2.50% - 0.00% SITF 290,000 290,000 276,026 - 0.00% (13,974) -4.82% State Board of WC 93,000 85,000 90,128 8,000 9.41% 5,128 6.03% Consulting Services 89,000 109,000 89,596 (20,000) -18.35% (19,404) -17.80% 617,246 628,084 714,817 (10,839) -1.73% 86,733 13.81% 2,327,220 2,259,490 2,330,544 67,730 3.00% 71,054 3.14% Description Insurance Placement Personnel & A&G Costs Georgia Electric Membership Corporation Workers’ Compensation Fund Executive Committee Report The 2014 Georgia EMC Workers’ Compensation Fund Budget was approved by the Executive Committee - Any further discussion »All in favor Georgia Electric Membership Corporation Workers’ Compensation Fund Executive Committee Report New Member We are pleased to announce North Georgia Network has requested membership in the Fund The Executive Committee approved North Georgia Network’s application for Membership effective August 1, 2013 - Any further discussion on the matter »All in favor Georgia Electric Membership Corporation Workers’ Compensation Fund Fund Transition • Effective February 28, 2014 I will be retiring • Tony Watkins will be taking the lead role for the Fund’s activities - Effective January 1, 2014, Tony Watkins’ title will be changed to Chief Operating Officer - Mary Wellman will assume the duties for the Fund’s financial reporting and report to the Chief Operating Officer Georgia Electric Membership Corporation Workers’ Compensation Fund Fund Transition • Additional items to be addressed - The Georgia EMC Workers’ Compensation Fund Bylaws need to amended reflecting title changes for Fund operations. A copy of the amended marked-up bylaws have been furnished for your information - Need a motion to amend the bylaws changing the management of the Fund from the Chief Financial Officer to the Chief Operating Officer effective January 31, 2013 • Second • All in favor Georgia Electric Membership Corporation Workers’ Compensation Fund Fund Transition • Additional items to be addressed - Check signing authority needs to be provided for the Chief Operating Officer » Need motion providing check signing authority for Chief Operating Officer effective January 31, 2013 • Second • All in favor Georgia Electric Membership Corporation Workers’ Compensation Fund Financial Highlights September 30, 2013 September 30, 2013 Total Assets $13,426,040 Reserves & Liabilities December 31, 2012 Total Assets $12,702,809 Reserves & Liabilities $10,565,424 $10,233,882 Surplus Surplus $2,860,619 $2,468,928 Georgia Electric Membership Corporation Workers’ Compensation Fund Surplus By Year As Of September 30, 2013 $450,000 $200,000 ($50,000) 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 82/94 Surplus Georgia Electric Membership Corporation Workers’ Compensation Fund Surplus/IBNR By Year As Of September 30, 2013 $1,750,000 $1,550,000 $1,350,000 $1,150,000 $950,000 $750,000 $550,000 $350,000 $150,000 ($50,000) 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 82/94 Surplus Georgia Electric Membership Corporation Workers’ Compensation Fund IBNR Financial Highlights September 30, 2013 Fund Earned Net Claims Claims Claims Paid Financial Year Premium Paid Reserves & Reserved Surplus Open Claims Claims Loss Ratio 2013 5,060,496 1,780,147 3,472,808 5,252,955 276 123 103.80% 2012 6,792,424 1,887,290 848,590 2,735,881 262,535 343 15 40.28% 2011 6,451,109 2,552,580 496,684 3,049,264 160,516 371 9 47.27% 2010 6,169,447 2,359,760 967,509 3,327,270 235,245 437 13 53.93% 2009 6,313,430 3,649,009 472,140 4,121,149 36,168 512 3 65.28% 2008 6,370,328 2,623,516 385,604 3,009,121 7,043 516 4 47.24% 2007 5,647,078 2,847,982 71,262 2,919,244 551,159 513 1 51.69% 2006 4,965,595 1,506,571 67,439 1,574,010 328,189 468 2 31.70% 2005 5,158,207 2,361,825 - 2,361,825 337,908 493 - 45.79% 2004 4,887,895 2,391,850 773 2,392,622 191,221 544 1 48.95% 2003 3,949,730 1,202,711 - 1,202,711 50,805 502 - 30.45% 2002 3,550,964 766,186 - 766,186 72,563 521 - 21.58% 2001 3,701,507 1,439,534 - 1,439,534 75,099 607 - 38.89% 2000 3,474,228 1,027,565 - 1,027,565 51,280 578 - 29.58% 1999 3,629,224 1,760,164 - 1,760,164 68,987 570 - 48.50% 1998 3,543,666 1,606,456 275,708 1,882,164 (31,474) 615 5 53.11% 1997 3,426,846 1,129,568 48,241 1,177,810 18,026 552 1 34.37% 1996 3,524,782 892,925 - 892,925 69,385 620 - 25.33% 1995 3,370,421 2,108,024 - 2,108,024 104,443 679 - 62.54% 82/94 27,201,288 14,082,872 134,866 14,217,738 308,947 8,680 3 52.27% Total 117,188,665 49,976,535 7,241,626 57,218,161 2,860,618 18,397 180 48.83% Georgia Electric Membership Corporation Workers’ Compensation Fund (37,427) Total Financial Highlights September 30, 2013 Fund Earned Net Claims Claims Claims Paid Financial Year Premium Paid Reserves & Reserved Surplus Open Claims Claims Loss Ratio 2013 5,060,496 1,780,147 3,472,808 5,252,955 276 123 103.80% 2012 6,792,424 1,887,290 848,590 2,735,881 262,535 343 15 40.28% 2011 6,451,109 2,552,580 496,684 3,049,264 160,516 371 9 47.27% 2010 6,169,447 2,359,760 967,509 3,327,270 235,245 437 13 53.93% 2009 6,313,430 3,649,009 472,140 4,121,149 36,168 512 3 65.28% 2008 6,370,328 2,623,516 385,604 3,009,121 7,043 516 4 47.24% 2007 5,647,078 2,847,982 71,262 2,919,244 551,159 513 1 51.69% 2006 4,965,595 1,506,571 67,439 1,574,010 328,189 468 2 31.70% 2005 5,158,207 2,361,825 - 2,361,825 337,908 493 - 45.79% 2004 4,887,895 2,391,850 773 2,392,622 191,221 544 1 48.95% 2003 3,949,730 1,202,711 - 1,202,711 50,805 502 - 30.45% 2002 3,550,964 766,186 - 766,186 72,563 521 - 21.58% 2001 3,701,507 1,439,534 - 1,439,534 75,099 607 - 38.89% 2000 3,474,228 1,027,565 - 1,027,565 51,280 578 - 29.58% 1999 3,629,224 1,760,164 - 1,760,164 68,987 570 - 48.50% 1998 3,543,666 1,606,456 275,708 1,882,164 (31,474) 615 5 53.11% 1997 3,426,846 1,129,568 48,241 1,177,810 18,026 552 1 34.37% 1996 3,524,782 892,925 - 892,925 69,385 620 - 25.33% 1995 3,370,421 2,108,024 - 2,108,024 104,443 679 - 62.54% 82/94 27,201,288 14,082,872 134,866 14,217,738 308,947 8,680 3 52.27% Total 117,188,665 49,976,535 7,241,626 57,218,161 2,860,618 18,397 180 48.83% Georgia Electric Membership Corporation Workers’ Compensation Fund (37,427) Total Financial Highlights September 30, 2013 Fund Earned Net Claims Claims Claims Paid Financial Year Premium Paid Reserves & Reserved Surplus Open Claims Claims Loss Ratio 2013 5,060,496 1,780,147 3,472,808 5,252,955 276 123 103.80% 2012 6,792,424 1,887,290 848,590 2,735,881 262,535 343 15 40.28% 2011 6,451,109 2,552,580 496,684 3,049,264 160,516 371 9 47.27% 2010 6,169,447 2,359,760 967,509 3,327,270 235,245 437 13 53.93% 2009 6,313,430 3,649,009 472,140 4,121,149 36,168 512 3 65.28% 2008 6,370,328 2,623,516 385,604 3,009,121 7,043 516 4 47.24% 2007 5,647,078 2,847,982 71,262 2,919,244 551,159 513 1 51.69% 2006 4,965,595 1,506,571 67,439 1,574,010 328,189 468 2 31.70% 2005 5,158,207 2,361,825 - 2,361,825 337,908 493 - 45.79% 2004 4,887,895 2,391,850 773 2,392,622 191,221 544 1 48.95% 2003 3,949,730 1,202,711 - 1,202,711 50,805 502 - 30.45% 2002 3,550,964 766,186 - 766,186 72,563 521 - 21.58% 2001 3,701,507 1,439,534 - 1,439,534 75,099 607 - 38.89% 2000 3,474,228 1,027,565 - 1,027,565 51,280 578 - 29.58% 1999 3,629,224 1,760,164 - 1,760,164 68,987 570 - 48.50% 1998 3,543,666 1,606,456 275,708 1,882,164 (31,474) 615 5 53.11% 1997 3,426,846 1,129,568 48,241 1,177,810 18,026 552 1 34.37% 1996 3,524,782 892,925 - 892,925 69,385 620 - 25.33% 1995 3,370,421 2,108,024 - 2,108,024 104,443 679 - 62.54% 82/94 27,201,288 14,082,872 134,866 14,217,738 308,947 8,680 3 52.27% Total 117,188,665 49,976,535 7,241,626 57,218,161 2,860,618 18,397 180 48.83% Georgia Electric Membership Corporation Workers’ Compensation Fund (37,427) Total Financial Highlights September 30, 2013 Fund Earned Net Claims Claims Claims Paid Financial Year Premium Paid Reserves & Reserved Surplus Open Claims Claims Loss Ratio 2013 5,060,496 1,780,147 3,472,808 5,252,955 276 123 103.80% 2012 6,792,424 1,887,290 848,590 2,735,881 262,535 343 15 40.28% 2011 6,451,109 2,552,580 496,684 3,049,264 160,516 371 9 47.27% 2010 6,169,447 2,359,760 967,509 3,327,270 235,245 437 13 53.93% 2009 6,313,430 3,649,009 472,140 4,121,149 36,168 512 3 65.28% 2008 6,370,328 2,623,516 385,604 3,009,121 7,043 516 4 47.24% 2007 5,647,078 2,847,982 71,262 2,919,244 551,159 513 1 51.69% 2006 4,965,595 1,506,571 67,439 1,574,010 328,189 468 2 31.70% 2005 5,158,207 2,361,825 - 2,361,825 337,908 493 - 45.79% 2004 4,887,895 2,391,850 773 2,392,622 191,221 544 1 48.95% 2003 3,949,730 1,202,711 - 1,202,711 50,805 502 - 30.45% 2002 3,550,964 766,186 - 766,186 72,563 521 - 21.58% 2001 3,701,507 1,439,534 - 1,439,534 75,099 607 - 38.89% 2000 3,474,228 1,027,565 - 1,027,565 51,280 578 - 29.58% 1999 3,629,224 1,760,164 - 1,760,164 68,987 570 - 48.50% 1998 3,543,666 1,606,456 275,708 1,882,164 (31,474) 615 5 53.11% 1997 3,426,846 1,129,568 48,241 1,177,810 18,026 552 1 34.37% 1996 3,524,782 892,925 - 892,925 69,385 620 - 25.33% 1995 3,370,421 2,108,024 - 2,108,024 104,443 679 - 62.54% 82/94 27,201,288 14,082,872 134,866 14,217,738 308,947 8,680 3 52.27% Total 117,188,665 49,976,535 7,241,626 57,218,161 2,860,618 18,397 180 48.83% Georgia Electric Membership Corporation Workers’ Compensation Fund (37,427) Total Financial Highlights September 30, 2013 Fund Earned Net Claims Claims Claims Paid Financial Year Premium Paid Reserves & Reserved Surplus Open Claims Claims Loss Ratio 2013 5,060,496 1,780,147 3,472,808 5,252,955 276 123 103.80% 2012 6,792,424 1,887,290 848,590 2,735,881 262,535 343 15 40.28% 2011 6,451,109 2,552,580 496,684 3,049,264 160,516 371 9 47.27% 2010 6,169,447 2,359,760 967,509 3,327,270 235,245 437 13 53.93% 2009 6,313,430 3,649,009 472,140 4,121,149 36,168 512 3 65.28% 2008 6,370,328 2,623,516 385,604 3,009,121 7,043 516 4 47.24% 2007 5,647,078 2,847,982 71,262 2,919,244 551,159 513 1 51.69% 2006 4,965,595 1,506,571 67,439 1,574,010 328,189 468 2 31.70% 2005 5,158,207 2,361,825 - 2,361,825 337,908 493 - 45.79% 2004 4,887,895 2,391,850 773 2,392,622 191,221 544 1 48.95% 2003 3,949,730 1,202,711 - 1,202,711 50,805 502 - 30.45% 2002 3,550,964 766,186 - 766,186 72,563 521 - 21.58% 2001 3,701,507 1,439,534 - 1,439,534 75,099 607 - 38.89% 2000 3,474,228 1,027,565 - 1,027,565 51,280 578 - 29.58% 1999 3,629,224 1,760,164 - 1,760,164 68,987 570 - 48.50% 1998 3,543,666 1,606,456 275,708 1,882,164 (31,474) 615 5 53.11% 1997 3,426,846 1,129,568 48,241 1,177,810 18,026 552 1 34.37% 1996 3,524,782 892,925 - 892,925 69,385 620 - 25.33% 1995 3,370,421 2,108,024 - 2,108,024 104,443 679 - 62.54% 82/94 27,201,288 14,082,872 134,866 14,217,738 308,947 8,680 3 52.27% Total 117,188,665 49,976,535 7,241,626 57,218,161 2,860,618 18,397 180 48.83% Georgia Electric Membership Corporation Workers’ Compensation Fund (37,427) Total Financial Highlights September 30, 2013 Fund Earned Net Claims Claims Claims Paid Financial Year Premium Paid Reserves & Reserved Surplus Open Claims Claims Loss Ratio 2013 5,060,496 1,780,147 3,472,808 5,252,955 276 123 103.80% 2012 6,792,424 1,887,290 848,590 2,735,881 262,535 343 15 40.28% 2011 6,451,109 2,552,580 496,684 3,049,264 160,516 371 9 47.27% 2010 6,169,447 2,359,760 967,509 3,327,270 235,245 437 13 53.93% 2009 6,313,430 3,649,009 472,140 4,121,149 36,168 512 3 65.28% 2008 6,370,328 2,623,516 385,604 3,009,121 7,043 516 4 47.24% 2007 5,647,078 2,847,982 71,262 2,919,244 551,159 513 1 51.69% 2006 4,965,595 1,506,571 67,439 1,574,010 328,189 468 2 31.70% 2005 5,158,207 2,361,825 - 2,361,825 337,908 493 - 45.79% 2004 4,887,895 2,391,850 773 2,392,622 191,221 544 1 48.95% 2003 3,949,730 1,202,711 - 1,202,711 50,805 502 - 30.45% 2002 3,550,964 766,186 - 766,186 72,563 521 - 21.58% 2001 3,701,507 1,439,534 - 1,439,534 75,099 607 - 38.89% 2000 3,474,228 1,027,565 - 1,027,565 51,280 578 - 29.58% 1999 3,629,224 1,760,164 - 1,760,164 68,987 570 - 48.50% 1998 3,543,666 1,606,456 275,708 1,882,164 (31,474) 615 5 53.11% 1997 3,426,846 1,129,568 48,241 1,177,810 18,026 552 1 34.37% 1996 3,524,782 892,925 - 892,925 69,385 620 - 25.33% 1995 3,370,421 2,108,024 - 2,108,024 104,443 679 - 62.54% 82/94 27,201,288 14,082,872 134,866 14,217,738 308,947 8,680 3 52.27% Total 117,188,665 49,976,535 7,241,626 57,218,161 2,860,618 18,397 180 48.83% Georgia Electric Membership Corporation Workers’ Compensation Fund (37,427) Total Financial Highlights September 30, 2013 Fund Earned Net Claims Claims Claims Paid Financial Year Premium Paid Reserves & Reserved Surplus Open Claims Claims Loss Ratio 2013 5,060,496 1,780,147 3,472,808 5,252,955 276 123 103.80% 2012 6,792,424 1,887,290 848,590 2,735,881 262,535 343 15 40.28% 2011 6,451,109 2,552,580 496,684 3,049,264 160,516 371 9 47.27% 2010 6,169,447 2,359,760 967,509 3,327,270 235,245 437 13 53.93% 2009 6,313,430 3,649,009 472,140 4,121,149 36,168 512 3 65.28% 2008 6,370,328 2,623,516 385,604 3,009,121 7,043 516 4 47.24% 2007 5,647,078 2,847,982 71,262 2,919,244 551,159 513 1 51.69% 2006 4,965,595 1,506,571 67,439 1,574,010 328,189 468 2 31.70% 2005 5,158,207 2,361,825 - 2,361,825 337,908 493 - 45.79% 2004 4,887,895 2,391,850 773 2,392,622 191,221 544 1 48.95% 2003 3,949,730 1,202,711 - 1,202,711 50,805 502 - 30.45% 2002 3,550,964 766,186 - 766,186 72,563 521 - 21.58% 2001 3,701,507 1,439,534 - 1,439,534 75,099 607 - 38.89% 2000 3,474,228 1,027,565 - 1,027,565 51,280 578 - 29.58% 1999 3,629,224 1,760,164 - 1,760,164 68,987 570 - 48.50% 1998 3,543,666 1,606,456 275,708 1,882,164 (31,474) 615 5 53.11% 1997 3,426,846 1,129,568 48,241 1,177,810 18,026 552 1 34.37% 1996 3,524,782 892,925 - 892,925 69,385 620 - 25.33% 1995 3,370,421 2,108,024 - 2,108,024 104,443 679 - 62.54% 82/94 27,201,288 14,082,872 134,866 14,217,738 308,947 8,680 3 52.27% Total 117,188,665 49,976,535 7,241,626 57,218,161 2,860,618 18,397 180 48.83% Georgia Electric Membership Corporation Workers’ Compensation Fund (37,427) Total Financial Highlights September 30, 2013 Fund Earned Net Claims Claims Claims Paid Financial Year Premium Paid Reserves & Reserved Surplus Open Claims Claims Loss Ratio 2013 5,060,496 1,780,147 3,472,808 5,252,955 276 123 103.80% 2012 6,792,424 1,887,290 848,590 2,735,881 262,535 343 15 40.28% 2011 6,451,109 2,552,580 496,684 3,049,264 160,516 371 9 47.27% 2010 6,169,447 2,359,760 967,509 3,327,270 235,245 437 13 53.93% 2009 6,313,430 3,649,009 472,140 4,121,149 36,168 512 3 65.28% 2008 6,370,328 2,623,516 385,604 3,009,121 7,043 516 4 47.24% 2007 5,647,078 2,847,982 71,262 2,919,244 551,159 513 1 51.69% 2006 4,965,595 1,506,571 67,439 1,574,010 328,189 468 2 31.70% 2005 5,158,207 2,361,825 - 2,361,825 337,908 493 - 45.79% 2004 4,887,895 2,391,850 773 2,392,622 191,221 544 1 48.95% 2003 3,949,730 1,202,711 - 1,202,711 50,805 502 - 30.45% 2002 3,550,964 766,186 - 766,186 72,563 521 - 21.58% 2001 3,701,507 1,439,534 - 1,439,534 75,099 607 - 38.89% 2000 3,474,228 1,027,565 - 1,027,565 51,280 578 - 29.58% 1999 3,629,224 1,760,164 - 1,760,164 68,987 570 - 48.50% 1998 3,543,666 1,606,456 275,708 1,882,164 (31,474) 615 5 53.11% 1997 3,426,846 1,129,568 48,241 1,177,810 18,026 552 1 34.37% 1996 3,524,782 892,925 - 892,925 69,385 620 - 25.33% 1995 3,370,421 2,108,024 - 2,108,024 104,443 679 - 62.54% 82/94 27,201,288 14,082,872 134,866 14,217,738 308,947 8,680 3 52.27% Total 117,188,665 49,976,535 7,241,626 57,218,161 2,860,618 18,397 180 48.83% Georgia Electric Membership Corporation Workers’ Compensation Fund (37,427) Total Financial Highlights September 30, 2013 Fund Earned Net Claims Claims Claims Paid Financial Year Premium Paid Reserves & Reserved Surplus Open Claims Claims Loss Ratio 2013 5,060,496 1,780,147 3,472,808 5,252,955 276 123 103.80% 2012 6,792,424 1,887,290 848,590 2,735,881 262,535 343 15 40.28% 2011 6,451,109 2,552,580 496,684 3,049,264 160,516 371 9 47.27% 2010 6,169,447 2,359,760 967,509 3,327,270 235,245 437 13 53.93% 2009 6,313,430 3,649,009 472,140 4,121,149 36,168 512 3 65.28% 2008 6,370,328 2,623,516 385,604 3,009,121 7,043 516 4 47.24% 2007 5,647,078 2,847,982 71,262 2,919,244 551,159 513 1 51.69% 2006 4,965,595 1,506,571 67,439 1,574,010 328,189 468 2 31.70% 2005 5,158,207 2,361,825 - 2,361,825 337,908 493 - 45.79% 2004 4,887,895 2,391,850 773 2,392,622 191,221 544 1 48.95% 2003 3,949,730 1,202,711 - 1,202,711 50,805 502 - 30.45% 2002 3,550,964 766,186 - 766,186 72,563 521 - 21.58% 2001 3,701,507 1,439,534 - 1,439,534 75,099 607 - 38.89% 2000 3,474,228 1,027,565 - 1,027,565 51,280 578 - 29.58% 1999 3,629,224 1,760,164 - 1,760,164 68,987 570 - 48.50% 1998 3,543,666 1,606,456 275,708 1,882,164 (31,474) 615 5 53.11% 1997 3,426,846 1,129,568 48,241 1,177,810 18,026 552 1 34.37% 1996 3,524,782 892,925 - 892,925 69,385 620 - 25.33% 1995 3,370,421 2,108,024 - 2,108,024 104,443 679 - 62.54% 82/94 27,201,288 14,082,872 134,866 14,217,738 308,947 8,680 3 52.27% Total 117,188,665 49,976,535 7,241,626 57,218,161 2,860,618 18,397 180 48.83% Georgia Electric Membership Corporation Workers’ Compensation Fund (37,427) Total Financial Highlights September 30, 2013 Fund Earned Net Claims Claims Claims Paid Financial Year Premium Paid Reserves & Reserved Surplus Open Claims Claims Loss Ratio 2013 5,060,496 1,780,147 3,472,808 5,252,955 276 123 103.80% 2012 6,792,424 1,887,290 848,590 2,735,881 262,535 343 15 40.28% 2011 6,451,109 2,552,580 496,684 3,049,264 160,516 371 9 47.27% 2010 6,169,447 2,359,760 967,509 3,327,270 235,245 437 13 53.93% 2009 6,313,430 3,649,009 472,140 4,121,149 36,168 512 3 65.28% 2008 6,370,328 2,623,516 385,604 3,009,121 7,043 516 4 47.24% 2007 5,647,078 2,847,982 71,262 2,919,244 551,159 513 1 51.69% 2006 4,965,595 1,506,571 67,439 1,574,010 328,189 468 2 31.70% 2005 5,158,207 2,361,825 - 2,361,825 337,908 493 - 45.79% 2004 4,887,895 2,391,850 773 2,392,622 191,221 544 1 48.95% 2003 3,949,730 1,202,711 - 1,202,711 50,805 502 - 30.45% 2002 3,550,964 766,186 - 766,186 72,563 521 - 21.58% 2001 3,701,507 1,439,534 - 1,439,534 75,099 607 - 38.89% 2000 3,474,228 1,027,565 - 1,027,565 51,280 578 - 29.58% 1999 3,629,224 1,760,164 - 1,760,164 68,987 570 - 48.50% 1998 3,543,666 1,606,456 275,708 1,882,164 (31,474) 615 5 53.11% 1997 3,426,846 1,129,568 48,241 1,177,810 18,026 552 1 34.37% 1996 3,524,782 892,925 - 892,925 69,385 620 - 25.33% 1995 3,370,421 2,108,024 - 2,108,024 104,443 679 - 62.54% 82/94 27,201,288 14,082,872 134,866 14,217,738 308,947 8,680 3 52.27% Total 117,188,665 49,976,535 7,241,626 57,218,161 2,860,618 18,397 180 48.83% Georgia Electric Membership Corporation Workers’ Compensation Fund (37,427) Total Financial Highlights September 30, 2013 Fund Earned Net Claims Claims Claims Paid Financial Year Premium Paid Reserves & Reserved Surplus Open Claims Claims Loss Ratio 2013 5,060,496 1,780,147 3,472,808 5,252,955 276 123 103.80% 2012 6,792,424 1,887,290 848,590 2,735,881 262,535 343 15 40.28% 2011 6,451,109 2,552,580 496,684 3,049,264 160,516 371 9 47.27% 2010 6,169,447 2,359,760 967,509 3,327,270 235,245 437 13 53.93% 2009 6,313,430 3,649,009 472,140 4,121,149 36,168 512 3 65.28% 2008 6,370,328 2,623,516 385,604 3,009,121 7,043 516 4 47.24% 2007 5,647,078 2,847,982 71,262 2,919,244 551,159 513 1 51.69% 2006 4,965,595 1,506,571 67,439 1,574,010 328,189 468 2 31.70% 2005 5,158,207 2,361,825 - 2,361,825 337,908 493 - 45.79% 2004 4,887,895 2,391,850 773 2,392,622 191,221 544 1 48.95% 2003 3,949,730 1,202,711 - 1,202,711 50,805 502 - 30.45% 2002 3,550,964 766,186 - 766,186 72,563 521 - 21.58% 2001 3,701,507 1,439,534 - 1,439,534 75,099 607 - 38.89% 2000 3,474,228 1,027,565 - 1,027,565 51,280 578 - 29.58% 1999 3,629,224 1,760,164 - 1,760,164 68,987 570 - 48.50% 1998 3,543,666 1,606,456 275,708 1,882,164 (31,474) 615 5 53.11% 1997 3,426,846 1,129,568 48,241 1,177,810 18,026 552 1 34.37% 1996 3,524,782 892,925 - 892,925 69,385 620 - 25.33% 1995 3,370,421 2,108,024 - 2,108,024 104,443 679 - 62.54% 82/94 27,201,288 14,082,872 134,866 14,217,738 308,947 8,680 3 52.27% Total 117,188,665 49,976,535 7,241,626 57,218,161 2,860,618 18,397 180 48.83% Georgia Electric Membership Corporation Workers’ Compensation Fund (37,427) Total Financial Highlights September 30, 2013 Fund Earned Net Claims Claims Claims Paid Financial Year Premium Paid Reserves & Reserved Surplus Open Claims Claims Loss Ratio 2013 5,060,496 1,780,147 3,472,808 5,252,955 276 123 103.80% 2012 6,792,424 1,887,290 848,590 2,735,881 262,535 343 15 40.28% 2011 6,451,109 2,552,580 496,684 3,049,264 160,516 371 9 47.27% 2010 6,169,447 2,359,760 967,509 3,327,270 235,245 437 13 53.93% 2009 6,313,430 3,649,009 472,140 4,121,149 36,168 512 3 65.28% 2008 6,370,328 2,623,516 385,604 3,009,121 7,043 516 4 47.24% 2007 5,647,078 2,847,982 71,262 2,919,244 551,159 513 1 51.69% 2006 4,965,595 1,506,571 67,439 1,574,010 328,189 468 2 31.70% 2005 5,158,207 2,361,825 - 2,361,825 337,908 493 - 45.79% 2004 4,887,895 2,391,850 773 2,392,622 191,221 544 1 48.95% 2003 3,949,730 1,202,711 - 1,202,711 50,805 502 - 30.45% 2002 3,550,964 766,186 - 766,186 72,563 521 - 21.58% 2001 3,701,507 1,439,534 - 1,439,534 75,099 607 - 38.89% 2000 3,474,228 1,027,565 - 1,027,565 51,280 578 - 29.58% 1999 3,629,224 1,760,164 - 1,760,164 68,987 570 - 48.50% 1998 3,543,666 1,606,456 275,708 1,882,164 (31,474) 615 5 53.11% 1997 3,426,846 1,129,568 48,241 1,177,810 18,026 552 1 34.37% 1996 3,524,782 892,925 - 892,925 69,385 620 - 25.33% 1995 3,370,421 2,108,024 - 2,108,024 104,443 679 - 62.54% 82/94 27,201,288 14,082,872 134,866 14,217,738 308,947 8,680 3 52.27% Total 117,188,665 49,976,535 7,241,626 57,218,161 2,860,618 18,397 180 48.83% Georgia Electric Membership Corporation Workers’ Compensation Fund (37,427) Total