EXCLUSIVE: The net value of the SAG Health Plan fell by more than $10 million last year, according to the plan’s latest annual report. The value of its assets fell from $303 million on January 1, 2013, to $293 million as of December 31, 2013. The annual report for 2014 won’t be made available until this time next year.
Part of the loss is due to the fact the plan spent $5.2 million more on health benefits for actors and their beneficiaries in 2013 than it did in 2012 — $187.9 million in 2013 compared to $182.7 million the previous year.
Employer contributions were up $12 million, from $145 million in 2012 to $157 million in 2013, but earnings from investments fell by $9.5 million, down from $14.8 million in 2012 to $5.3 million in 2013. Overall, income dropped $10 million, from $208.5 million in 2012 to $198.5 million last year. Administrative costs remained fairly steady, increasing only slightly from $20.2 million in 2012 to $20.6 million last year.
Despite the loss in value, the plan is much healthier than it was in 2010, when its total value was only $142.8 million — less than half of what it was at the end of last year.