WorkSafe records $726 million half-year net loss
04 Apr 2024•BlueSafe Team•Source: WorkSafe VIC
WorkSafe Victoria recorded a net loss after tax of $726 million for the six months to December 2023, as claims growth and higher expected future liabilities offset investment returns and increased premium collections.
The Performance from Insurance Operations (PFIO) result was a $1.1 billion deficit for the half-year.
Investment returns reached 3.7 per cent and premium collections increased. These gains were offset by continued claims growth and a $587 million rise in expected future claims liabilities.
WorkSafe's insurance funding ratio stood at 101.8 per cent, remaining within its preferred range of 100–140 per cent.