WorkSafe Victoria’s mid-year results for the 2018/19 financial year have been announced. The results show performance from insurance operations (PFIO), which is an accurate measure of scheme’s financial performance stands at $68 million.
WorkSafe’s funding ratio – a measure of its assets against claims liabilities – was 112%, which remained comfortably within its target range of 82.5% to 117.5%.
WorkSafe recorded a net result after tax of negative $924 million for the six months to December 31. This was predominantly due to adverse movements in investment markets and changes to economic assumptions.
WorkSafe Victoria says much of this negative movement has been reversed.
WorkSafe and the Victorian Funds Management Corporation manage the worker’s compensation scheme’s $17bn investment portfolio to achieve sound returns over the long term.
Over the past decade the portfolio has achieved an average return of more than seven per cent a year.
WorkSafe Chief Executive Clare Amies said the scheme remains financially sound.
“The WorkSafe scheme remains fully self-funded and financially robust, and able to sustain these types of movements in investment markets,” Ms Amies said.
Ms Amies said WorkSafe was continuing to work tirelessly to improve the health, safety and wellbeing of Victorian workers.
“That is why, in first half of 2018/19, WorkSafe made more than 25,000 visits to more than 12,000 workplaces,” Ms Amies said.