Mid-Year Performance Report released
14 February 2018
The Insurance Commission of Western Australia released its unaudited Mid-Year Performance Report today.
The report highlights a successful six months from 1 July 2017 and also reports that the Insurance Commission’s main investment fund delivered a 10.94% return in the 2017 calendar year.
The Insurance Commission delivered a half-year profit before tax of $162.2 million, which was $49.9 million better than budget, mostly as a result of strong investment performance.
The Insurance Commission also announced an interim dividend to Government of $22.7 million for the first half of the 2017-18 year and an additional special dividend of $50.4 million off the back of strong investment returns.
As a result of dividend and tax payments in the first half of the year, the Insurance Commission contributed $214.6 million to improving the General Government Net Operating Balance.
Insurance Commission financial performance also contributed a further $329.3 million towards reducing State Net Debt.
The Insurance Commission’s Chief Executive, Rod Whithear said that the first six months of 2017-18 saw the Insurance Commission manage insurance claims valued at over $3.3 billion (claims paid and future claim liabilities).
“The Mid-Year Performance Report highlights great investment results for the Insurance Commission while we maintain one of the most affordable motor injury insurance schemes in Australia.”
“At the same time, our investment returns mean we’re able to provide a significant return to our sole shareholder, the Western Australian Government,” he said.
Download the Mid-Year Performance Report.