New Zealand’s Accident Compensation Corporation (ACC) made a $NZ4.93 billion ($4.34 billion) surplus last financial year and could be fully funded by 2019.

The no-fault injury scheme’s result improved from a $NZ473,797 ($417,123) loss in 2011/12.

Investment income grew 22% to $NZ2.09 billion ($1.84 billion), with rises in global equity markets and a fall in the New Zealand dollar bringing a 9.89% return on funds invested.

Outstanding claims liability dropped 4% to $NZ27.16 billion ($23.91 billion) as the rehabilitation performance improved.

ACC Minister Judith Collins says public confidence in the corporation has improved after a major privacy breach, but there is still work to be done.

The scheme has established a privacy team and appointed a chief privacy officer, who is a member of the executive management team.

Chairman Paula Rebstock says the ACC is “well on track to meet the target of being fully funded by 2019”.

The scheme’s levy revenue fell 3% to $NZ4.71 billion ($4.15 billion), with lower rates proposed for next financial year.

The ACC received 1.7 million new claims in the year. They comprised 1.09 million home and community cases, with 457,000 from falls, and 419,533 sport and recreation, including 58,420 related to rugby union.

Some 31,762 claims were for road accidents and 178,141 were work-related.