Victoria’s workers’ compensation body WorkSafe Victoria has achieved a half-year after-tax profit of $396 million – well down on the $686 million achieved in the corresponding period last financial year.

Chairman Elana Rubin says claims increased in recent months in line with expectations as economic conditions continue to strengthen.

“We achieved the lowest injury rate on record, but in the past six months we’ve seen an increase in the total number of hours worked which brings with it a greater risk of injuries,” she said.

WorkSafe’s half-year results to December 31 show performance from insurance operations – the key measure of the scheme’s financial performance – was $61 million.

Liabilities, which are actuarially measured twice a year, were 0.06% above forecast at $8.75 billion, with assets valued at $9.7 billion.