Queensland’s Motor Accident Insurance Commission achieved an operating surplus of $10.94 million in the year to June 30, up from $361,000 the previous year.

A higher return on investments of $18.77 million – up from $1.76 million – helped offset an increase in grants expenses, according to the commission’s annual report.

Grants more than doubled to $16.8 million from $7.7 million as the commission expanded the research budget for rehabilitation initiatives, strategic accident prevention and road trauma mitigation.

The commission regulates the state’s compulsory third party, common law, fault-based scheme.

It also oversees the Nominal Defendant – a statutory body responsible for claims involving unidentified or uninsured vehicles – and meets claims costs of any licensed insurer that becomes insolvent.

The statutory body made claims payments of $17.58 million in the year, down from $24.31 million, and the operating surplus increased to $77.19 million from $21.34 million.