The Victorian WorkCover Authority (VWA) says the state’s injury rate fell to a record low in the six months to the end of last year, while the body’s profit grew on investment returns and improved economic conditions.

The authority recorded 7.51 claims per million hours worked at December 31, down from 7.72 at June 30.

Net profit for the six months increased to $679 million, up from $487 million in the corresponding period of 2012. The performance from insurance operations improved to $119 million from $13 million.

“Maintaining control of operational costs and claims liabilities is always a challenge so it is pleasing to see we have been able to deliver another positive result in this area,” CEO Denise Cosgrove said.

She says the authority is performing well in the second year of a five-year strategy.

The average injury insurance premium was 1.298% of wages in the half, compared with 1.45% in Queensland and 1.68% in NSW, according to the VWA.