Our Financial Results

Financial Statements


WCB 2017 Audited Financial Statements
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MD&A


WCB 2017 Management Discussion and Analysis
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Our 2017 Financial Results reflect our efforts to build a strong, stable, and sustainable system that serves workers and employers today and in the years to come. Driven by best practice and the relentless pursuit of continuous improvement, we’re proud of the progress we’ve made to eliminate the unfunded liability and modernize our organization, while keeping rates stable. 


Breakdown of the 2017 Actual Assessment Dollar  77.7% of every   assessment dollar goes to pay for claims-related costs.

Breakdown of the 2017 Actual Assessment Dollar
77.7% of every assessment dollar goes to pay for claims-related costs.

Where every dollar goes

The assessment revenue collected by WCB Nova Scotia funds the entire workers’ compensation system, including the Workers' Advisers Program and the Workers’ Compensation Appeals Tribunal. It’s important to note that our 2017 administration costs include investments we’re making to modernize our business, and replace our old claims and assessment systems.


Total Assessable Payroll For WCB Nova Scotia, 2012 - 2017 (in millions)

Total Assessable Payroll For WCB Nova Scotia, 2012 - 2017
(in millions)

Assessable Payroll

Assessable payroll for covered employers in Nova Scotia has grown steadily. As the overall provincial payroll has grown, the rate of workplace injury has continued to decline. At the same time, injury duration has remained stubbornly high. Improving our approach to safe and timely return to work would help support the positive economic momentum that Nova Scotians have worked hard to cultivate over the past several years.


Total Assessment Revenue For WCB Nova Scotia, 2012 - 2017 (in millions)

Total Assessment Revenue For WCB Nova Scotia, 2012 - 2017
(in millions)

Assessment Revenue

Our assessment revenue has grown at an average annual rate of about 2.5 per cent over the last five years. This modest growth has allowed WCB Nova Scotia to keep pace with rising costs within the system, while still maintaining stability, reducing the unfunded liability, and modernizing WCB operations.


Total Investment Income For WCB Nova Scotia, 2012 - 2017 (in millions)

Total Investment Income For WCB Nova Scotia, 2012 - 2017
(in millions)

Investment Income

Careful and strategic management of funds that will pay for compensation benefits into the future has resulted in significant income gains in recent years. Although the market has experienced some peaks and valleys, our returns have consistently outperformed market benchmarks.


Total Claim Payments For WCB Nova Scotia, 2012 - 2017 (in millions)

Total Claim Payments For WCB Nova Scotia, 2012 - 2017
(in millions)

Claim Payments

Claim payments, which include payments made by WCB for income replacement benefits, medical services, travel expenses and retraining, have climbed steadily. Service improvements, supported by new vendor contracts, have helped to improve cost savings over time.


Total Assets / Liabilities For WCB Nova Scotia, 2012 - 2017

Total Assets / Liabilities For WCB Nova Scotia, 2012 - 2017

Assets and Liabilities

Over time we’ve narrowed the gap between liabilities and  assets. In 2017 our funded percentage  reached 89 per cent, and as a result, we can begin to have important conversations about the opportunities that a fully funded system may provide for workers and employers.