Financial Results

Our Costs

WCB Nova Scotia assessment revenue funds the entire workers’ compensation system, including the Workers’ Advisers Program (WAP), the Workers’ Compensation Appeals Tribunal (WCAT), the Occupational Health and Safety Division of the Nova Scotia Department of Labour, Skills and Immigration (LSI), the Office of the Employer Advisor (OEA) and the Office of the Worker Counsellor (OWC).

Assessable Payroll

Assessable payroll for covered employers in Nova Scotia grew steadily in 2023 to $15.3 billion. Payroll continued to grow, and there continued to be a decline in the rate of workplace injury.

Insurance Revenue

Insurance revenue increased by 10.0 per cent in 2023 to $399.3 million.

Investment Income

In 2023, we saw positive investment returns, resulting in income of $171.4 million, a substantial increase over the 2022 loss of $175.3 million. As per past adverse market conditions, the portfolio is well positioned for recovery given the diversification of the fund.

Claim Payments

There was an increase in claim payments in 2023, as we continued to adapt to the changing realities of workplace injury and support workers and employers who experience its impact. Total claim payments for 2023 were $315.4 million. The volume of new extended earnings replacement benefits and health care costs were higher than expected.

Assets and Liabilities

With the adoption of IFRS 17 in 2023, we saw an increase in both our assets and liabilities. This resulted in a decrease in our funded percentage to 90.6 per cent by the end of the year (down from 90.7 in 2022). Assets for 2023 were $2.49 billion, and liabilities were $2.75 billion.

Our long-term investment, diversified portfolio and funding strategies, will guide us over the long term. Stability occurs over the long term and not by short-term market fluctuations.