CORRECT: ACC annual profit more than halves as claims mount, investment returns disappoint

Wed, 22 Oct 2014

(Fixes incorrect year earlier surplus in 2nd graph, claims paid in 4th graph) By Paul McBeth Oct. 22 (BusinessDesk) - Accident Compensation Corp, the state-owned accident insurer, reported a 57 percent drop in annual profit after it faced more claims than anticipated, and as its investment portfolio returns missed expectations. Net profit dropped to $2.14 billion in the 12 months ended June 30, from $4.93 billion a year earlier, the Wellington-based state organisation said in a statement. That still exceeded its budgeted surplus of $1....

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