Annual Report 2006 - wsib
Annual Report 2006 - wsib
Annual Report 2006 - wsib
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There really are no accidents.<br />
CONSOLIDATED STATEMENT OF OPERATIONS<br />
For the years ended December 31<br />
($ millions) <strong>2006</strong> 2005<br />
Gross revenue $4,686 $4,012<br />
Current operations<br />
Revenues<br />
Premiums for the year $2,385 $2,256<br />
Investments (note 3) 1,298 819<br />
Other income 3 3<br />
3,686 3,078<br />
Expenses<br />
Benefit costs (note 8) 4,330 4,037<br />
Loss of Retirement Income Fund (note 4) 69 66<br />
Administrative and other expenses (note 10) 221 203<br />
Legislated obligations and commitments (note 11) 208 200<br />
4,828 4,506<br />
Excess of expenses over revenues from current operations (1,142) (1,428)<br />
Premiums for unfunded liability 1,000 934<br />
Excess of expenses over revenues $(142) $(494)<br />
CONSOLIDATED STATEMENT OF changes in unfunded liability<br />
For the years ended December 31<br />
($ millions) <strong>2006</strong> 2005<br />
Accumulated excess of expenses over revenues<br />
Balance at beginning of year $(8,229) $(7,735)<br />
Excess of expenses over revenues (142) (494)<br />
Balance at end of year (8,371) (8,229)<br />
Accumulated other comprehensive income<br />
Balance at beginning of year 1,719 1,315<br />
Unrealized gains on investments net of amounts realized 655 404<br />
Balance at end of year 2,374 1,719<br />
Unfunded liability at end of year $(5,997) $(6,510)<br />
The accompanying notes form an integral part of the consolidated financial statements.<br />
WORKPLACE SAFETY AND INSURANCE BOARD <strong>Annual</strong> <strong>Report</strong> <strong>2006</strong> 37
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