Labour ACC spokesman Iain Lees Galloway says the Government is using high ACC levies to try to get the Crown accounts back into black.
The accounts, released yesterday, showed the profit more than halved from the $4.9 billion reported in the previous corresponding period.
Net investment income was down from $2 billion to $1.56 billion but the largest change came in the increase in outstanding claims liability.
In 2013, the corporation had a decrease of more than $1.2 billion on its claims liability. But this year it had an increase of $534 million, while movements in unexpired risk liabilities increased $159 million compared to a decrease of $26 million last year.
That resulted in the total claims cost rising to $3.65 billion from $1.4 billion last year, although it was in line with total claims costs of $3.5 billion in 2012.
The end-of-year deficit was $108 million.
ACC's investments of $27.4 billion were offset by its total outstanding claims liability of $27.7 billion. Investments rose $3 billion in the year.
ACC Minister Nikki Kaye said the surplus was $300 million ahead of forecasts and she had written to ACC to acknowledge the result.
''It is embarking on a three-year transformation programme to improve customer service. It is my expectation this will help to increase public trust and confidence and support more of our most vulnerable.''
ACC was now ''essentially fully funded'', and with careful financial management had meant the Government had already been able to reduce motor vehicle levies in 2015-16 so the average New Zealand vehicle owner would be $315 better off next year, through a 40% reduction in motor vehicle and petrol levies and a reduction in workplace levies, she said.
An analysis of the accounts showed the motor vehicle levy accounted posted a surplus of $945.5 million for the year which reduced the deficit from $984 million to $38 million in the year.
The non-earners account had a surplus of $50 million to reduce the deficit slightly to $2.9 billion.
The earners account had a surplus of $356 million, boosting the balance to $1.7 billion and the work account had a surplus of $624 million, to lift the balance to more than $2 billion.
The treatment injury account, which started the year with a deficit of $1.1 billion, was reduced to a deficit of $945 million at balance date.
Mr Lees Galloway said the Government was keeping ACC levies artificially high so it could reach the much-talked-about surplus in the Crown accounts.
''That is an abuse of a Crown entity. ACC should be providing fair treatment and fair compensation and that's what the Government should be focusing on.''
Instead, the Government was chasing tax avoidance to pay for the surplus and penalising every employer, every employee and every person driving their children to school each day, he said.
ACC had indicated a further $200 million could be cut from levies and still be sustainable. However, the Government rejected that advice.
The earners and work accounts were ''thoroughly funded'' and the motor vehicle account was close to being fully funded, Mr Lees Galloway said.
