Lincoln University has recorded its first profit in eight years thanks to a big insurance payout.
The university's 2015 annual report shows the $27 million payment for damage caused by the 2011 Canterbury earthquake helped the university to an $18 million surplus.
Without the payment, Lincoln would have made a $5 million deficit.
The report says Lincoln had 2934 full-time students last year, 50 fewer than in 2014, but enrolments are looking better this year.
The government has been monitoring Lincoln's finances closely in the past year.