Southern Cross boosts surplus profits.Bills paid exceed $ 1 bill

The Southern Cross Health Society Group posted a surplus of more than $ 50 million, increased membership by more than 8,500, and paid more than $ 1 billion in claims.

Thursday, September 16, 2021 11:50 AM

Nick Astwick.

The group, consisting of Southern Cross Health Insurance, Southern Cross Pet Insurance, Southern Cross Insurance Services, Southern Cross Health Services, and Southern Cross Ventures, announced its annual financial results, resulting in a significant increase in membership and a solid surplus. Is emphasized. ..

As of June 30, 2021, the number of social members was 887,782, an increase of 8584 from the previous year.

The Society Group posted a surplus of $ 53 million at the end of the fiscal year. This includes an operating surplus of $ 10 million and $ 39 million, primarily from return on investment.

Greg Ghent, president of the association, said it was a pleasure to see an increase in membership and a strong surplus despite another difficult year of the pandemic.

“We are all still operating in an uncertain climate, and we are very pleased to have achieved such a strong result.

“This is exactly the overall result we aim to ensure that we maintain our financial strength, especially in these unpredictable times.”

According to Ghent, strong return on investment is the culmination of the last five years of social investment activity and is a well-optimized strategy, but unlikely to be repeated.

“This year’s return on investment will fund the group investment portfolio, which gives members the confidence that they have a way to pay future claims as the business grows, but this is the nature of the investment and You can’t expect the portfolio to repeat this performance. Every year. “

In the last fiscal year, society returned $ 1,099 million in claims and received $ 1,256 million in premiums.

Members were charged 87 cents per dollar they received for premiums, averaging 62 cents for other New Zealand health insurance companies (based on data provided by the New Zealand Financial Services Council).

The business paid 73% of all private health insurance claims. This is well above the 62% market share.

Nick Astowick, CEO of the association, said strong growth has been seen over the past year, emphasizing that people are paying close attention to the management of health and well-being. I am.

“Today, we want more people to focus on health and well-being and to ensure that they are prepared for unforeseen events. This is an important role of health insurance.”

Astwick states that it has been the fifth consecutive year of positive growth as society continues to evolve, providing improvements and innovations to support the needs of its members.

“Last November, we launched our partner ProCare, our virtual health counseling service CareHQ, and Cancer Cover Plus, an upgrade option for our new health insurance policy.”

According to Astwick, society is also preparing a package of hardships for members who are in a difficult situation due to the recent blockade.

“Southern Cross was originally founded to give New Zealanders continuous access to quality folk medicine. Today, its founding vision is a non-profit business model and a healthier future for its members. Is rooted in our commitment to. “

tag: Claim insurance Southern Cross Southern Cross Healthcare

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Southern Cross boosts surplus profits.Bills paid exceed $ 1 bill

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