Southern Cross Health Society Group, which returned $50 million to its members this year, posted a surplus of $32.4 million for the year ended 30 June 2020.
In the last financial year, the society paid $972 million in claims and received $1.138 billion in premiums.
Chief Executive Nick Astwick said cost-saving digitisation of the business had continued at pace, with 82 per cent of customer channels now fully digitised, and more than 96 per cent of claims submitted online.
Astwick says his focus is on further investment in “operational excellence” as well as introducing new products and services.
The society’s investments of $534 million generated $14 million income, annual premiums currently stand at $1.13 billion, and for every dollar received, 85c was paid in claims.
The organisation’s membership increased by 8,133 to 879,198 in the year to 30 June, during which time it settled more than 3 million claims.