Southern Cross Health Society Group’s annual financial results show strong membership growth and a solid surplus for the 12 months to 30 June.
The not-for-profit’s membership now tops 887,000, an increase of more than 8,500 on the previous year.
The group posted a surplus of $53 million at the end of the financial year, which included an operating surplus of $10 million and $39 million primarily derived from investment income.
In the last financial year, the Society paid $1.1 billion in claims and received $1.25 billion in premiums – up 6.3% on the 12 months prior.
For each dollar received in premiums it returned 87 cents in claims to members. The business paid 73% of all private health insurance claims in New Zealand while having a 62% share of the market.
Society CEO Nick Astwick says more people are focusing on their health and wellbeing and seeking assurance they are covered for unexpected events.
“Last year’s increase of more than 8,500 members is the fifth year in a row that we have seen positive growth and shows the great value people place on securing health assurance,” he says.
In November 2020 the organisation launched virtual health consultation service CareHQ, and a health insurance upgrade option Cancer Cover Plus.
In the year to 30 June 2021, the Society paid three million claims, including:
- 282,128 surgical procedures, up 10.8%
- 541,456 specialist consultations, up 12.5%
- 601,790 prescriptions, down 4.3%
- 669,036 GP visits, down 4.6%