Vhi announces profit of €112.2m

Vhi announces profit of €112.2m

VHI Healthcare has today announced a surplus of €55.4m earned from an income of €1.153bn after paying out just more than €1bn to cover customers’ medical bills.

The annual results show a surplus of €55.4m which was generated from day-to-day operations, compared to €33.9m a year ago. This operating surplus equates to 4.9% of premium income.

The total surplus, or profit, for the year amounts to €112.2m (€69.5m a year ago) and comprises two elements — €55.4m on day-to-day operations and the release of the unexpired risk reserve of €56.8m.

The results also show that there was good progress in improving the financial strength of Vhi Healthcare with an increase in the solvency ratio from 28% to 35%, excluding potential risk equalisation receipts relating to 2006 and 2007 of €41.6m which would increase Vhi’s solvency levels to 38%.

The semi-state health insurer paid out more than €1bn to meet its 1.55 million for 535,000 medical procedures.

The pay-out breakdown was €165m for cancer treatment, €129m for cardiac care, €111m for orthopaedic care, €53m in respect of psychiatric care and €49m for treating respiratory problems.

Vhi contributed €41m to the cost of delivering more than 15,000 babies and more than €37m was paid out in respect of children’s illnesses.

Chief executive Jimmy Tolan said: “We are completely focused on ensuring that our customers can access high-quality healthcare at the most affordable price.”

Mroe than 350,000 Vhi customers availed of MultiTrip travel insurance, while 100,000 patients obtained services from the Vhi Swiftcare Clinics.

Article courtesy of the Evening Echo newspaper.

More in this Section

Microsoft pledges to remove entire historical carbon footprint by 2050Microsoft pledges to remove entire historical carbon footprint by 2050

''Politically-sensitive'' costs of rents and health insurance rise''Politically-sensitive'' costs of rents and health insurance rise

C&C shares sink on news of CEO exitC&C shares sink on news of CEO exit

Cairn Homes shares rise 2% on sales and buybackCairn Homes shares rise 2% on sales and buyback


Lifestyle

They have absolutely nothing really to do with Jerusalem or indeed with any type of artichoke, so what exactly are these curious little tubers?Currabinny Cooks: Exploring the versatility of Jerusalem artichokes

Arlene Harris talks to three women who have stayed on good terms with their ex.The ex-factor: Three women on staying friends with their former partner

A child sleep expert outlines simple things to do during the day to help children settle better at night.10 clever daytime hacks to help your child get a good night’s sleep

Isabel Conway unveils the top travel trends for the year ahead.The travel trends for 2020: From the ‘skip-gen’ vacation to vegan breaks

More From The Irish Examiner