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.