Vhi reports €36m profit in 2024 despite record €1.74bn claims

Health insurer turned around a €43m deficit in 2023 

Ireland's largest health insurer Vhi has reported a €36m surplus in 2024, turning around a €43m deficit a year previously, figures released on Wednesday reveal.

Ireland's largest health insurer Vhi has reported a €36m surplus in 2024, turning around a €43m deficit a year previously, figures released on Wednesday reveal.

Vhi paid out a record €1.74bn in claims during 2024, the company said, but took in €1.88bn in premiums for its private medical insurance business, as membership grew for the 10th successive year. 

“Following a challenging year in 2023, we are pleased to report a surplus of €36m for 2024 which represents a solid financial recovery and a successful year. This financial stability allows us to continue to invest in the expansion of care and services for our members," said Vhi Group chief executive Brian Walsh. 

Vhi has more than 1.2m members in Ireland. The company's other offerings including travel, life, dental, and international health insurance were also key drivers of growth with membership increasing by 7% in the year and total income on these products reaching €31m.

Vhi’s investment portfolio delivered strong returns in 2024 with investment income in excess of €40m. At the end of the year capital and reserves were €953m, an increase of €50m in the year and Vhi reported a solvency capital ratio (SCR) of 177% for the insurance business. 

Mr Walsh said Vhi has continued to invest in our health insurance and health provision businesses, delivering 510,000 member healthcare interactions across services, including first person and digital interactions.

"We are committed to keeping premium prices as low as we can, while dealing with the reality of both the rising cost of healthcare and the increased demand. We also implemented a broad range of cost containment measures within the business in 2024 without compromising our quality of care and service,” Mr Walsh added.

Cancer care was the company's biggest claim area (€300m) followed by orthopedic care (€268m), cardiac care (€241m), digestive care (€177m),  psychiatric care (€80m), ophthalmic care (€78m) genito-urinary care (€78m), and respiratory/ENT care (€71m).