Southern Cross Health Society reveals full year results

Southern Cross Health Society reveals full year results | Insurance Business

Southern Cross Health Society reveals full year results

Insurance provider Southern Cross Health Society has released its financial results for the year ending June 30, 2018.

One key highlight for the firm is a 7% year-on-year increase in premium revenue at $987.8 million. It has paid out $906.6 million across 3.4 million claims. It paid 74% of all private health insurance claims, well above its 62% market share. For each of those dollars it returned 92 cents in claims to members.

While the firm recorded a deficit of $13.3 million, Southern Cross Health Society chairman Greg Gent is positive business has delivered on returning maximum value to its members.

“We only ever aim to make a modest surplus,” he said. “This deficit represents 1.3% of premium income this year so in that context, it’s something we’re comfortable with.”

The Health Society also noted solid growth in membership, up 14,433 from last year to 867,593 members.