Health Shield Announces Record Annual Results
Award-winning health cash plan provider Health Shield has announced its 2014 results, showing yet another year of unprecedented growth.
Premium income rose to more than £29 million, the highest level in its 138 year history. Health Shield also saw its highest annual increase in the recruitment of new members, rising to 70,370. The Society now covers 205,718 members and their families.
Health Shield key results:
- 7% rise in earned premiums
- 26% increase in new members and an 19% increase in total members
- 75% of annual contributions paid back to members in benefits
- 14% increase in employees from 110 to 126 staff
- 99% member satisfaction for claims service
- Recognised for the third consecutive year as one of the Sunday Times 100 Best Not-For-Profit Organisations to Work For
- Voted the UK’s best health cash plan provider at the Health Insurance, Cover and Corporate Adviser Awards
Commenting on the results, Chief Executive Jonathan Burton said: “Our strong performance in 2014 has been achieved in the toughest of economic and competitive environments. We have reported record results without compromising our creative instincts or our dedication to customer care. The ongoing investment in our staff and the clear focus on our purpose as a Friendly Society allows us to continue to deliver success year after year. Record levels of membership recruitment, improvements in service levels and success at numerous awards have made 2014 our most successful year yet.
“We face a number of challenges as an industry in 2015, including final preparations for the forthcoming implementation of Solvency II. We remain in an excellent financial position and continue to undertake initiatives to ensure that the Society consistently achieves value for money for its members.”