Award-winning health cash plan provider Health Shield is pleased to report annual results with a 9% increase in new business for 2013.
Against the backdrop of a depressed economy, Health Shield continues to make progress against ambitious targets. The insurer delivered £6.4 million in new business sales, which was a 9% increase year on year. The economy growing at less than 1% a year and many businesses are struggling to improve like for like sales.
Key results at a glance:
- Total membership up 15%
- New company schemes up 63%
- New members up 16%
- Number of claims up 7% (436,640 claims paid)
- Premium income up 9% (£6.4 million in new business sales)
Commenting on the results, Chief Executive Jonathan Burton said: “2013 brought even stronger year on year growth in new membership volumes. We gained over 55,000 new members, representing a 15% overall increase, which was a record year and breaks the 50,000 barrier for the first time. We now cover more than 173,000 contributing members and their families.”
Mr Burton added: “The voluntary market was tough in 2013 as household finances needed to prioritise their spending, although there have been recent signs of improvement. Despite stiff competition and the sluggish economy, Health Shield managed to continue to grow member numbers and new business volumes, in line with its business plan, whilst further embedding risk management.”