Revenue rises at VHI as membership grows

Revenue at health insurance company VHI rose in 2021 and membership grew for the seventh year in a row, despite the ongoing challenges posed by the pandemic.

The insurer said it achieved a net surplus of €65.3 million from consolidated business activities last year, up from €52.7 million a year earlier, driven by strong membership performance.

In total, gross earned premium for private health insurance was €1.589 billion, up from €1.51 billion in 2020.

After-tax results showed a net surplus of €65.3 million from consolidated business activities, up from €52.7 million a year earlier.

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VHI paid out a total of €1.295 billion in claims, a 13 per cent rise compared with €1.147 billion in 2020.

Income from insurance products and services other than private health insurance was €26.2 million, down from €28.6 million in 2020. At the end of December 2021, VHI had free reserves of €859 million, compared with the previous year’s €773 million.

VHI said it returned €450 million in value to customers, deciding to waive premiums for customers on three occasions in 2020, 2021 and 2022.

Covid

"The Covid-19 pandemic continued to impact the healthcare environment throughout 2021, restricting access to many healthcare facilities and services across the country. Despite this impact on access, demand for VHI private health insurance remained strong, supported by innovative health and wellbeing benefits including new and enhanced digital benefits and mental health supports," said Declan Moran, VHI group chief executive.

“As demand for, and utilisation of, digital technologies continues to grow, including online GP consultations and mindfulness and meditation apps, we have continued to adapt our technologies to improve the online experience for our customers. We delivered over 46,000 GP online consultations and 90 per cent of our customers are using ‘snap and send’ to submit their primary care claims through the VHI app.”