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21/03/2012
Health Insurer Reports €7.4 Million Surplus
Ireland’s largest health insurer, the VHI, has revealed it has a financial surplus of €7.4 million for last year.
Despite losing 117,000 subscribers last year and 200,000 other downgrading their insurance cover VHI said diversifying its business to include travel and dental insurance products and its Swiftcare emergency treatment centres were profitable and had contributed €51 million in income to the company.
Its cost-containment strategy had helped it to make savings of €100 million last year.
This is the first surplus the company has posted since 2007. In 2010 it recorded a deficit of €3.1 million and while it made losses of €41.7 million in 2009.
“Our focus has been on reducing costs while not compromising on the quality of service delivered to our customers,” said VHI chairman Bernard Collins.
“The strategy is working and while our hospital insurance business continues to be loss making, we are confident that we are creating the right financial environment to achieve long-term sustainability.”
(H/GK)
Despite losing 117,000 subscribers last year and 200,000 other downgrading their insurance cover VHI said diversifying its business to include travel and dental insurance products and its Swiftcare emergency treatment centres were profitable and had contributed €51 million in income to the company.
Its cost-containment strategy had helped it to make savings of €100 million last year.
This is the first surplus the company has posted since 2007. In 2010 it recorded a deficit of €3.1 million and while it made losses of €41.7 million in 2009.
“Our focus has been on reducing costs while not compromising on the quality of service delivered to our customers,” said VHI chairman Bernard Collins.
“The strategy is working and while our hospital insurance business continues to be loss making, we are confident that we are creating the right financial environment to achieve long-term sustainability.”
(H/GK)
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