Against the backdrop of a depressed economy, Health Shield continues to make progress against ambitious targets. The insurer delivered £6.4m in new business sales, which was a nine per cent increase year on year. The economy growing at less than one per cent a year and many businesses are struggling to improve like-for-like sales.
Key results at a glance:
- Total membership up 15 per cent
- New company schemes up 63 per cent
- New members up 16 per cent
- Number of claims up seven per cent
- Premium income up nine per cent (£6.4m in new business sales)
Chief executive Jonathan Burton said: ‘2013 brought even stronger year-on-year growth in new membership volumes. We gained more than 55,000 new members, representing a 15 per cent 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.’
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, while further embedding risk management.’
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