VHI Press Releases

Continued Growth in our health insurance, diversified business and healthcare provision businesses.

Ireland's ageing population and growth in the incidence of chronic disease dictate that Ireland's healthcare model needs to change.

19th May 2017 - Vhi Group today announced its financial results for the year ending 31st December 2016, recording a net surplus of €56.4 million and an improved reserves position of €558.2 million, a 7% increase on 2015. The improved financial results were driven as a result of the increase in membership for the second consecutive year to 1.069 million health insurance customers and our relentless focus on cost management and driving value for our customers. Over the course of the year, Vhi paid €1.34 billion to cover the healthcare needs of our members.

Summary of the key financial results for 2016:

After tax results showed a net surplus of €56.4 million for Vhi's consolidated business activities compared with €45.5 million in 2015. Gross earned premium for 2016 totalled €1.430 billion, slightly favourable compared with €1.428 billion in the previous year.
At the end of December 2016, Vhi had free reserves of €558.2 million, representing an increase of €36.6 million or 7% compared with the previous year's position. This further strengthens Vhi's regulatory capital position, which is well in excess of minimum levels required under EU Solvency II regulations.
Total gross claims paid in 2016 amounted to €1.34 billion, down slightly compared with €1.38 in 2015. The reduction in claims paid is influenced by the timing of payments made to providers, in particular public hospitals.
Operating expense ratio to premium income was 8.3% in 2016, remaining broadly in line with 2015. This represents a significant achievement given the range of demands on the business as Vhi invests to implement change in an evolving business and regulatory environment.

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