Media releases and publications
5th April 2024 - Vhi paid a record €1.68bn meeting the healthcare needs of its members in 2023 - claims up by 18% on previous year
Unprecedented levels of claims volumes and continued cost pressures contribute to a financial deficit in 2023
PMI membership grew for the ninth consecutive year in 2023
April 5th, 2024: Vhi Group today announced its annual results for the financial year 2023. The Company recorded €1.68bn premium for its private health insurance business, an increase of 3.2% on 2022, reflective of strong growth in membership which increased by over 37,000. This is the ninth consecutive year of growth in private medical insurance (PMI) membership.
Vhi recorded €29.9m in income on Vhi’s other insurance products (2022: €27.5m), including travel, dental, life and international health insurance. In total, Vhi supported close to 1.7 million insurance members, comprising of over 1.2 million for private medical insurance and just under 480,000 for other insurance services.
In 2023, Ireland experienced a faster than anticipated recovery in demand for healthcare following years of restrictions in access and capacity associated with the pandemic. There was an unprecedented increase in the volume and cost of claims, and Vhi paid out over €1.68bn to meet the healthcare needs of its members, up 18% on 2022. The increase in demand together with high levels of medical inflation and higher labour and energy costs was not matched by a corresponding increase in premium income, resulting in a Net Deficit of €43.4m (2022: Net Surplus €34.3m).
Vhi is committed to delivering the very best in healthcare for members. It was necessary however to increase premiums in order to continue to meet the healthcare needs of members, as claims volumes and the cost of delivering healthcare increase. This premium increase followed net price reductions from 2020 to 2022 as well as return of value to members exceeding €450 million during the pandemic. Vhi is strongly capitalised with group capital reserves of €903m (2022: €949m) and a solvency capital ratio of 175% for its insurance business.
Key Financial results for Y/E 31st December 2023
- Gross Written Premium on core Vhi health insurance business came to €1.684 bn compared to €1.606 bn in 2022,an increase of 3.2%
- Private Health Insurance membership grew in 2023 to 1,214,700 up from 1,177,600 in 2022
- Total Claims paid in 2023 was €1.68bn up 18% from €1.42bn in 2022
- The increase in volume and costs of claims paid was not matched by a corresponding increase in premium income and resulted in a Net Deficit of €43.4m (2022: Net Surplus of €34.3m)
- Vhi is strongly capitalised, with group capital reserves of €902.7m (€949.3m 2022)
- The solvency position of the insurance business stands at 175% at year end
- Income on other insurance products amounted to €29.9m (2022: €27.5m) with 479,565 members
- MultiTrip, Vhi’s annual travel insurance membership now stands at 354,698 members up 8.4% on the previous year.
The accelerated return to healthcare was reflected in Vhi’s own healthcare provision services which recorded a 21% increase in the volume of member healthcare interactions to over 630,000. This included urgent and planned care delivered through Vhi 360 Health Centres, Hospital@Home and digital healthcare offerings. In November, Vhi launched an Electronic Health Record System enabling Vhi clinicians to have up to date and accurate member health information at their fingertips, supporting provision of the best possible care for members. These investments are central to the delivery of coordinated, connected, and integrated care for Vhi members now and in the future.
Commenting on the Group results for the financial year 2023 Mr. Brian Walsh, Group CEO, Vhi said “I am pleased that in 2023 Vhi supported close to 1.7 million members, meeting their needs across private medical insurance, travel, dental, international health, and life insurance.
He continued “In 2023 our members accessed significantly more healthcare than in any other year in our history and claims accelerated at a rate not experienced before. This brought challenges as Vhi experienced a financial deficit in 2023. However Vhi welcomes the fact that our health insurance members could access timely and quality healthcare. The unprecedented rise in claims volumes combined with high levels of cost inflation is being addressed through continued focus on efficiency and value for money, aligning pricing with demand for and cost of healthcare, and continuous investment in superior healthcare and technology capability.
“Managing costs while delivering appropriate care is a challenge across global health systems. Irish healthcare is changing, with an ageing population and increasing incidence of chronic disease putting significant pressure on healthcare access and costs. If these challenges are to be addressed, it will require a change in how healthcare is delivered in Ireland. Vhi is evolving, moving beyond insurance cover to include healthcare provision. Wherever possible we want to prevent disease, improve outcomes and quality of life for our members. Vhi has invested in our own healthcare provision services to complement the care of our healthcare partners to deliver connected care for our members.
He concluded “Vhi exists solely to meet the healthcare needs of our members and all premium income received is dedicated to delivering, meeting, and investing in their healthcare needs now and in the future. We continue to grow and transform, innovating and continuously improving the care and service experience for our members. This is underpinned by our financial strength, and we are committed to delivering the very best healthcare and service for our members.”
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5th March 2024 - Aimee Connolly launches the 2024 Vhi Women’s Mini Marathon!
The 42nd event takes place on Sunday 2nd June, in Dublin City Centre on the June Bank Holiday weekend.
A Vhi survey on women’s walking and running habits and motivations finds:
Over three-quarters of women believe running helps them feel better when menstruating
68% of women who have given birth believe running helped with their post-birth recovery
Register now on www.vhiwomensminimarathon.ie
5th March 2024: A group of inspiring women came together today in Dublin to officially launch the 2024 Vhi Women’s Mini Marathon. The 10km event, now in its 42nd year, will take place on Sunday June 2nd at 12:30pm. Over 20,000 women are expected to participate this year and the event is open to all those who wish to walk, jog or run the 10km route through Dublin City Centre.
Businesswoman Aimee Connolly, disability advocate and public speaker Nikki Bradley, TV presenter and model Katja Mia and health and fitness coach Nathalie Lennon are Vhi ambassadors for this year’s event. They are calling on women all around the country to join them on the 2nd June for the largest all-female event of its kind in the world.
To mark the launch of this year’s Vhi Women’s Mini Marathon, Vhi commissioned research with 500 female runners to get a better understanding of the link between women’s health issues and how they impact women’s running habits. The key findings of this research are:
Running and Menstruation
- 34% of women do not change their running behaviours when menstruating
- 43% continue to run but run less when menstruating
- 77% of women believe that running makes them feel better while menstruating, with 62% believing that running helps them manage PMS and menstrual symptoms such as cramps and fatigue
- 18% stop running altogether while menstruating, with the main reasons cited being
Fatigue (62%)
Lack of motivation (49%)
Fear of bleeding onto clothing (44%)
Feeling bloated (40%)
Running Post-Birth
- 68% of women who have given birth believe running helped with their post-birth recovery
Running and Pelvic Floor Issues
- 61% of women are conscious of issues related to their pelvic floor while running, however 3 in 5 say these issues are not enough to deter them from running
Running and Menopause/Peri-Menopause
- 60% of women who have gone through or are going through peri-menopause or menopause still run or walk as they believe it helps overcome their symptoms
- 14% stopped running or walking as the symptoms made it harder for them to exercise
You can follow all of the Vhi Women’s Mini Marathon ambassadors on their 12-week journey to Race Day on June 2nd via their social media channels below:
Aimee Connolly - @aimeeconnolly_com
Nikki Bradley - @nikki_bradley_speaks
Katja Mia - @katja_miaa
Nathalie Lennon - @nathalielennon_
Between now and June 2nd, follow @VhiWMM on social media or visit vhiwomensminimarathon.ie for training plans for walkers, runners and jogger as well as nutritious recipes developed by Vhi ambassador Nathalie Lennon, and much more to support your training journey.
Registration for the event is now open on www.vhiwomensminimarathon.ie. Every participant will receive a Vhi Women’s Mini Marathon finishers’ medal, and can opt in at registration to receive a Vhi Women’s Mini Marathon t-shirt.
Additionally Vhi members can claim back their entry fee via the Vhi app!
David O'Leary, General Manager of the Women's Mini Marathon, shared his excitement for this year's event, saying, "We're thrilled to bring the Vhi Women's Mini Marathon to Dublin’s city centre for the 42nd time. It's not just about the distance or whether you walk or run; it's about women connecting, supporting each other, and making a heartfelt difference. With over 20,000 women expected to join us in Dublin this June, we're ready to celebrate the power of togetherness and the heart-to-heart connections that make this event so special.
Brighid Smyth, Head of Corporate Communications in Vhi said, “2024 marks ten years of Vhi’s title sponsorship of the Vhi Women’s Mini Marathon, and we are as excited about this year’s event as we were when we came on board a decade ago. The Vhi Women’s Mini Marathon is for every woman, and whether you’re taking part for fitness reasons, to raise money for charity or simply to feel part of something big, it’s such a powerful occasion that you will remember the event for a long time after you cross the finish line.”
Aimee Connolly, entrepreneur and Vhi Ambassador said, “It’s been a privilege to be a Vhi ambassador for the Vhi Women’s Mini Marathon since 2022 and I cannot wait for this year’s event. The atmosphere at last year’s event was incredible and being part of a strong supportive community of women who walked, jogged and ran the sunny streets of Dublin is something I’ll never forget!
It's exciting to be part of a brilliant group of ambassadors for this year’s event. We’ll all be sharing our 12-week journey to race day and hopefully providing some inspiration and motivation along the way. For training plans to suit your own fitness levels, and simple, delicious recipes to fuel your journey to race day, keep an eye on Vhi Women’s Mini Marathon social media channels and website!”
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Notes to the Editor:
*Research with 500 female runners of all ages conducted by 3Gem on behalf of Vhi between Friday 16th February and Friday 23rd February 2024.
About Vhi Women’s Mini Marathon
The Vhi Women's Mini Marathon is now in its 42nd year. The first Women’s Mini Marathon began in Dublin in 1983 with 9,000 entrants, it has grown in popularity and the event now hosts over 20,000 women on the June bank holiday weekend. Women from across the 32 counties of Ireland, U.K. and Europe take part each year to raise vital funds for their chosen charities and causes.
The Vhi Women’s Mini Marathon is a world-class sporting event and is dedicated to helping women across Ireland to achieve their fitness goals. The Vhi Women’s Mini Marathon has become an important part of Irish culture and a celebration for Irish women aged 14 and over. The event caters for women who wish to walk or jog for fun while also catering for competitive runners. It is not only women who have benefited from the event, but charities are also the big winners. The Vhi Women’s Mini Marathon is the single biggest charity fundraising event in Ireland. An estimated €226m has been raised for charity since its beginning in 1983. All charities benefit as it is the women themselves who decide who they will support, and many local causes gain vital revenue from the event.
30th January 2024 - Vhi announces an average price increase of 7% across its plans effective from 1st March 2024.
- Vhi announces an average price increase of 7% across its plans effective from 1st March 2024.
- Vhi members accessed more healthcare in 2023 – with demand for healthcare continuing to accelerate.
- Claims volumes up by over 20% compared with 2022.
30th January 2024 - Vhi today announced that it will increase the price of its health insurance plans by an average of 7% from 1st March 2024. The price increase is necessary to meet the healthcare needs of members as claims volumes have risen by more than 20% in 2023 and inflation has had a significant impact on the cost of delivering healthcare. Increased demand for healthcare combined with high levels of inflation are impacting healthcare systems around the world as healthcare facilities reopen fully post Covid.
In 2023, Vhi members accessed significantly more healthcare services than in previous years which were dominated by restricted access because of the Covid pandemic. The rapid return to full activity in hospitals post-Covid combined with the impact of pent-up demand for services deferred during Covid has contributed to the escalation in claims volumes and costs. In addition, advances in drugs, procedures and other medical innovations and technologies, supporting enhanced healthcare outcomes, have also impacted on the cost of providing care to members.
Commenting on today’s announcement Mr Aaron Keogh, Managing Director, Vhi Insurance DAC said “2023 has been an extraordinary year marked by an accelerated growth in healthcare claims volumes stemming mainly from Covid related issues. This is driving an unprecedented increase in healthcare claims costs. Claim volumes in 2023 increased by more than 20% compared to 2022.”
He continued “This unprecedented demand for healthcare from our members has led to a rapid increase in claims volumes and associated costs. We are taking the difficult steps required to address this matter. We have implemented a broad range of value and efficiency measures within the business as part of these efforts, however, the scale of the increase in healthcare services accessed by our members means that this price increase is necessary. We are conscious of the financial pressures facing many of our members and are committed to delivering value by giving them access to high quality healthcare at the lowest possible prices.”
He continued: “Our members are now getting more healthcare treatments not only in traditional hospital settings but also through new healthcare services which we have designed, invested in, and delivered for our members in the community and online. Access and usage of our primary care services has also increased significantly and this is a positive development in the long term as we actively encourage our members to look after their health and are committed to providing them with more diverse and convenient healthcare options.”
“In the past 12 months Vhi introduced many new healthcare services for members including access to more preventative health services – helping them stay well. We know our members value these services and are using them. Last year alone there was over 630,000 healthcare interactions with Vhi’s Health and Wellbeing services including access to Vhi’s doctors, nurses and allied healthcare professionals. This represents a 21% increase in usage on the previous year.”
Vhi is the only provider in the market that exists solely for the benefit of its members. Any profits made are re-invested on behalf of members to provide new and enhanced services and during Covid when claims were significantly down Vhi returned €450 million in premium waivers to members.
In 2023 Vhi introduced a range of new benefits and services including a rapid access dermatology service, a sports exercise and musculoskeletal clinic, a Women's Health Clinic, a Positive Minds programme delivered by clinical psychologists and significantly increased capacity on the online health team.
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Issued by:
Brighid Smyth / Niamh Walker
Vhi Group Services DAC
M: 086 8270905 / 086 608 6764
Notes to the Editor
Examples of Price Changes
Solvency and Financial Condition Report (SFCR) & Archive
Annual Reports
Membership grows for eighth year in a row
Over 500,000 healthcare interactions with Vhi Health & Wellbeing Services in 2022
Vhi Group has announced its annual results for the year ending 31st December 2022. For the year reported, Vhi delivered a strong financial performance despite the impact of the ongoing pandemic, the economic consequences of the war in Ukraine, and the cost of living crisis. For the eighth consecutive year there was an increase in the number of people choosing Vhi as their healthcare partner.
Vhi Group achieved strong growth in demand for its private medical insurance offering with 23,400 additional health insurance customers choosing Vhi, bringing total membership to 1,177,600 at year end. Gross earned premium for private health insurance in 2022 was €1.6 billion up from €1.589 billion in 2021 driven by this increase in members.
Total claims paid in 2022 amounted to €1.425 billion, representing an increase of 10% on 2021.The cost of meeting customers’ healthcare needs increased in the second half of the year as demand for healthcare services returned to pre-pandemic levels. There was also an increase in the costs associated with the delivery of healthcare due to increases in wage, energy and other costs, including infection control.
Vhi achieved a net surplus of €34.3 million from consolidated business activities. This was lower than the previous year, when a net surplus of €65.3 million was achieved. This variance was due to the increase in claims volumes and costs, the reduction in market values of Vhi’s investment portfolio, and increased operating costs as Vhi invests in healthcare and technology.
Income from Vhi’s other insurance products and services including Vhi MultiTrip, Vhi Dental, Vhi International and Vhi Life grew substantially, amounting to €37.8 million, an increase on the €26.2 million recorded in 2021. Ireland’s emergence from Covid-19 restrictions helped drive growth, with Vhi’s MultiTrip’s insurance offering, in particular, recording a steep recovery in demand and closing out the year with over 327,000 customers.
See full press release here
Vhi's 2022 annual report (English)
Annual Reports Archive (English)
Annual Reports Archive (Irish)
Gender Pay Gap Report
Protected Disclosures Report
To report a concern related to wrongdoing which came to your attention in connection with your work with Vhi (a protected disclosure), you can do so via the confidential email address reportaconcern@vhi.ie.
What can you report: Any wrongdoing which has or is likely to occur, based on your reasonable belief. This includes but is not limited to breaches of legal obligations, an offence (e.g. bribery, corruption, fraud), endangering the health and safety of you or another person or damage to the environment.
NB This channel cannot be used for suggestions, personal grievances or concerns regarding workplace relationships.
Contact our Press Office
Head of Corporate Communications
E-Mail: brighid.smyth@vhi.ie
For media queries only:
Tel: (01) 6147348
Mobile: 086 8270905
Corporate Communications Manager
E-Mail: niamh.walker@vhi.ie
For media queries only:
Tel: (01) 8871825
Mobile: 086 6086764