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Brighid Smyth
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Annual Reports

Vhi announces a net surplus of €49.8 million for 2014.

28th July 2015 - Vhi has detailed its annual results for the year ending 31st December 2014. The company generated a net surplus of €49.8 million for its consolidated business from a total gross earned premium of €1.462bn. The surplus, which represents a margin of 3.4%, marks the continued strength of Vhi's business as the organisation focuses on the delivery of quality healthcare solutions to customers while continuing to drive down costs.

Commenting specifically on the financial results, John O'Dwyer, CEO, Vhi said: "We have delivered a strong set of results for 2014. This follows a good performance in the preceding two years and this, together with the fact that we are now an insurance company authorised by the Central Bank of Ireland, positions Vhi well for the future. This financial performance was delivered in the context of meeting the healthcare needs of our customers - claims of €1.377 billion were incurred from a total earned premium of €1.462bn."

The key financial results for Vhi Healthcare during 2014 were as follows:

  • After tax results to the 31st of December 2014 showed a net surplus of €49.8 million compared with €65m in 2013 for Vhi's consolidated business activities. The surplus represents a margin of 3.4% which, although 1% down on the previous year, demonstrates the continued strength of Vhi's business.
  • Gross Earned premium for 2014 totalled €1.462 billion, down 1.9% on the previous year. Income from products other than health insurance amounted to €15.6 million during the year, while income from investments was €17.6 million, an increase of €.6 million on 2013.
  • At the end of December 2014 Vhi Healthcare had reserves of €453.7 million representing a significant improvement of 16.7% compared with the previous year's position. This strengthening of reserves can be attributed to a number of key business initiatives taken by Vhi over recent years including improvements in claims and provider management. In addition, our solvency position has been further strengthened by the agreement with our partner Berkshire Hathaway to enter a four year reinsurance agreement commencing during 2014.
  • Total gross claims incurred in 2014 came to €1.377 billion, up by 0.8% compared with €1.366 billion in 2013. The increase in claims costs on the previous year includes the increases in Public Hospital Charges introduced by Government in 2014.
  • Vhi Healthcare's claims ratio i.e. costs incurred for medical care as a percentage of earned premium, came to 89% (versus 87% in 2013) and means that of every €100 received in premium income €89 is allocated to cover the medical care needs of our customers.
Click here to view Vhi Healthcare's full press release in relation to this year's annual report
2014 Year End Annual Report - English
2014 Year End Annual Report - Irish