Home > Ireland > Vhi Group reports net surplus of €56.4m for 2016

Vhi Group reports net surplus of €56.4m for 2016

Written by Robert McHugh, on 19th May 2017. Posted in Ireland

article headline

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. 

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.

The figures show 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. 
 
Commenting on the financial results, Chief Executive at Vhi Group, John O’Dwyer said, "I am pleased to report that 2016 was another successful year for Vhi Group. We grew our private health insurance membership and continued the growth of our diversified insurance and health care services offerings resulting in the delivery of another strong financial performance. These results were achieved despite the difficult dynamics of an ageing population, medical inflation and the persistence of low investment returns."

Source: www.businessworld.ie

More articles from Ireland

image Description

Delivery of affordable medium rise apartments in Dublin is "not commercially viable"

Read more
image Description

Vitalograph announces 50 new Irish jobs

Read more
image Description

Minister announces €77m development plan at Bon Secours Hospital Cork

Read more
image Description

Ireland’s pension system requires urgent reform says report

Read more
image Description

Dublin Hotels full over 300 nights per year

Read more