Leading not-for-profit health insurer HCF has announced a record annual policy growth of 5.3 per cent.
The company, which said the result was 1.6 times higher than the industry rate, now has an 11.6 per cent market share.
It also reported revenue growth of 7.3 per cent in the financial year 2021 and paid benefits of $2.8 billion. This funded 633,300 hospital admissions, 5.4 million medical services and 10 million extras services.
HCF CEO Sheena Jack said, “We’ve just experienced our highest retention rate in nine years.
“Our success is not just measured by membership growth and retention though – it’s measured by how we successfully provide industry-leading health and wellbeing programs to help members live healthier lives.
“As a not-for-profit, our members can rest assured knowing every decision we make is for them. We are deeply committed to meeting our members’ needs and budgets better than anyone else,” said Ms Jack.
She continued, “During the pandemic we supported people by providing $83 million in financial support, including a six-month deferral of last year’s premium increase."
The company said total support provided to members since the commencement of the COVID-19 pandemic has exceeded $150 million.
“Stepping up to support 70,000 members by continuing their health insurance coverage while they were in a period of financial hardship was just one way of proving our unflinching commitment to our members, because they are who we exist for,” added Ms Jack.