Southern Cross posts surplus after returning $50m to members
After returning $50m to its members during level four lockdown, Southern Cross today announced a surplus.
Wednesday, September 16th 2020, 12:06PM
Southern Cross Health Society Group has today released its annual financial results, posting a surplus of $32.4 million for the year ended 30 June 2020.
The announcement follows Southern Cross Health Society’s pledge during the Level Four lockdown in April to return $50 million to its members.
In the last financial year, the Society returned $972 million in claims and received $1.138 billion in premiums.
For each dollar received in premiums, it returned 85 cents in claims to members, compared with an average of 62 cents in the dollar among other New Zealand health insurers.
The business paid out 72 per cent of all private health insurance claims, significantly more than its 62 per cent market share based on Health Funds Association of New Zealand data.
Chief Executive Nick Astwick said the Society’s focus during the last financial year was on taking care of its members: “We were with our members from the start of the pandemic, returning $50 million to them, and introducing a significant range of options for those in need of hardship relief.
“At the same time, our workforce was very quickly set up to work remotely, ensuring service levels were seamlessly maintained.”
Astwick said cost-saving digitisation of the business had continued at pace, with 82 per cent of customer channels now fully digitised, and more than 96 per cent of claims submitted digitally.
Southern Cross Health Society retained its Standard and Poor’s A+ financial strength rating for the 18th consecutive year.
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