GMHBA records healthy membership growth

GMHBA Limited Chairman Michael Dowling announced at their Annual General Meeting on Tuesday September 23 that the fund achieved a positive operating result for 2007/08 of $1.05 million.

Chairman, Mr. Dowling stated, “While GMHBA recorded a profit of $1.05 million for the year the result was adversely impacted by negative returns from equity investments. The Company grew impressively during the year with premium income increasing by 10.6% and memberships increasing from approximately 73,000 memberships to more than 77,500 (which represents approximately 170,000 Australians).”

“GMHBA is in a sound financial position with more than $139 million assets and reserves of $83 million. GMHBA remains in a position to offer low premiums and maintains the most extensive branch network in Geelong and regional Victoria.” Mr Dowling went on to say.

GMHBA who is currently ranked 12^th largest health fund nationally recently received Federal Court approval to transfer Druids Health Benefit Fund members to GMHBA.The acquisition will boost GMHBA’s membership by around 8% and increase the number of policies on issue by approximately 5,000 based on current Druids member numbers.

Commenting on the results for the year, GMHBA Chief Executive Mark Valena said, “With a current national market share of 1.5% and a positive operating result of $1.05 million in 2008, we will continue to strive to get the right balance of providing value for money whilst maintaining a sustainable surplus. This ‘balancing act’ is evident with GMHBA’s 2008 premium increase again being lower than the industry average and our receiving more hospital ‘best buy’ mentions than any other health fund from Australia’s leading independent consumer magazine three years running in 2006, 2007, 2008”.

“The team at GMHBA are very much aware of our responsibility to look after our members’ premiums and make the best possible health services available. Being a member based community health fund, our key objective is to be the most recommended fund in the communities we serve setting a new benchmark in not-for-profit community health insurance for the future.” Mr Valena said.

GMHBA Limited 2007/08 results (at a glance)

·         Membership increase of 5.94%

• GMHBA is Australia’s 12th largest health fund.
• Contribution income increased to $164.5 million.
• Underwriting surplus of $19.6 million
• Total operating surplus of $1.05 million
• Reserve levels increased to $83 million.
• GMHBA paid $144.9 million in claims in 2007/08.

Download the 2007-2008 Annual Report here. 

 

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