Revenue and profits rise for health benefits group BHSF

Peter Maskell, Group Chief Executive, BHSF

Birmingham-based health benefits business, BHSF Group, has seen continuedgrowth with revenue up more than 3% in 2016 to £40.9m (2015: £39.6m).

The total surplus on ordinary activities for the year (effectively pre-tax profit) also rose, up to £0.64m (2015: £0.51m).

The group, whose origins go back to 1873 and the formation of the Birmingham Hospital Saturday Fund, provides health cash plans and personal accident insurance, a range of employee benefits and a portfolio of HR support and occupational health services to 3,100 client businesses and 240,000 policyholders plus their families nationwide.

The group said the launch of a new mobile app – BHSF Connect – had proved particularly popular and was helping to support sales of the group’s health cash plans.

In addition, new insurance applications were ahead by 20%.

Last year saw the company form a new sales unit, the Partnership Division, which focuses on sales of its Plan4Life personal cancer cover and its Plan4Sure sickness absence insurance.

The BHSF Occupational Health (OH) subsidiary was strengthened by the acquisition of Nexus Healthcare and Newhall Medical Practice. This has effectively provided BHSF OH with nationwide coverage and it said the full integration of these businesses was progressing well.

Newhall, soon to be renamed BHSF Medical Practice, will be relocating to Bruntwood’s  Cornerblock development in Cornwall Street where it will offer a private GP service, health screening and a travel clinic as well as occupational health services.

The OH division has recently relocated its head office from Bromsgrove to Lyndon House, Hagley Road in Edgbaston.

Peter Maskell, BHSF chief executive, said: “We have contended well with huge regulatory changes, including the introduction of Solvency II for which we have been preparing for several years, but the costs of doing so have been considerable.”

However, he said a doubling of insurance premium tax in three stages in less than two years was making it more expensive for people to provide for their health and wellbeing needs.

BHSF also donated almost £55,000 to various charitable organisations during the year. Its social responsibility partners include St Basils, Acorns Children’s Hospice and The Ladywood Project.

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