Premium income hits £11m at healthcare cash plan provider
A Bradford-headquartered health care cash plan provider has recorded premium incomes of £11m and paid out claims of £7.3m during a ‘record’ year.
Sovereign Health Care said that for the financial year ended 31 December 2018, premium income had risen to £11m – up from £10.8m in the previous year. Paid out claims rose by £100,000 to £7.3m.
The 145-year-old firm has around 75,000 customers and employs 47 people. Sovereign Health Care said it had been a record year in which it added further value to its product offer and introduced a number of enhanced services to customers during the year. The company also launched a secure online customer area.
Sovereign Health Care has no shareholders and any surplus the company makes is made available to reinvest into the business or donate to community and charitable good causes through its Community Programme. In 2018, it donated more than £675,000 to Yorkshire good causes with a health and well-being focus, equating to 6.1% of its annual premium income. This included a total of £70,000 to seven Yorkshire hospital trusts, to mark the NHS’s 70th birthday.
Sovereign Health Care chairman, Mark Hudson, said: “2018 was a very successful year for the business, which saw us extend our reach into the wider West Yorkshire area as the only local provider of health cash plans.
“The uncertainty of the Brexit negotiations plus differing economic news around the globe contributed to a volatile investment market, however our capital position remains extremely strong allowing us to donate a significant sum to local community and charitable initiatives through our Community Programme – we’ve donated over £6m in the last decade.
“As we look ahead our focus is on making our products even more relevant and for our cash plans to complement health care services, regardless of whether they are accessed through the NHS or on a private basis.”
Sovereign Health Care’s cash plans enable customers to claim money back towards the cost of prescriptions, dental check-ups and treatment, visits to the optician and much more.
Chief executive, Russ Piper, added: “Sovereign Health Care remains in great shape to continue to deliver value for money cash plan products to its customers and make a positive difference to the local community. I am very pleased with our business outcomes in 2018 as we continue to invest heavily in our IT systems and review how best we can provide value added services that help to improve the health and well-being of our customers and communities.
“Sovereign Health Care is a great place to work, particularly with the positive difference we make to people’s lives. This is in no small part due to the dedication of our staff and the loyalty of our customers.”
