Health Shield announces highest ever premium income

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Health Shield saw its premium income rise to £29m in 2014, the highest in the cashplan provider's 138 year history, its annual results have revealed.

The annual results also revealed that it had its highest annual increase in new members in 2014 with an increase of 70,370. In total the society now covers 205,718 members and their families.

The proportion of increase in new members was 26% while the total number of members increase was 19%.

Three-quarters (75%) of annual contributions were paid back to members in benefits in 2014.

During 2014 Health Shield also increased its staff from 110 up to 126.

In December 2014 Health Shield launched a virtual GP service and a rewards website for members.

Jonathan Burton, chief executive of Health Shield, said: "Our strong performance in 2014 has been achieved in the toughest of economic and competitive environments.

"We have reported record results without compromising our creative instincts or our dedication to customer care. 

He added: "Record levels of membership recruitment, improvements in service levels and success at numerous awards have made 2014 our most successful year yet.

"We face a number of challenges as an industry in 2015, including final preparations for the forthcoming implementation of Solvency II.

"We remain in an excellent financial position and continue to undertake initiatives to ensure that the Society consistently achieves value for money for its members."

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