Health Shield's premium income has risen to a ‘record' of over £31 million; the cash plan provider's annual results have shown.
Health Shield also saw its recruitment of new members increase, rising to almost 75,000. There was a 6% increase in new members and an 11% increase in total members The Society now covers over 240,000 members and their families.
Other results include an 8% rise in earned premiums and more than 76% of annual contributions paid back to members in benefits.
Jonathan Burton chief executive of Health Shield [pictured] said: "In 2015 we achieved our highest level of premium income to date, entirely through organic growth and ongoing investment in our dedicated staff.
"This level of performance has been achieved by ensuring that we adhere to our core Friendly Society values of integrity and trust. We encourage our members to take a proactive approach to looking after their day-to-day health and wellbeing and we ensure that we are able to provide them with the high level of service they deserve.
"Our business stands or falls by the service that we provide and it is this foundation that allows us to continue to create real value for all our stakeholders. This was evidenced in our decision not pass on the recent rises in insurance premium tax to our members until 2017."
Burton added that he expected further "stagnation" in the voluntary paid cash plan market.
He continued: "Part of this may be related to the increasing popularity of company paid cash plans, which appears to have dampened individual demand.
"We have had substantial success in this sector and early indications for 2016 are that this is likely to continue, driven by a number of factors including the widening appeal of cash plans to employers, the income tax relief available, the flexibility of cover and increased interest from intermediaries."
Fully interactive virtual conference
‘Consultation with 36 hours’
Provided in partnership with DocTap
Part One, Two and Three
According to BMA’s latest Covid-19 tracker