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HBF pays a billion dollars to members in 70th anniversary year – 2010/11 Annual Results

Announcing HBF’s 2010/11 annual results, Rob Bransby said that the HBF Group had performed strongly in all areas of its business and that HBF Health had underlined its position as the health fund for Western Australians.

“This was a year where economic uncertainty, fierce competition from eastern states funds and an unsympathetic federal government have provided a particularly challenging environment” Mr Bransby said.

“Despite this we’ve managed to grow our membership and pay record amounts in benefits”.

Member contributions for the year totalled $1,178 million.  Benefits paid to health members totalled $995 million and $48 million was paid in general insurance claims, including $2.2 million in claims resulting from the bush fires that swept through Kelmscott and Roleystone in February.

For HBF Health, benefits relating to private overnight hospitals rose by 8% to $614 million while benefits for day surgeries were up by 25% to $24 million. 

The number of Western Australians with HBF Health policies grew by 3.2% during the year with membership totalling 890,106 at the end of June 2011.

Despite continuing volatility in financial markets HBF’s investments performed strongly, contributing $75 million to a net surplus of $134 million for the HBF Group as a whole.

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Media contacts: Andrew Walton:  08 9265 6181 / 0438 925 050