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HBF Still WA's Health Fund of Choice

The release of HBF’s 2009/10 annual results today confirms that the local not-for–profit fund continues to be overwhelmingly the health insurer of choice for West Australians.  The results also show another year where benefits paid to members increased steeply.

Delivering the results at HBF’s AGM today, HBF Managing Director, Rob Bransby said that in a year in which Federal Government policy and fierce competition from eastern states-based funds had provided one of the most challenging environments HBF had ever experienced, HBF had nevertheless maintained its dominant position, and returned a record $876.6 million in benefits to members. 

“We’ve recorded good operating surpluses in every business area, and our share of the WA health insurance market stands at 62% but the figures that give me the most satisfaction are the ones that show how much more we have given back to our members this year” Mr Bransby said.

In 2009/10 HBF’s benefits paid to members for hospital treatment increased by 12.6% to $653.5million while benefits for ancillary services rose 7.2% to $223.1million.

In 2010 HBF’s average premium increase was 4.95%, well below the industry average and one of the lowest of the major Australian health funds.

During the year HBF saw a recovery in the performance of its investments, reversing the losses experienced in the previous year. 

Mr Bransby said that two very different events during the year had also given HBF the opportunity to shine. 

“The first ever HBF Run for a Reason, our own mass participation community event, was a standout for us.  In terms of the numbers of people who participated and the funds raised for our charity partners it succeeded beyond our highest hopes.

“The storm that hit Perth on 22 March 2010 was easily the biggest challenge our general insurance business has faced and generated over 16,700 claims totalling over $68 million.  For us it was an opportunity to step up to the plate when our members needed us most.  We have worked incredibly hard to make the experience of our members affected as painless as possible.”  Mr Bransby said.

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Media contacts: Andrew Walton / Melanie Claessen:  08 9265 6181 / 0400 074 007