Media Article
HBF’s 2024 Annual Report
Summary
- $2.26bn in group revenue, exceeding $2 billion for first time in HBF’s +80-year history
- $1.84bn in claims paid to members, up 7.9% on FY23
- Reported a net profit after tax of $44.2m, following two years of losses (FY23: $131.2m loss), representing a 2% net profit margin
- Earnings driven by improved health insurance result and $75.7m in investment returns (FY23: $75.6m)
- Added approx. 75,000 members in the year, bolstered by the acquisition of Queensland Country Health Fund – ended FY24 with almost 1.2 million members
- Highest financial year-end market share in 20 years at 8.05%, with approximately 1-in-4 members now residing outside of WA (2018: 1-in-10)
- Launched see-u brand, expanding our market presence and enhancing our offerings
- Growth in Wellness business, with dental and physiotherapy consultations up 15% to nearly 400,000 consultations
- Introduced fully covered initial physiotherapy consultations at HBF Physio and the HBF Mind Matters program to support mental health
- 4,400 members accessed preventative health services, with those participating in chronic disease management programs in FY24 alone expected to deliver $9.36m in claims savings over the next decade
- Record-breaking HBF Run for a Reason charity fun run in May 2024, with more than 37,000 participants and $1.3 million raised for nearly 300 charities
- Completed a multi-year transformation program in August 2024 to modernise HBF’s technology, systems, and processes
Not-for-profit health insurer HBF has today released its 2024 annual report.
HBF Chief Executive Officer Dr Lachlan Henderson said: “With cost-of-living pressures impacting household budgets, our focus in the year was on continuing to provide value for members as a not-for-profit organisation.
“This included launching new initiatives aimed at improving members’ health and wellbeing while keeping our 2024 premium increase as low as possible and below inflation. At the same time, difficult decisions were made regarding how we best allocate funds to sustainably support our members over the long-term.
“Amongst several new initiatives this year was the introduction of a fully covered initial physiotherapy consultation for eligible members attending one of our HBF Physio clinics, complementing our popular no-gap ‘check-up and clean’ at HBF Dental. We also launched a new wellbeing program, HBF Mind Matters, supporting eligible members with personalised mental health recovery plans.
“HBF ended FY24 with almost 1.2 million members and a market share of 8.05 per cent, our highest level in 20 years. Today, almost one-quarter of our members live outside of Western Australia compared to around one-in-ten when our national expansion strategy was launched in 2018.
“In addition, last month we completed our multi-year program to upgrade our technology and systems, which will enable our members to engage with HBF with greater ease into the future through enhanced digital channels and seamless self-service interactions.
“Looking ahead, we are busy developing a new strategy that builds on our successful national expansion across our insurance brands (HBF, Queensland Country Health and see-u) while leveraging our investments in our dental and physiotherapy clinics and new technology platforms. We continue to explore new opportunities to support members’ health and wellbeing, while providing quality, affordable health insurance products.
Download the Annual Report