Overview
- 555,232 policies (up 9.9%), with 25 consecutive months of policy growth
- Market share increased to 7.82% (30 June 2021: 7.30%)
- 18.6% of policies held outside of WA (30 June 2021: 11.2%)
- 1,099,478 members (up 9.7%)
- Returned $41.9 million in COVID-19 savings returned to HBF policyholders and $3.7 million to CUA Health policyholders following HBF’s acquisition
- Further expansion into health services, with three more HBF Dental centres opened and the acquisition of physiotherapy business Life Ready
- $28.4m negative return from investment portfolio and strategic investments due to volatile financial markets (FY21: $80.0 million positive return)
- Net loss of $96.9m (FY21: $17.7 million net profit), impacted by negative investment returns and revaluation of Perth head office
- HBF well positioned to target further national growth, the integration of recent acquisitions, and ongoing investment in the transformation program
HBF, Australia’s fifth biggest health fund, has today released its 2022 Annual Report.
Interim Chief Executive Officer Simon Walsh said in the year HBF delivered on key strategic initiatives and continued growing its national market share in an increasingly challenging economic environment.
“It is a complex task to simultaneously retain, re-invent and improve an 81-year-old organisation. In FY22, we acquired a health fund and a physiotherapy business, achieved month-on-month policy growth for the second consecutive year, opened three more HBF Dental centres, secured new health partnerships, and progressed our major technology transformation program,” Mr Walsh said.
“These achievements were aligned with our strategy of expanding nationally, diversifying into health services, and transforming our technology to provide seamless member and provider experiences – a strategy focused on ensuring HBF continues to provide value for its members.
“We delivered on our strategic initiatives while staying true to our purpose as a not-for-profit, member-based organisation that truly cares about its members, its people, and the communities it operates in.
“However, it was a year not without its challenges. Our financial performance was impacted by the costs of delivering on this strategy, in particular the transformation program. In addition, like others our investments portfolio was impacted by volatile financial markets in FY22, resulting in a negative return, whereas in FY21 a positive return from our investments portfolio enabled HBF to report a net profit.
“We have also revised down the value our Perth head office, Walburniny, to $65.0 million, reflecting recent market evidence and our opinion that there are defects in the façade, which is the subject of litigation against the builder and other relevant parties.
“Looking ahead, HBF remains well-capitalised and positioned to make the most of our strategic investments and respond to continued economic pressures. We are targeting further national growth, the integration of our recent acquisitions, and, importantly, ongoing investment in the transformation program.
“Above all, we are committed and focussed on ensuring HBF provides ongoing value for our members.”
Download the Annual Report 2022 (PDF)
Media contact: Adrian Watson, HBF Corporate Affairs,
CorporateAffairs@hbf.com.au or 0419 040 807
About HBF
HBF was founded more than 80 years ago in Perth and has provided private health insurance to generations of Western Australians. HBF has expanded to be Australia's second largest member-based not-for-profit health fund, providing hospital and ancillary insurance to approximately 1.1 million members nationwide. HBF is also becoming a more active participant in health services through the recent acquisition of physiotherapy business Life Ready, ongoing expansion of HBF Dental, its partnership with TerryWhite Chemmart outside of WA and an ongoing alliance with Pharmacy 777 in WA. HBF is committed to actively connecting with and supporting the communities in which it operates as a trusted member-based organisation.