Summary
- Group revenue up 7.5% to $1.995bn (FY22: $1.855bn), with growth in both Insurance revenue and Health & Wellness revenue
- More than 1 in 5 members now reside outside of WA, with Queensland entrenched as HBF’s second-largest market after the acquisition of Queensland Country Health Fund on 1 July 2023
- Continued investment in technology transformation program to modernise HBF’s technology, systems and processes, set to complete in FY24
- Investments in technology and wellness division impacted earnings result, with $20.0m loss after tax (FY22 $96.9m loss after tax)
- Improvement in result driven by strong turnaround in investment income to $69.0m (FY22: $28.4m loss)
- $110m in COVID-19 savings returned to members, taking total COVID-19 support to $257.5m, meeting our commitment to not profit from the pandemic
- Raised $1.2m for charity with the return of HBF Run for a Reason in May 2023
- With the current five-year strategy coming to an end in FY24, a new plan will be developed that builds on the investments made and provides ongoing value for HBF members
HBF, Australia’s fifth-largest private health insurer, has today released its 2023 annual report.
HBF Chief Executive Officer Dr Lachlan Henderson said: “With cost-of-living front of mind, HBF has been acutely aware of the importance of providing value in our health insurance products and services to more than 1.1 million HBF members in FY23 while ensuring we position the organisation for the future.
“This has included ongoing investment in our technology transformation program – set to complete in FY24 – further growth in our insurance portfolio nationwide, and expanding our dental, physiotherapy and health services.
“For example, in FY23 we introduced a no-gap check-up and clean for members at our growing number of HBF Dental centres, which is the fastest-growing dental group in WA and soon to have 100 dentists less than three years after its launch.
“We also had 300,000 consultations at our 26 Life Ready physiotherapy clinics in the year and plans are underway to rebrand some of these clinics to HBF Physio and open a new clinic in Perth’s southern suburbs in FY24.
“In addition, we launched new health programs to help keep our members healthy, including being the first health fund in Australia to fully cover the internationally-recognised Good Life with osteoArthritis in Denmark (GLA:D) program for the management of hip and knee osteoarthritis.
“Our membership expanded in FY23 and this has been further bolstered by the acquisition of Queensland Country Health Fund, which completed in early July.
“We also continued to look after our members with the return of $110 million in COVID-19 savings, $1.7 billion paid as claims, and providing industry-leading service standards.
“With HBF’s five-year strategy ending in FY24, this year we’ll be spending time to review our progress and develop a new plan that leads HBF into the future, guided by our continuing commitment to provide value for HBF members.”
In positioning for the future, Sami Yalavac has this week been appointed to the HBF Board as a Non-Executive Director. Mr Yalavac was Chief Information Officer at Bupa Asia Pacific for seven years and is highly experienced across digital operations and transformation, business intelligence, data and cyber security. He was recognised as Australian CIO of the Year at the CIO50 awards in 2022.
HBF Board Chair Diane Smith-Gander AO said: “We’re delighted to welcome Sami to the HBF Board. He brings extensive experience with a people-centric approach to digital innovation as well as an impressive track record in leading cyber security programs - both significant priorities for HBF.”
Download the Annual Report 2023 (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 become Australia's second largest not-for-profit health fund, providing hospital and ancillary insurance to more than 1.1 million members nationwide. HBF is also an active participant in health services through its physiotherapy business Life Ready, expanding HBF Dental business, and pharmacy partnerships with TerryWhite Chemmart outside of WA and Pharmacy 777 within WA. HBF is committed to actively connecting with and supporting the communities in which it operates as a trusted member-based organisation. Visit hbf.com.au