Leading cash plan provider Medicash has announced increased sales in its annual results published today.
Premium income hit £24.3m – an increase of £1.3m on the previous year. Sales of company paid plans continued to rise as did the total number of policyholders.
- Total policyholders: 199,409 (up 5.9% from 188,314 in 2015)
- Premium income: £24.3m (up from £23m)
- Value of claims paid: £19.3m (up 5% on 2015)
- Company paid plans now account for over 55% of all policies.
Finance Director Andy Roberts said: “This is a strong set of results in what was a very challenging environment in 2016. Insurance Premium Tax (IPT) has doubled since the end of 2015 and this, inevitably had a negative impact on all cash plan providers. Despite these significant cost pressures Medicash has increased premium income whilst maintaining low operating costs, ensuring that a high proportion of premiums are returned to our policyholders through claims.
“We continue to focus heavily on product innovation and service whilst maintaining a strong emphasis on relationships with all our customers.”
Technology has continued to play a key role in the market with the 100,000th claim recently being submitted via the Medicash App.
Medicash’s charitable donations for 2016 totalled £117,000.