Health Shield has announced its 2018 results, revealing another year of impressive growth across all its products and services.
The friendly society’s premium income rose by 8%, the 18th year in succession it has increased. This was despite the UK economy suffering its lowest level of annual growth since the financial crisis, with continuing uncertainty surrounding the impact of Brexit.
Health Shield achieved revenue of £41.3m, up 8% from £38.1m in 2017. Membership also continued to increase, with 115,000 members joining during the year. The Society now holds the position as the largest corporate cash plan provider*, covering 332,000 employees.
Health Shield key results 2018:“We continued to grow our business and achieved impressive year-on-year growth of 8% gross premium income, making 2018 the 18th consecutive year we have increased our premium income. This is because we listen to what intermediaries, employers and employees want. We differentiate our offering by encouraging employees to take control of their own health and wellbeing, to ultimately reduce and prevent longer term illnesses. The success of this strategy is borne out by our wellbeing service usage data. We’re taking a leadership position on providing integrated physical and psychological support tailored to need. We believe that affordable healthcare should be as accessible to a small construction company in Burnley as a large firm of solicitors in London.
“Over recent years, we’ve been diversifying our product offerings into the wider health and wellbeing market alongside digitising our systems and processes. These changes will be consolidated into an entirely new and innovative proposition for the corporate wellbeing market later this year, leading the business – and the Health Cash Plan market – into a new era and enabling us to continue our impressive recent growth record into the future.
“Health Shield’s aim is to help people lead healthier, happier and more productive lives. We want to be personable and friendly, traditional yet technological, inclusive and good to members and customers alike. We will continue to offer products that provide better healthcare all round, with services that keep companies and their staff in the best of health.”