Leading health care cash plan provider Sovereign Health Care has reported its highest ever premium income of £11m and paid out record claims of £7.3m for the financial year ended 31 December 2018.
Sovereign Heath Care is one of the UK’s longest established providers of health care cash plans to individuals and businesses, with nearly 75,000 customers. These record results top off a hugely successful year for the company, which has been established for 145 years and employs 47 people.
In 2018 Sovereign Health Care added further value to its product offer and introduced a number of enhanced services to customers. Their new ‘Good All Round’ cash plan was launched giving customers money back towards everyday health treatments and services including up to 100% payback on dental and optical costs.
Alongside this, the company also launched a secure online customer area, allowing policyholders to claim online, and giving them easier access to their policy information and claims history.
Sovereign Health Care has no shareholders and any surplus the company makes is made available to reinvest into the business or donate to community and charitable good causes through its Community Programme. In 2018, it donated more than £675,000 to Yorkshire good causes with a health and wellbeing focus, equating to 6.1% of its annual premium income. This included a total of £70,000 to seven Yorkshire hospital trusts, to mark the NHS’s 70th birthday – its largest annual nurses training and hospital grant to the NHS to date.
Commenting on the results, Sovereign Health Care chairman, Mark Hudson, said: “2018 was a very successful year for the business, which saw us extend our reach into the wider West Yorkshire area as the only local provider of health cash plans.
“The uncertainty of the Brexit negotiations plus differing economic news around the globe contributed to a volatile investment market, however our capital position remains extremely strong allowing us to donate a significant sum to local community and charitable initiatives through our Community Programme – we’ve donated over £6m in the last decade.
“As we look ahead our focus is on making our products even more relevant and for our cash plans to complement health care services, regardless of whether they are accessed through the NHS or on a private basis.”
Sovereign Health Care’s cash plans enable customers to claim money back towards the cost of prescriptions, dental check-ups and treatment, visits to the optician and much more. Being able to recoup some of these costs can help individuals to keep on top of their health care by taking preventative measures and getting treatment early.
Sovereign Health Care chief executive, Russ Piper, added: “Sovereign Health Care remains in great shape to continue to deliver value for money cash plan products to its customers and make a positive difference to the local community. I am very pleased with our business outcomes in 2018 as we continue to invest heavily in our IT systems and review how best we can provide value added services that help to improve the health and wellbeing of our customers and communities.
“Sovereign Health Care is a great place to work, particularly with the positive difference we make to people’s lives. This is in no small part due to the dedication of our staff and the loyalty of our customers.”
For further information visit www.sovereignhealthcare.co.uk