But a $20 million loss after tax comes on the back of investment in technology and its wellness division.
Not-for-profit insurer HBF has reported a 7.5% increase in group revenue to $1.995 billion in its 2023 annual report.
The Perth-based company said more than a fifth of its members now live outside WA with Queensland its second-biggest market after HBF’s recent acquisition of Queensland Country Health Fund.
Investment in technology and its wellness division impacted earnings, according to the company, which reported a $20 million loss after tax.
HBF’s five-year strategy ends in FY24 and, according to CEP Dr Lachlan Henderson, this year will be spent reviewing progress and developing a new strategic plan.
“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,” said Dr Henderson.
“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.
“We also continued to look after our members with the return of $110 million in covid savings, $1.7 billion paid as claims, and providing industry-leading service standards.”
The company announced the appointment of Sami Yalavac to its board of directors. 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 cybersecurity.
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