Health Shield reports strong results

Health Shield has announced a strong performance last year as its annual premium income increased to more than £20m and earned premiums grew by 12%.

The health cash plan provider also saw significant rises in the number of new members and new company paid groups schemes.

New members jumped 63% to 40,311 from 24,656 in 2008, while new company paid group schemes totaled 147, up 145%.

However, the number of members retained during the year did fall by 2%.

Alongside the increased members, the volume of claims paid rose to 322,571, and the friendly-society adds that it paid-out almost 80% of its contributions back in the form of benefits.

The significant growth is part of a plan to double annual premium income by 2013, and it broke through the 100,000 membership barrier earlier this year.

Jonathan Burton, chief executive at Health Shield, said: "Health Shield has continued to demonstrate great resilience and ambition during 2009, in a fiercely competitive market."