Health cash plan provider Health Shield increased its premium income by 8% in 2018, the 18th year in succession it has increased.
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 is now the largest corporate cash plan provider, covering 332,000 employees.
The results also reveal 94.9% of claims submitted were paid last year. There was a 4% increase in the number of claims paid to 620,000, equating to more than £30m worth of claims for 2018, an increase of over £1m year-on-year.
There were more than 500,000 claims for dental, physiotherapy and optical benefits.
Health Shield chief executive Courtney Marsh (pictured) said the cash plan market remained extremely competitive in 2018 with significant ongoing price pressure, impacted further by the insurance premium tax rise in 2017.
“Despite the challenging economic climate, it is encouraging to see that employers are still prioritising and investing in employee wellbeing,” Marsh said.
He added that following the diversification of the friendly society’s product offerings into the wider health and wellbeing market, the changes will be consolidated into a new proposition for the corporate wellbeing market later this year.