Donation to The HCF Health 7 Medical research Foundation
$'000
0
5,000
9,000
5000
1000
(80.0%)
Operating profit/(loss)
$'000
47,691
67,315
66,927
47,024
21,988
(53.2%)
Revaluation adjustments increase/(decrease) reflected directly through reservesland & buildings
$'000
1,565
3,193
8,411
13,852
(7,374)
(153.2%)
Solvency ratio (HCF)
– Assets exceed minimum solvency requirements
Coverage
ration
4.6
4.4
4.1
1.9
(55.2%)
Claims ratio
%
90.0
88.9
89.8
90.0
89.4
(0.7%)
Return on assets
%
8.2
9.9
8.7
5.6
2.6
(53.6%)
Management expenses ratio to earned contributions
%
8.7
8.2
8.0
7.9
7.8
(1.3%)
Staff (in full-time equivalents, excluding Dental Centres)
458
453
451
476
472
(0.8%)
Claims paid
Number
2,759,513
2,873,770
3,077,332
3,315,597
3,553,225
7.2%
HCF Life
Item
Unit
2005
2006
2007
2008
2009
% change
on 2008
Profit/(loss) (after tax)
$’000
2,751
2,550
3,575
(1,028)
71
(106.9%)
Total funds under management
$'000
105,014
67,891
65,930
58,706
54,881
(6.5%)
Total equity
$'000
29,860
32,385
35,935
34,882
34,928
0.1%
Shareholder investment returns
$'000
2,572
3,019
4,116
(3,056)
(1,567)
(48.7%)
Coverage of solvency reserve
Times
11.8
12.7
9.5
10.2
10.0
(2.0%)
Earned premiums
$'000
12,478
12,966
14,475
15,740
17,230
9.5%
MU Health
Item
Unit
2005
2006
2007
2008
2009
% change
on 2008
Membership levels
Policies
64,831
70,756
79,598
79,132
74,553
(5.8%)
Total reserves
$'000
45,454
45,680
65,546
85,190
86,423
1.4%
Earned contributions
$'000
146,062
167,592
197,570
224,029
231,093
3.2%
Benefits payable
$'000
111,361
123,762
141,479
165,769
169,376
2.2%
Risk equalisatioin (recovery)/payment
$'000
5,461
9,745
15,296
17,275
18,959
9.7%
State levies
$'000
3,526
3,743
4,080
4,162
4,319
3.8%
Total benefits payable
$'000
120,348
137,250
160,855
187,206
192,654
2.9%
Management expenses
$'000
21,987
23,583
24,641
26,850
40,987
52.7%
Underwriting surplus/(deficit)
$'000
3,727
6,759
12,074
9,973
(2,548)
(125.5%)
Other income/ (other expenses) - net
$'000
4,044
4,867
6,125
7,864
7,209
(8.3%)
Operating surplus/(deficit) before abnormals
$'000
7,771
11,626
18,199
17,837
4,661
(73.9%)
Donation
$'000
–
–
–
150
300
100%
Operating profit/(loss)
$'000
7,771
11,626
18,199
17,837
4,661
(73.9%)
Solvency ratio – Assets exceed minimum requirements
Coverage ratio
2.3
1.8
2.0
3.1
3.7
17.2%
Claims ratio
%
82.40
81.90
81.42
83.56
83.37
(0.2%)
Return on assets
%
10.53
12.35
15.85
13.84
3.40
(75.4%)
Management expenses ratio to earned contributions
%
15.05
14.07
12.47
11.99
17.74
48.0%
MU Retirement and Aged Care
Number of residents – Aged Care
Residents
175
173
180
181
180
(0.6%)
Number of residents – ILU
Residents
181
176
179
178
177
(0.6%)
Earned income
$’000
12,113
15,111
25,289
13,162
5,257
(60.1%)
Profit/(loss) (after Tax)
$’000
1,771
1,977
8,770
3,240
(10,137)
(412.9%)
Revaluation
$’000
1,710
3,261
13,139
0
8,415)
0%
The 2009 Manchester Unity health fund result includes merger and integration costs totalling $14.2m. A normalised result excluding these costs would be a profit of $18.9m. Total merger and acquisition costs for the Manchester Unity group were $20.2m. Normalised profit excluding these costs was $11.5m.
MU Financial sercices
Item
Unit
2005
2006
2007
2008
2009
% change
on 2008
Policy holders
Policies
26,572
19,250
422,486
22,452
18,355
(18.2%)
Earned revenue
$'000
1,439
410,509
1,332
3,640
3,070
(15.7%)
Profit/(loss) (after Tax)
$'000
(1,645)
880,531
(1,528)
121
(2,391)
(2075.7%)
The 2009 Manchester Unity health fund result includes merger and integration costs totalling $14.2m. A normalised result excluding these costs would be a profit of $18.9m. Total merger and acquisition costs for the Manchester Unity group were $20.2m. Normalised profit excluding these costs was $11.5m.
