HCF Life Insurance enjoyed a successful year. Revenue increased by 10% to $21.4 million. Claims increased by 28% to $3.6 million, resulting in profit before tax of $3.7 million, a 2% decline on last year’s profit result sales and investment income also increased. Our annual sales increased 20% on last year at $4.5 million, and investment income increased 8% to $2.1 million.
HCF Life Insurance improved member benefits by implementing a 25% increase in the amounts payable under its Medical Trauma insurance policy at no extra cost and passing these benefits to existing members.
Enhancements were also made to the systems used for selling HCF Life products with a number of additional products, integrated into the health insurance delivery system. This helped improve sales performance and reduce compliance risks by automating the production of policy documentation.