Cash plan market buoyant despite economic conditions
Cash plan provider Westfield Health achieved a 29% increase in sales in 2010/11, according to its annual report, increasing its market share to 13.5%.
It is reporting total assets of over £83m, up 13.7% on the previous year, and a "significant" operating surplus in all four quarters of the year, totalling £5.8m. However, net growth was depressed, which the provider attributed to members leaving schemes as the result of redundancies.
Westfield Health chief executive Jill Davies (pictured) said: "Working with public and private sector organisations across the country, Westfield has been acutely aware of the difficult economic environment in which we all have to live and work.
"But organisations are continuing to recognise the importance of offering healthcare benefits to enhance their risk management capabilities and help improve staff morale and productivity. This has resulted in a tremendous increase of more than 76% in new corporate sales."
For the third successive year, Westfield has contained plan premiums "where possible", while adding new benefits.
According to Laing & Buisson, Westfield currently enjoys a 39.6% share of the corporate-paid market. The analyst reported this year that the employer-paid cash plan market grew by 11.2% in 2010 to reach 450,000 contributors.