GMHBA Limited Chairman Michael Dowling announced at their
Annual General Meeting on Tuesday that the fund achieved
a positive operating result for 2006/07 of $16.171 million.
The improved result was attributed to a 10.7% increase in
contribution revenue, a low premium increase of 3.89% in April
2007 and strong membership growth. A robust investment
environment also delivered $10.19 million in investment
revenue.
Commenting on the current legislation that facilitates the
privatisation of Medibank Private and the fact that two large NSW
funds are progressing along the path to listing on the Australian
Stock Exchange, Mr Dowling noted, “The Fund undertook detailed
research of members’ views on whether GMHBA should remain
a not-for-profit mutual organisation. Members’ views revealed
a clear preference for GMHBA to remain as a not-for-profit mutual
organisation.”
GMHBA Chief Executive Paul Whelan also stated, “We’ve grown
to in excess of 73,000 memberships covering more than 160,000
Australians. Reflecting our value and service, GMHBA grew faster
than the industry average for the sixth year in a row. In addition
the fund has paid out over $124 million in claims in 2006/2007
which represents more than $340,000 per day in benefits paid to
members”.
Mr Whelan also said, “Our members can have confidence their
not-for-profit fund continues to perform well and we remain
committed to working as a trusted partner in the regional
communities we serve to deliver both excellent customer service
and access to quality, affordable health care. While GMHBA
is Victoria’s 4th largest health fund by membership, a leading
consumer magazine earlier this year awarded GMHBA more hospital cover best
buys than Medibank, HBA and Australian Unity combined.”
GMHBA Limited 2006/07 results (at a glance)
