GMHBA records healthy growth  

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 $4.98 million in additional investment income. 

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 4^th largest health fund by membership, a leading consumer magazine awarded GMHBA more hospital cover best buys than Medibank, HBA and Australian Unity combined.”

GMHBA Limited 2006/07 results (at a glance)

· GMHBA is Victoria’s 4th largest health fund.

· Contribution income increased to $148.7 million.

· Underwriting  surplus of $20.02 million

· Return on Investments of $10.27 million

· Total operating surplus of $16.17 million

· Reserve levels increased to $82.0 million.

. GMHBA paid $124.3 million in claims in

  2006/07, more than $340,000 per day.