By Andrew Young
Sovereign Health Care has reported its highest-ever premium income of £10.8 million, while matching the record £7.2m it paid out in claims during the previous financial year.
The Bradford-based company, which has its Royal Standard House headquarters on Manningham Lane, also recorded a pre-tax surplus of £4.3m with premium income up £150,000 year-on-year.
The firm, which is one of the leading providers of healthcare cash plans to individuals and businesses in the UK, has around 75,000 customers.
The plans come with benefits which allow users to claim money back on costs including prescriptions, dental check-ups, treatment, and optician visits. An additional credit to the company was its decision to donate over £485,000 to Yorkshire charities, last year. equating 4.5 per cent of its annual premium income. Its total donations over the last decade to £5.8m.
Commenting on the figures, company chairman Mark Hudson said: “Our 2017 results show the continued importance that Sovereign Health Care plays in helping people provide for their everyday health care, as well as our substantial donations to charitable causes in the local community.
“This is my second tenure as chair and it is fair to say the difference in our industry due to the level of regulation between now and my first tenure in 2006-2010 is immense.