Vhi inside p1-24 pdf

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1 2 3• Employee Assistance Programmes (EAP’s):Vhi Corporate Solutions offer acomprehensive and confidential 24 hours aday, seven days a week support service foremployees. This service was launched inSeptember 2002.We believe that there are other important areaswhere we can add substantial value to ourcorporate customers and their employees. Weare working to break down the barriers whichcurrently hinder some of these developments.FINANCIAL RESULTS:The key elements of the financial results can besummarised as follows:• profit after tax increased by 129% from€14.7m to €33.8m. This represents areturn of less than 5% of premium incomeand has served to marginally increase thereserve ratio in the balance sheet from30.5% at 28 February 2002 to 31.4% at 28February 2003.• growth in membership and premium rateincreases contributed to a 15.3% increase inearned premium income.• claims costs increased by 14.3%. This wasless than had been budgeted mainly becausepayments to Public hospitals were reducedby the effect of the winter vomiting virus andincreased usage of pay beds by publicpatients admitted through Accident &Emergency departments.• growth in operating expenses was restrictedto 0.5%. The ratio of operating expenses toearned premium has fallen from 9.7% to8.4% over the year.• investment income increased by 56%. A moveto an even more conservative investmentpolicy at end of 2001 meant that we escapedexposure to falling equity markets and enjoyedgains on fixed interest stocks as interest ratesdeclined. This level of investment return isunlikely to be repeated.• the Unexpired Risk Reserve has beenincreased to €35m. This reserve arises fromthe decision of the Board that the priceincrease that it is prepared to pass ontomembers at 1st September 2003 is unlikelyto be sufficient to cover costs in the absenceof risk equalisation.14
1+2 Photographs from Vhisponsored exhibition,Waterford InternationalFestival for Children.3 Cassidy Quintupletslaunch new childdomain at www.vhi.ieBRAND DEVELOPMENT:Brand awareness activities focused on wellnessand lifestyle themes. The aim is to reflect ourstrong customer focus and support theproposition ‘Its All About Living’. The activitiesincluded:• ‘Zest For Life’: A national campaign promotinghealthy eating, stress management, exerciseand lifestyle. The central event was held inthe RDS Dublin and was attended by over1,400 people. It received widespread mediacoverage.• ‘Viva – Water For Life’: A campaign to promotethe benefits of drinking water involveddistributing over 60,000 refillable brandedbottles to many of our corporate groupschemes.• ‘Its All About Living’ Web Campaign: This waslaunched in January 2003 to encourage youngpeople to focus on changing to healthierlifestyle habits.• ‘Its All About Living’ Magazine: This ispublished quarterly and circulated to membersat renewal date.• Sponsorships: These included children’s artsactivities at Kilkenny Arts Festival and BaboroChildren’s Arts Festival in Galway; aphotographic exhibition by children atWaterford International Children’s Festival.Sports sponsorships include the Irish 49ersailing team seeking to qualify for theOlympics in Athens in 2004 and internationalcanoeist and staff member, Sarah Lang.Our health portal www.vhi.ie continues to attractlarge volumes of online traffic with 55,000unique visitors to the site each month. It isgreatly appreciated by members and wasenhanced during the year to provide up-to-datemedical advice and help. This included thelaunch in November 2002 of a new ChildDevelopment and Parenting domain.15
Page 1 and 2: Vhi Healthcare Annual Report & Acco
Page 3: Photographs from Vhisponsored exhib
Page 6 and 7: Board of Directors1 2 3 4 5 61 Mr D
Page 8 and 9: Chairman’s ReviewDerry HusseyChai
Page 10 and 11: 1 3 38PRSI ON BENEFIT-IN-KINDIn the
Page 12 and 13: Operations ReviewDespite the challe
Page 14 and 15: 1 2developments maximise the utilis
Page 18 and 19: Employees by Job Type at February 1
Page 20 and 21: 1 2 3 4 5 6 7Executive Management T
Page 22 and 23: Report of the DirectorsThe Director
Page 24 and 25: Report of the AuditorsIndependent A
Page 26 and 27: Operational Statistics 2003 2002Num
Page 28 and 29: Accounting PoliciesBasis of Prepara
Page 30 and 31: Profit and Loss Account Year to end
Page 32 and 33: Balance Sheet As at 28th February 2
Page 34 and 35: Notes to the Accounts1 Earned premi
Page 36 and 37: Notes to the Accounts7 Other financ
Page 38 and 39: Notes to the Accounts14 Movement in
Page 40 and 41: Notes to the Accounts18 Retirement
Page 42: Company DetailsMain BankersAIB Bank

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