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Report of the AuditorsIndependent Auditors’ report to theDirectors of the Board of the VoluntaryHealth Insurance Board.We have audited the accounts ofVoluntary Health Insurance Board forthe year ended 28 February 2003 whichcomprise of the Profit and LossAccount, the Balance Sheet, the CashFlow Statement, the statement ofaccounting policies and the relatednotes 1 to 18. These accounts havebeen prepared under the accountingpolicies set out therein.This report is made solely to theDirectors of the Board of VoluntaryHealth Insurance Board in accordancewith Section 19 of the Voluntary HealthInsurance Act 1957. Our audit workhas been undertaken so that we mightstate to the Directors those matters weare required to state to them in anauditors’ report and for no otherpurpose. To the fullest extent permittedby law, we do not accept or assumeresponsibility to anyone other than theBoard and the Directors as a body forour audit work, for this report, or for theopinions we have formed.Respective responsibilities of Board andAuditorsThe Directors are responsible forpreparing the Annual Report including,as set out in the Statement of Directors’Responsibilities, the preparation of theaccounts in accordance with applicableIrish law and accounting standards. Ourresponsibilities, as independentauditors, are established in Ireland bystatute, the auditing standards aspromulgated by the Auditing PracticesBoard in Ireland and by our profession'sethical guidance.We report to you our opinion as towhether the accounts give a true andfair view.We review whether the corporategovernance statement reflects the Board’scompliance with the seven provisions ofthe Combined Code specified for ourreview by those rules and we report if itdoes not. We are not required to form anopinion on the effectiveness of theBoard’s corporate governance proceduresor its internal controls.We read the other information containedin the Annual Report and considerwhether it is consistent with the auditedaccounts. The other informationcomprises only the Directors’ Report,which includes the corporate governancestatement, the Chairman’s Statement, theReview of Operations and theComparative Results table. We considerthe implications for our report if webecome aware of any apparentmisstatement or material inconsistencieswith the accounts. Our responsibilities donot extend to other information.Basis of audit opinionWe conducted our audit in accordancewith the auditing standards issued bythe Auditing Practice Board andgenerally accepted in Ireland. An auditincludes examination, on a test basis, ofevidence relevant to the amounts anddisclosures in the accounts. It alsoincludes an assessment of thesignificant estimates and judgmentsmade by the Board in the preparation ofthe accounts and of whether theaccounting policies are appropriate tothe circumstances of the Board,consistently applied and adequatelydisclosed.We planned and performed our audit soas to obtain all the information andexplanations which we considerednecessary in order to provide us withsufficient evidence to give reasonableassurance that the accounts are free frommaterial misstatement, whether caused byfraud or other irregularity or error. Informing our opinion we evaluated theoverall adequacy of the presentation ofinformation in the accounts.Other Technical Provisions – UnexpiredRisk ReserveIn forming our opinion, we haveexamined the amount of €35.1 millionincluded in other technical provisions andthe assumptions on which the provision isbased. We have also considered thedisclosures made in note 9 to theaccounts with regard to both the provisionand the likelihood of further significantlosses being incurred in future years inthe absence of adequate remedialmeasures in relation to risk equalisationand commercial freedom. In view of thesignificance of the uncertainties withregard to the assumptions underlying theprovision and the likelihood of furthersignificant losses, we consider that thesematters should be drawn to yourattention. Our opinion is not qualified inthis respect.OpinionIn our opinion the accounts give a trueand fair view of the state of the affairsof the Board as at 28 February 2003and of the profit of the Board for theyear then ended.Deloitte & ToucheChartered Accountants and RegisteredAuditorsDublin28 May 200322
Irish 49er sailingteam, sponsored by<strong>Vhi</strong> Healthcare,prepare for 2004Olympics.23
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 16 and 17: 1 2 3• Employee Assistance Progra
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 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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