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Annual Reports

Membership grows for eighth year in a row
Over 500,000 healthcare interactions with Vhi Health & Wellbeing Services in 2022


Vhi Group has announced its annual results for the year ending 31st December 2022. For the year reported, Vhi delivered a strong financial performance despite the impact of the ongoing pandemic, the economic consequences of the war in Ukraine, and the cost of living crisis. For the eighth consecutive year there was an increase in the number of people choosing Vhi as their healthcare partner.

Vhi Group achieved strong growth in demand for its private medical insurance offering with 23,400 additional health insurance customers choosing Vhi, bringing total membership to 1,177,600 at year end. Gross earned premium for private health insurance in 2022 was €1.6 billion up from €1.589 billion in 2021 driven by this increase in members.

Total claims paid in 2022 amounted to €1.425 billion, representing an increase of 10% on 2021.The cost of meeting customers’ healthcare needs increased in the second half of the year as demand for healthcare services returned to pre-pandemic levels. There was also an increase in the costs associated with the delivery of healthcare due to increases in wage, energy and other costs, including infection control.

Vhi achieved a net surplus of €34.3 million from consolidated business activities. This was lower than the previous year, when a net surplus of €65.3 million was achieved. This variance was due to the increase in claims volumes and costs, the reduction in market values of Vhi’s investment portfolio, and increased operating costs as Vhi invests in healthcare and technology.

Income from Vhi’s other insurance products and services including Vhi MultiTrip, Vhi Dental, Vhi International and Vhi Life grew substantially, amounting to €37.8 million, an increase on the €26.2 million recorded in 2021. Ireland’s emergence from Covid-19 restrictions helped drive growth, with Vhi’s MultiTrip’s insurance offering, in particular, recording a steep recovery in demand and closing out the year with over 327,000 customers. 

See full press release here



Vhi's 2022 annual report (English)


Vhi's 2022 annual report (Irish)

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