9th April 2025

Private Medical Insurance membership exceeds 1.2m in 2024

Vhi paid a record €1.74bn in claims to meet the healthcare needs of its members

Vhi had a solid financial performance resulting in a net surplus of €36m – a significant turnaround from the deficit of €43m reported in 2023   

April 9th, 2025: Vhi Group today announced its annual results for year ending 31st December 2024. In 2024 Vhi saw a return to financial surplus following a difficult year in 2023 where healthcare expenditure exceeded premium income resulting in financial losses. At year end 2024 Vhi reported a net surplus of €36m (2023: Net Deficit €43m) representing a significant financial turnaround.

Vhi reported €1.88bn in gross written premium for its private medical insurance business. This is the tenth consecutive year of growth in private medical insurance (PMI) membership and Vhi remains the largest health insurance provider in Ireland with over 1.2m members. Other Vhi insurance offerings including travel, life, dental and international health insurance were also key drivers of growth with membership increasing by 7% in the year and total income on these products reaching €31m.

Vhi’s investment portfolio delivered strong returns in 2024 with investment income in excess of €40m.  At the end of the year capital and reserves were €953m, an increase of €50m in the year and Vhi reported a solvency capital ratio (SCR) of 177% for the insurance business. The strong performance of the investment portfolio together with the strong capital position provides stability and allows us to expand our services and deliver further value for members.

In 2024, Vhi paid claims of €1.74bn (2023 €1.68bn) meeting the healthcare needs of its members, reflecting a continued increase in both the demand for healthcare and the cost of delivering that care.  This represents a 26% increase in the cost of claims since 2019 and reflects unprecedented growth in healthcare demand, rising treatment costs, and the increasing breadth of medical care available to members.

In 2024 Vhi enhanced access to a wide variety of healthcare delivered by the company’s own provision services including urgent care, planned care such as paediatrics, dermatology, radiology and physiotherapy and specialist clinics such as women’s health.

Commenting on the Annual Results for the year ending 31 December 2024, Mr Brian Walsh, Group CEO Vhi, said “Following a challenging year in 2023, we are pleased to report a surplus of €36m for 2024 which represents a solid financial recovery and a successful year. This financial stability allows us to continue to invest in the expansion of care and services for our members.  Vhi exists solely for the benefit of our members, and any surplus made is reinvested to deliver better value, better healthcare and better services.

He continued “In 2024 Vhi continued to invest in our health insurance and health provision businesses so we can continue delivering co-ordinated and connected care for our members now and in the future. We invested in our Vhi 360 Health Centres and services, enhanced our digital and first contact interactions and increased the reach and range of our Hospital@Home service. In 2024 Vhi delivered in excess of 510,000 member healthcare interactions across our own services.

During the year we also announced the expansion of the Vhi 360 Health Centre network with the planned redevelopment of our site in Galway. Vhi 360 Health Centre in Galway will offer a range of benefits to members in the West of Ireland, including a much needed Urgent Care Clinic.  Our network of Vhi 360 Health Centres now includes North and South Dublin, Cork, Limerick and Galway.”

Mr Walsh said “While the year saw growth and financial recovery, it was however necessary to increase prices to ensure that we could continue to deliver the very best of healthcare for our members. We are committed to keeping premium prices as low as we can, while dealing with the reality of both the rising cost of healthcare and the increased demand. We also implemented a broad range of cost containment measures within the business in 2024 without compromising our quality of care and service.”

Key Financial results for Y/E 31st December 2024  

• Gross Written Premium on core Vhi Health insurance business came to €1.88bn compared to €1.68bn in 2023
• Vhi continued to grow Private Health Insurance membership for the 10th successive year
• Total Claims paid in 2024 was €1.74bn up from €1.68bn in 2023
• Net Surplus of €36m in 2024 (2023: Net deficit €43m)
• Vhi is strongly capitalised, with group capital and reserves of €953m (2023: €903m)
• The solvency capital ratio (SCR) position of the insurance business stands at 177% at year-end 2024 up from 175% in 2023

Income on other insurance offerings including travel, life, dental and international health insurance were also key drivers of growth with membership increasing by 7% and income on these products amounting to €31m.

Top Claims Paid by Care Category in the Financial year 31/12/2024

• Cancer Care                                     €300m        
• Orthopedic Care                             €268m 
• Cardiac Care                                     €241m
• Digestive Care                                  €177m
• Psychiatric Care                                 €80m
• Ophthalmic Care                               €78m
• Genito-Urinary Care                         €78m
• Respiratory/ ENT Care                      €71m  

Brian Walsh said “Vhi has been privileged to be at the heart of healthcare in Ireland for generations. We know that the next decade in healthcare will be shaped by an increasing and ageing population and increases in the incidence of chronic disease. Therefore, prevention and intervention programmes will be critical to creating a sustainable future healthcare model.

Sustainability is a key priority for us at Vhi and our sustainability strategy is built on three pillars, Healthy Planet, Healthy People and Healthy Business which are all interconnected. In 2024 Vhi became a signatory to the Climate and Health Alliance’s ‘Joint Declaration of Action on Planetary and Human Health’. This declaration aligns medical, public health, and advocacy organisations from around the island of Ireland in their pledge to transition to a clean, healthy, sustainable, carbon-free, and socially just environment.”

Ends