Southern Cross Medical Care annual surplus climbs 38 percent after claims bottleneck following quake

Thu, 13 Sep 2012

By Paul McBeth Sept. 14 (BusinessDesk) - Southern Cross Medical Care Society, the insurance arm of the not-for-profit health group, lifted its annual surplus 38 percent after a bottleneck in claims followed the 2011 Canterbury earthquake that levelled the country's second-biggest city. The net surplus rose to $39 million in the 12 months ended June 30, from $28.3 million a year earlier, the Auckland-based society said in a statement. Premium revenue rose 6.7 percent to $706.8 million, outpacing the 4.9 percent increase in net claims expense...

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