Southern Cross surplus sinks 81% on rising payouts

Fri, 15 Sep 2017

By Sophie Boot Sept. 15 (BusinessDesk) - Southern Cross Medical Care Society, the not-for-profit health insurer, saw its annual surplus drop 81 percent as an increase in claims outpaced rising premiums. The Auckland-based mutual posted a surplus of $6.8 million, down from $35 million a year earlier when relatively flat claims led to a jump from a $5.8 million surplus reported in 2015. Income from premiums rose 6 percent to $923 million, the fourth year in a row that premium income has risen by about 6 percent. That outpaced a 4 percent in...

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