CASH plan provider Sovereign Health Care boosted its turnover, surplus and reserves in 2013 after recording its biggest growth in customer numbers in many years.
The Bradford-based organisation said its technical surplus rose by more than 10 per cent to over £1.3m in 2013, while turnover increased by over four per cent to more than £10m.
The organisation said management of the group’s investments saw reserves grow by in excess of 12 per cent to more than £50.5m.
Net customer numbers rose by 5.6 per cent, while Sovereign paid out a record £6.8m in claims to cash plan holders during the year, compared with £6.7m in 2012.
It was the highest amount paid out since the company was founded in 1873.
Sovereign’s cash plans pay tax free cash back towards expenses such as dental fees, optical bills, prescription charges and physiotherapy costs.
Policyholders can have a proportion of their treatment expenses refunded up to their cover level maximum within a few days.
The firm does not have shareholders and any surplus it makes is reinvested in the business or given by Gift Aid to its charitable trust. Last year, over £660,000 was donated to good causes.
Sovereign’s chairman Dr Bob Dugdale said: “Once again, our individual health care cash plan was popular with customers, demonstrating that being proactive about health is important, regardless of how the economy is performing.”