Healthy growth for insurers Westfield

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Health insurance provider Westfield Health has boosted sales by 29 per cent and increased its market share.

The Sheffield-based group recorded a surplus of £4.5 million, excluding investment income and unrealised gains, on total income of £55.4 million.

Westfield says it now has 13.5 per cent of its total market. The company paid out £34.3 million in claims and made charitable donations of £1.2 million, bringing the total its charitable trust has donated since 1996 to more than £10 million.

During the last year the company also paid out £2.7 million in Insurance Premium Tax, while absorbing the Govevrnment’s one per cent increase in the rate, rather than passing it on to policy holders.

Chief executive Jill Davies said: “This has been an exceptional year for Westfield, with real progress made across the business despite many challenges including aggressive competitor activity, major upheaval in the NHS and, of course, the difficult economic climate.

“These results place Westfield in a strong position to continue to invest in and grow our business and make it possible for us to further strengthen our products and customer service excellence.”